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Stanbic IBTC Pensions Boss Advises Employers on Pension
Ebere Nwoji
The Chief Executive Officer of Stanbic IBTC Pension Managers Limited, Eric Fajemisin, has urged employers of labour in Nigeria to demonstrate commitment to the pension system by ensuring that their employees have retirement savings accounts(RSA) as well as funding the accounts through regular remittances of money deducted from their employees’ salaries.
Fajemisinmi, who stated this at employers’ forum organised by the company in Ibadan, Oyo State recently, said Stanbic IBTC Pension was aware of the fact that employers hold the key to unlock the sustainability of the pension scheme, therefore, deemed it necessary to engage them on how their role will impact the pension scheme.
He said the forum, themed: ‘Partnering to Deliver Excellent Pension Administration Services,’ is part of Stanbic IBTC Pension Managers Limited’s strategic approach to engage industry stakeholders on ways to strengthen the Nigerian pension industry as well as boost participation in the Contributory Pension Scheme (CPS).
“Similar sessions had held across four cities earlier in the year and the last in the series for 2017 will hold in Lagos later in the year. In all, seven cities, Benin, Port Harcourt, Abuja, Enugu, Ibadan, Kaduna, and Lagos, were picked to benefit from the forum” he stated.
He observed that there is a clear need to ensure the rapid growth of the CPS by increasing its uptake by Nigerians.
According to him, employers remain critical stakeholders in the successful implementation of the CPS in the country, especially in ensuring enrolment and compliance, adding that without these two elements, the entirety of the pension scheme would lack purpose.
Fajemisin, who was represented at the event by Executive Director, Investments, Mr. Oladele Sotubo, stated that the PFA’s engagement with stakeholders is based on a conviction that the country’s fledging pension system holds enough promise and benefits which the people should tap into while still in active service.
He said through awareness and engagement, which are the key objectives of the forum, people will be equipped with the tools and information for a better understanding of retirement planning as well as availed the opportunity to resolve many of the issues around pension management.
“Awareness initiatives such as the employers’ forum will help Nigerians become better informed about the benefits of retirement planning, which will subsequently impact positively on the pension scheme,” he added.
Also speaking, Head, Business Development, of the company, Mrs. Nike Bajomo, said the PFA, backed by the experience and expertise of Stanbic IBTC Group, a member of the over 154-year-old Standard Bank Group, will not relent in providing excellent services to its RSA holders and Nigerians.
She said as the market leader, Stanbic IBTC Pension Managers Limited, has over 1.5 million retirement savings account holders nationwide, with assets under management in excess of N2.19 trillion.
According to her, the company, pays approximately N2.73 billion to over 45,000 retirees monthly and that over N279 billion has been paid to retirees since the PFA commenced operations in 2006.
