Stanbic IBTC underscores benefits of pension

 

Chuks Udo Okonta

 

Executive Director Stanbic IBTC Pension Managers, Eric Fajemisin, has said effective pension plan remains the key to safe future.

 

He disclosed this at the opening of the Warri office of the company, adding that the firm has put in place necessary structures that would enable the public secure their future.

 

Fajemisin noted that adequate provision for retirement assures the contributor of a secured life in retirement while also making available, funds for investing in strategic sectors of the economy, which will enhance economic growth and development.

 

He said: “This informs our focus on taking pension services closer to Nigerians, availing them the opportunity of interacting directly with our staff on any issue relating to their pensions, planning for retirement, investment outlook, or any clarification that they may require. In the event that they do not want to physically visit our offices, we have a 24-hour customer service centre that they can call and be attended to in any one of Nigeria’s major languages including pidgin English, and of course the lingua franca.

 

 “Information plays a major role in enhancing confidence and trust in the pension scheme. Structures and systems that will facilitate two-way communication between PFAs and contributors as well as retirees, will deepen understanding of the workings of the pension system, and with understanding comes empowerment.”

 

He noted that the contributory pension system has safety nets to protect contributors’ funds, adding that this also ensures that the funds are invested to the benefit of contributors, helping to secure their future.

 

Fajemisin said the firm has maintained globally prescribed corporate governance practice in its operations and that it has always paid retirees when their payments are due.

 

 

Secretary to the Bureau for State Pensions Delta State, Theo Aguonye, while commissioning the office located at 57, Effurun/Sapele Road, Effurun, Warri, commended the company for extending its physical presence to Warri and its environs.

 

“I’m optimistic that our people will find your presence which is now closer to them useful. We now know where to go directly to seek answers to the several questions we have regarding issues pertaining to retirement and how to plan well if we want to live comfortably in the future, and other investment decisions we want to make,” he said.

 

Stanbic IBTC Pension Managers, which recently signed its one-millionth retirement savings account holder, offers services from all Stanbic IBTC Bank branches and select Zenith Bank branches, and it also has presence in major cities and towns across the country. The PFA is continuously investing in deepening its service offerings and network in its desire to take pension services closer to Nigerians, helping to bring many more people into the contributory pension system.

 

The firm currently has assets under management of more than N990.9 billion, paying about N1.5 billion to over 26,000 retirees monthly. The PFA has paid over N177 billion to retirees since its inception in 2005.

Stanbic IBTC Pension Managers is a subsidiary of Stanbic IBTC Holdings Plc, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars - Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 18 countries on the African continent, including South Africa.