Premium Pension Pays N113Bn To Retirees

Yemisi Izuora

Premium Pension Limited, has said it paid out over N113 billion to retirees and other Retirement Savings Account, RSA, holders since inception of business as Pension Funds Administrator.

The company also said it had consistently paid retirees’ pension on the 19th of every month even before staff salaries are paid.

Managing director/CEO of the company, Wilson Ideva said that beside payment to pensioners as and when due, the company has recorded numerous successes which he attributed to the solid foundation on which the company was built.

Speaking at the company’s end of year get together for its stakeholders, Ideva said, “The founding board members and shareholders have built the Company on a solid foundation defined by integrity, transparency, good corporate governance, strong ethics and professionalism and spread” he said.

“This foundation has led us to where we are today as the first PFA to have ISO Certification, the first PFA to have a permanent structure as corporate head office, the first PFA to be effectively present in the thirty-six states of the Federation and the FCT and the PFA with the highest number of approved branches in the country”.

“Apart from being for relaxation and enjoyment, this ceremony is also a moment to reflect on our achievements and to also brace up for what we need to do towards the attainment of our vision”.

In his remarks at the event, Mr. Aliyu Dikko, Chairman of the Company’s Board of Directors, said, “Premium Pension Limited started eleven years ago with a vision of a company that will not only be a pace-setter in the Nigerian pension industry but to also develop as a global player.”

He further noted that it has been a challenging journey mainly because of the novelty of the business of pension administration in Nigeria and the fierce competition that has characterized the industry since inception.

“It is against this backdrop that we prioritized the setting up of structures, provision of facilities and development of human capital” he added. “All these have happened to be the bedrock of the company’s recent successes.”

Riding on the crest of several awards in 2015 and also being the first Pension Fund Administrator in the country to have ISO Certification (ISO27001:2013 on Information Security Management System) by the British Standards Institute, the company continued to record numerous recognitions and awards in this year 2016.

These include the award as Africa’s Most Innovative Pension Company of the Year by the Africa Quality Institute, publishers of Africa Quality magazine. The zenith of it all was when the company was honoured with two awards at the recently held Africa Pension Awards.

The recognitions were for Driving Inclusive Coverage of Pension and Excellence in Corporate Governance.

The Africa Pension Awards which is in its second edition was held as part of the World Pension Summit – Africa Special held at the Congress Hall of Transcorp Hilton, Abuja on the 27th and 28th of September, 2016. The events were organized by the National Pension Commission in conjunction with Pension and Investments/World Pension Summit, Amsterdam.

The company has really been at the forefront of the campaign to spread awareness of the Contributory Pension Scheme (CPS) in the country.

The #Reward4DHustle Campaign launched by the company earlier this year is in line with this disposition. The campaign aimed at profiting from the mass appeal of the social media to promote the Contributory Pension Scheme while highlighting the preparedness of Premium Pension Limited for the anticipated expansion of the pension market as a result of the extension of the scheme to the informal sector. The campaign informed the award on driving inclusive pension coverage.

“These outstanding achievements bring fame and at the same time enhances the Company’s brand” said Mr. Dikko.

“The achievements were possible as a result of teamwork by all stakeholders including the board, management and staff of the company who have demonstrated uncommon professionalism, commitment and dedication,” he remarked.