Premium Pensions Pays N87Bn To Retirees Under The CPS

Yemisi Izuora


Premium Pension Limited has disclosed the payment of about N87 billion to 33,000 pensioners under the Contributory Pension Scheme (CPS).

Making the disclosure in Lagos at the Annual General Meeting of the National Association of Insurance and Pension Correspondents (NAIPCO), managing director of the company Wilson Ideva, said that as it stands today, the CPS is arguably the most conspicuous and indelible legacy of the Federal Government in the past decade.
Ideva who was represented by Paddy Ezeala, noted that Premium Pension is a pioneer Pension Fund Administrator (PFA) which is ranked top among the market leaders in the Nigerian pension industry.

The Company, he said, currently maintains well over 600,000 Retirement Savings Accounts (RSAs) and has paid out over N87 billion to over 33,000 retirees or their next-of-kin as entitlements since 2007.

According to him, With pension assets under its management in excess of 370 billion naira and pension enrollees under the company’s management spread in over 1000 organizations across the country, Premium Pension has already been firmly established as a key player in the new Contributory Pension Scheme.

Professionalism in pension service rendition at Premium Pension is complemented by the Company’s adoption of the robust Canadian Pension Administration Software (CPAS), he noted, adding , ‘We are partnering with this organization to ensure continued cutting –edge service delivery. All the relevant staff operating this software have been adequately trained in Canada by CPAS’.

Ideva stated that the company has consistently posted Return on Investment of pension asset well above industry average and above inflation.

He siad the company recently introduced a mobile application known as The Premium Pension Mobile, with a view to facilitating its operations and enhancing customer service and interaction.

This, he explained was in response to the evident need for devices that would further close the gap between the company’s operations and its customers on the one hand and the customers and their Retirement Savings Accounts (RSA) on the other.

‘The Premium Pension Mobile is a mobile application that is downloadable from the app-stores of Androids, Blackberry, Apple Store and Windows phones. The mobile application is loaded with exciting features which include a dashboard view that shows summary of a customer’s account/fund while incorporating a pie chart for the purpose of clarity. It also includes the history of unit prices and a graphical representation of movements in this regard.

The mobile application also offers investment overview, contribution history, customer service information and contact layout as well as information on the company’s branches’ he further informed.

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