Yemisi Izuora
Premium Pension Limited, the largest indigenous PFA, has been repositioned for better service delivery in 2017. Disclosing this at 2017 Annual General Meeting of the National association of Insurance and Pension Correspondents ( NAIPCO) in Lagos, the Managing Director, of the firm, Wilson Ideva represented by the South West Regional Manager, Fatai Olufeso added that benefits paid to retirees presently show a total of N128billion, to 70,374 retirees as at July 2017, and that its Asset Under Management (AUM) is currently around N500 billion.
Its Retirement Savings Account (RSA) he said has equally increased, standing at 3.4562 while retiree unit price stood at 2.5735 within the same period.
He pointed out that the retirees include those who retired under normal retirement, those who lost their jobs, died in the service or after retirement and those who retire as a result of illness.
Speaking on the transfer window, he assured that the National Pension Commission (PenCom) was taking its time to handle that well to avoid multiple registration.
“The transfer window is not the baby of any Pension Funds Administrator, it is the baby of Pension Reform Act 2004 and amended 2014. The law allows all RSA holders once with reasons to transfer his RSA account from one PFA to the other. But as we talk today that transfer window has not been de learned open by PenCom. A lot of works had been put in place as to ensuring that the transfer window is officially flagged off. But you will agree with me when we all started, when the industry started precisely in 2006, everybody moved to the market and a lot of registration took place”, he said.
On the effectiveness and benefits of the contributory scheme, he said: “why you have not heard of any case of fraud and will not hear is as a result of the structures put in place. Once there is an effective structure in place, the structure will drive the system effectively.”
He noted that the CPS will go a long way in eradicating corruption and poverty in the system, adding that when retirees are seeing the benefits of the CPS to their lives they will be forced to embrace the system.