..Unveils Retire Well Scheme
Yemisi Izuora
The Stanbic IBTC Pensions Management said it paid a total of N3.26 billion to over 55,809 retirees in March 2019, and paid out over N635 billion to retirees since commencement of operations in 2006.
Making the disclosure in Lagos today at the formal launch of its Micropension scheme known as, ‘Retire Well’ chief executive officer of Stanbic IBTC Pensions, Eric Fajemisi disclosed that the firm has about 1.7 million Retirement Savings Account, RSA, holders under its Contributory Pension Scheme, CPS, with asset under management in excess of N2.8 trillion.
Speaking on the product, Fajemisi explained that the product will help strengthen the company’s end-to-end financial services provider proposition.
The launch of the product is coming with the formal flag off of the Micro Pension Plan, MPP, in March by president Muhammadu Buhari, which represents a milestone in the country’s quest to deepen financial inclusion at all levels.
Fajemisi, stated that since the launch of the CPS sixteen years ago only Nigerians in structured employment could own and operate Retirement Savings Account, RSA, thus excluding hardworking and enterprising Nigerians outside structured employment who contribute a huge part of the steam that fuels the engine of the economy.
According to him, the launch of the CPS is a turning point in the administration and management of pension savings in the country, stressing that before the CPS, pension administration was cumbersome and riddled with irregularities with thousands of pensioners not receiving their entitlement.
“For us we see this scheme as an opportunity to further our Universal Financial Services offeringin the Stanbic IBTC group.
And we will bring with us the expertise and spirit of excellence that we have applied in the other businesses that we operate under the Stanbic IBTC Holdco structure”, he added.
The executive director stated that ideally, every Nigerian that has had a productive working life deserves a pension plan to fall back on, but noted that the challenges that workers faced before the reformed CPS scheme remain fresh in people’s minds, and that is why it has taken time for the Micropension scheme to come on stream.
He said the Retire Well Scheme is for everyone outside the CPS net and expressed optimism that in the near future subscribers of the product will begin to reap the immense benefits it is offering