STANBIC IBTC PENSION EXCEEDS ONE TRILLION NAIRA ASSET
Wow!!!!!!!!!!!! This is very interesting. One of the biggest Pension Fund Administrators (PFAs), Stanbic IBTC Pension Managers Limited, has recorded over one million retirement savings account (RSA) holders with assets under management in excess of N1 trillion. This development was made known by the Chief Executive Officer of the company, Dr Demola Sogunle.

Tectono Business Review got to know about this development from Dr. Sogunle during a conference on pension and corporate governance organised by the company in Lagos. According to him, the company pays approximately N1.8 billion to almost 30,000 retirees monthly. He said over N178 billion has been paid to retirees seamlessly since the PFA began operations in 2006.

Speaking on corporate governance in the pension industry, Dr. Sogunle said that against the backdrop of the recently enacted Pension Reform Act of 2014, the industry now stands on a stronger foundation, providing safety for the N4.5 trillion pension assets under management.

He stressed that the new law had expanded the scope of participation in the pension scheme by Nigerians as well as strengthened compliance with its provisions, especially relating to enrolment and remittance of pension contributions.

He added that whatever gaps that existed in the old pension regime had been effectively plugged in the new law, making the incidence of ghost pensioners and widespread mismanagement of pension funds almost impossible. He noted that very stiff penalties for pension funds fraudsters and employers who persistently fail to deduct and or remit pension contributions of their employees within the stipulated time are expected to checkmate abuse.

Dr. Sogunle described as erroneous the impression often bandied in the public space that pension funds are left to PFAs, employers, individuals or operators to handle as they wish. Instead, he emphasised that pension fund assets are held by Pension Fund Custodians (PFCs) who execute benefit payments and investment instructions from the PFAs and are duly licensed by the National Pension Commission (PenCom).

http://tectono..com/2014/11/stanbic-ibtc-pension-exceeds-one.html