The Nation Newspaper

Category: Pension

  • ‘Labour’s ignorance on CPS worrisome’

    THE Managing Director of IEI-Anchor Pension Managers Ltd, Mr Glory Etaduovie, has advised the organised labour to get acquainted with the workings of the Contributory Pension Scheme (CPS) instead of criticising the initiative from afar.

    The Pension Fund Administrator (PFA) who spoke with reporters in Lagos, said the ignorance and wrong perception of the scheme by the labour union was worrisome.

    He said the fact that there is a mutual distrust between labour and the government is not news, but queried how far should this distrust be allowed to interfere with other rational and national issues where both must collaborate.

    He lamented the skepticism and negative comments he listened to during a state public hearing to domicile the National Pension Commission (PenCom) law.

    He said this was his third experience in different states, noting that there is still a serious gap in understanding of the CPS.

    He said: “The passion and negative emotions of those fighting implementation of the CPS was palpable. Some information making the rounds is that the states that adopted the CPS are failing like Kaduna and Niger, which were clearly not true because we have facts of the schemes.

    “The mix-up is coming from the challenges of transition from the old scheme to the new one. This is especially so for those caught in between of both schemes. This will disappear with time. There is as well as challenges of remittances from the governments which is not uncommon with the defined benefits scheme. This has nothing to do with the CPS.

    “Some retirees were agitating for and preferring full payments of the pensions. This negates the pension’s idea of a steady and regular income for the period of reduced energy to engage in serious business adventure. Many retirees are not business-wise. Not even at the retirement age when it would be difficult to learn new tricks. True, some agitate to use the money to finish their unfinished accommodations. These are likely future innovations but that will be carefully handled. What next after the build with empty retire account?

    According to him, the fears of the recent past bad experiences with the defined benefits, the syndicated looting of the fund, the long and horrible annual verification of retirees and the long processing and wait for payment of benefits after long retirement were painful to both retirees and their children.

    “However, we cannot remain in the past. It is not news that the burden of pension payment on by the government is increasing and its power to continue paying is the dwindling world and local economies is becoming not only impossible to carry, but no longer in vogue,“ he said.

    He pointed out that there are complaints that the CPS has smaller terminal benefits and pension. “May be so, but the reality is that it is no longer sustainable. The government cannot continue on that basis. It would pile up pensions debts further compounding present positions,” he added.

    He, however, said the investment style of the scheme benefits all as it grows the scheme on compound interest basis, annually.

    “When I asked for statement recently, I saw that my/employers’ contributions had grown with about 40 per cent over time. For one thing, it is transparent and scientific. You can know your monthly position, enquire about and target or influence a minimum monthly allowance at retirement through Additional Voluntary Contribution. The monthly payments, once determined, is automated and steady as determined. Consequently, our friends in Labour should review their various positions and fears”, he advised.

  • ‘Kwara not owing pensions, salaries’

    ‘Kwara not owing pensions, salaries’

    Kwara State is not owing  pensions and salaries, despite the economic situation in the country, the Senior Special Assistant on Media and Communication to Kwara State Governor, Dr. Muyideen Oluwakorede, has said.

    In an interview with reporters, he said the governor was able to achieve this through the reform of the Internally Generated Revenue (IGR) of the state.

    According to him, the governor was also able to reduce the cost of governance from about 40 per cent to 30 per cent.

    He said contrary to reports in a newspaper (not The Nation) that the state is owing 11 months’ salaries and pensions, the state does not have any pension or salary arrears.

    He said the only area where there are arrears is with the local government workers and pensioners.

    He said the local government is also not owing 11 months as speculated but only has various degrees of arrears of one and half months, three or six months depending on the IGR capacity and the allocation.

    He further explained that the local government is a different tier of government and in Kwara  autonomous.

    The governor’s aide said: “The state government is not owing any salary or pension. Except for local government situation, which is a different tier of government and with special regards to the case of Kwara State is autonomous. Their funds by law comes through the state and are allocated publicly by law by a body comprising the chairmen of the local government, their treasurers and the state commissioner for finance.

    “The local governments are not even owing 11 months as claimed. What we have is various degrees of arrears. Suffice to say that local government allocations have drop from about N2.7 billion on average to about N1.6 billion this month.

    ‘’Meanwhile, the local government council requires N2.1 billion to pay primary school and junior secondary school workers and pensioners, needless say running governance. So by their own decision they pay a proportion that a particular month covers and this has nothing to do with Kwara state government. This is just a situation with regards to the drop in allocation to all tiers of government in the country.

    “Despite the drop in allocation, the governor has often times come to the aid of the local governments by augmenting their allocation. The last one was to the tune of N280 million. But this funds has to be appropriated in the budget. Otherwise, the governor’s hands are tied to the extent that he cannot help the local government. The local government cannot be blame and it is not that we are making a case for them to owe. But if we look at it from the perspective of somebody that is to get N2.7 billion naira allocation and has now drop to N1.4 billion and they require 2.1 to be able to meet their financial obligation, such person will certainly have challenges in meeting with obligations.”

    Akorede noted that the problem of the local government also has to do with the fact that they are unable to generate enough revenue  to operate, pay salaries and pensions, including arrears.

    He however said the problem was not peculiar to the state local governments but also to others in the country.

    Oluwakorede  added that the basic issue affecting the councils was the significant drop in allocations, saying that not all local government were viable enough to create revenue to fund their operations.

  • Stanbic IBTC Trustees launches campaign

    Stanbic IBTC Trustees Limited, a member of Stanbic IBTC Holdings PLC., has launched a nationwide marketing campaign to heighten awareness among Nigerians on the desirability and beauty of leaving a lasting legacy.
    The campaign, with the theme “Stanbic IBTC Legacee”, urges Nigerians to leave a long-lasting legacy by embracing a culture that ensures the uncomplicated acquisition of assets and seamless distribution of such assets to cherished ones.
    Speaking in Lagos, Stanbic IBTC Trustees Limited Chief Executive, Binta Max-Gbinije, said in the same manner that people look after themselves, a much more enduring legacy is to also look out for others, be they parents or children, father and mother, siblings, relations, the family, community and country.
    Noting that the African culture is characterised by bond, Max-Gbinije said long after an individual has passed away, a memorable way of remembering him is the legacy left behind and its benefit to other members of the community, especially the family.
    This, she said, was what makes estate planning imperative, not just by wealthy people, but everyone else, regardless of their social and financial clout.
    Max-Gbinije said: “This awareness campaign is part of our duty and mission to enlighten the public on issues around having a positive legacy. This is not a brand promotion, but a concerted effort at drawing attention to the strategic role of estate planning in the seamless transfer of assets. This practice is essential for the overall orderly development of society. By having an enduring legacy, the values and ideals important to the individual would likely be maintained.’’

    “When you are driven by the understanding that other peoples’ interests are as important as your own, then you will not have any qualms recognizing the importance of preserving the family’s legacy by creating a set of documents that helps in preparing for such certainties as death and taxes. To ensure the message reaches every Nigerian, the campaign will run on radio, television, press, and outdoor, it’s central theme being a clear understanding that death is inevitable and should be recognized as such and planned for, while alive.
    “We are all familiar with the issues that often arise upon death, with members of the family pitched against one another. This is often resolved by the courts, sometimes after a prolonged litigation that would have drained everybody. This can be avoided with an estate plan which lets the individual decide how his assets are handled after passage”.
    The company, she said, understands the art and importance of legacy, and coming from Stanbic IBTC, which has a stated goal of serving the individual through the various life stages, the campaign will leverage on the 153 year-old pedigree of the Standard Bank Group, to which Stanbic IBTC belongs, to deliver a win-win outcome for all stakeholders.
    Apart from writing a Will, she identified options available to make provisions for loved ones to include instituting a Living Trust, and Gifting of assets, all of which facilitates orderly acquisition and transfer of assets.
    She said Stanbic IBTC Trustees Limited will be organizing a slew of awareness road-shows and customer meets through which the public and stakeholders will gain valuable insight on the importance of estate planning and how they can harness trusteeship services to their benefit.
    The company has launched a number of products in furtherance of its mission to provide world-class trusteeship services in Nigeria. Among them is the Stanbic IBTC Educational Trust (SET), an educational trust product that assists parents and guardians to provide sound education for their children and wards. The product offers numerous long-term benefits which assure beneficiaries of a brighter future via education and training.

  • Pension complaints and solutions

    MRS IFON: My name is Mrs Emana Joseph Ifon. I retired from the National Iron Ore Mining Company, Itakpe. Since Ptad took over our pension scheme, I have not been paid. It is one year and five months – 2015 August to last December. My file number is 377. I did my verification in April, last year, yet, I have not been restored nor paid my pension. Please find out why this is so. Thank you.

       PTAD: Dear Mrs. Ifon, your name was not found on the payroll inherited from National Iron Ore Mining Company, Itape in 2015. The omission from the inherited payroll resulted in your not being paid your monthly pension from August 2015. On receiving  your complaint last month, we processed and payrolled you. You will receive your outstanding pensions from August 2015 to last March  (arrears) in April, this year.

    PTAD is yet to conduct a verification for parastatal pensioners. An official announcement will be made for the commencement of parastatal pensioners.

    Kindly exercise patience.

     

    OJEMEH: I am a retiree of the Federal Ministry of Housing and Urban Development. For over three years, they stopped my pension. I have sent all required documents to the pension office in Abuja, but till date l have not heard from them. Please I need your assistance because l am on sick bed. Thanks.

     PTAD: Dear Mr. Ojemeh, to enable us resolve your complaint, additional information is required. Please provide the following documents: Letter of first appointment, letter of last promotion; letter of retirement; stamped and signed original bank statement on the bank letter head, covering at least six months before complaint or six months prior to retirement (for non-payment of gratuity) to date.

    Kindly email these documents to complaints @ptad.gov.ng<mailto: complaints@ptad.gov.ng> or access our pensioner’s complaint submission portal at www.ptad.gov.ng<http://www.ptad.gov.ng.

    You may also visit any of our zonal offices where complaints can be processed. For more information contact us toll free on 080-2255-7823 (080-CALL-PTAD).

     

    OGUNDELE: I retired in 1995 and received my federal share of pension up till August 2010, when it was stopped without any reason. I visited PTAD in Abuja after several letters. I was asked to submit my documents, which I did about two years ago.

    But up till now, I have not received anything from PTAD.

    Please help me – Michael Olayiwola Ogundele, Kwara State government retiree.

    PTAD: Dear Mr. Ogundele: To enable us resolve your complaint, we need your full name in additional to the following documents: Letter of First appointment, letter of last promotion; letter of retirement; stamped and signed original bank statement on the bank letter head, covering at least six  months before complaint or six months prior to retirement (for non-payment of gratuity) to date.

    Kindly email the above document(s)to complaints ptad.gov.ng <mailto:complaints@ ptad.gov.ng> or access our pensioner’s complaint submission portal at www.ptad.gov.ng<http://www.ptad.gov.ng. You may also visit any of our zonal offices where complaints can be processed.

    For more information contact us toll free on 080-2255-7823 (080-Call-PTAD).

     

    ABBE: I retired in 1999 and received my gratuity 10 years later. Unfortunately, my monthly pension was not paid.

    After the 2015 verification, PTAD started paying me my monthly pension from November 2015 till date, but all arrears since 1999 were not addressed/paid.

    Kindly assist me. Thanks. God bless – Abbe Wilson Narura. Pensioner Verification No. 1461651242. Nigeria Immigration Service.

     PTAD: Dear Mr. Narun: Kindly provide a stamped and signed original bank statement on the bank letter head, covering your date of retirement to October 2015 to enable us ascertain your complaint of non-payment of monthly pension arrears.

    Kindly email the above documents to complaints @ptad.gov.ng<mailto:complaints

    @ptad.gov.ng> or access our pensioner’s complaint submission portal at www.ptad.gov.ng<http://www.ptad.gov.ng>

    You may also visit any of our zonal offices where complaints can be processed.

    For more information contact us toll free on 080-2255-7823 (080-Call-PTAD).

     

    OKOYE: My mother, Mrs Okoye’s federal share of pension and gratuity has not been paid since she retired from Anambra State Ministry of Health in 2003.

    She has gone for series of verification while complaining of not been paid.

    Sometimes, pension officials would call, informing her that she would be paid yet, this was not to be.

     

  • PTAD to pay N220b for 33%, other arrears

    PTAD to pay N220b for 33%, other arrears

    HE Pension Transitional Arrangement Direstorate (PTAD) is to pay about N220billion outstanding liabilities from 33 per cent pension increase, unpaid gratuities and death benefits to deceased pensioners to next of kins, among others. The sum, according to its Executive Secretary, Mrs. Sharon Ikeazor, is to settle pensioners under the Defined Benefits Scheme (DBS).

    The pensioners, Ikeazor said, were drawn from the Civil Service Pension Department, Police Pension Department and Parastatals Pension Department.

    According to her, the PTAD has the outstanding liabilities from the 33 per cent pension increase, which stand at N55.854 billion.

    She said other outstanding liabilities comprises pensioners, who have been verified and found to have been short paid, omitted from payroll for a period or completely omitted, unpaid gratuities, death benefits to deceased pensioners, unpaid harmonisation and state pensioners with Federal share, who are not on the payroll and are entitled to pension to the tune of N118.76 billion.

    Giving a breakdown on categories of pensioners entitled to the N55.8 billion, she said while 18 months arrears of N9.28 billion is to be paid to pensioners on Level 17 and below from the Civil Service Pension Department and 66 months arrears of N8.81 billion is to be paid to state pensioners with Federal share, 42 months arrears of N2.14 billion is to be paid to the defunct Jos, Katsina and Osogbo Rolling Mills pensioners.

    She stated that the Directorate is also expected to pay pensioners on payroll of the Police Pension Department 39 month’s arrears of N5.75 billion and 30 months arrears of N28.47 billion to pensioners on payroll of the Parastatals Pension Department.

    She, however, noted that the Directorate has been able to settle all arrears of 33 per cent of pemsion up to 42 months of pensioners on payroll of Customs, Immigration and Prisons.

    She pointed out that the Directorate has also paid 24 months arrears to Level 17 and below from the Civil Service Pension Department, three months to pensioners on payroll of the Police Pension Department and 12 months to those on payroll of Parastatals Pension Department.

    She noted that the Directorate was yet to pay pensioners suspended from payroll meant to be returned after clearance.

    She said: “PTAD has categorised the unfunded liabilities into two, namely 33 per cent pension arrears and other outstanding liabilities. The 1999 Constitution of the Federal Republic of Nigeria Section 173 (3) states that, ‘pensions shall be reviewed every 5 years or together with any Federal Civil Service reviews, whichever comes earlier’.

    “In July 2010, there was a salary review of serving officers by 53.37 per cent and that of pensioners was increased by 33 per cent in line with the constitution. However, the implementation of the 33 per cent increment did not take effect till October 2014 when funds were released.

    “That was preceded by the release of a circular from the National Salaries, Income and Wages Commission, referenced SWC/04/S.542/26 and dated 26th September 2014. By December 2014, more money was released to pay the arrears from January to September 2014, completing the whole of 2014, leaving an outstanding of 42 months i.e July 2010 to December 2013.”

    Ikeazu also gave updates on civil service verification.

  • NUP calls for inclusion of unpaid N302.4b in 2017 budget

    NUP calls for inclusion of unpaid N302.4b in 2017 budget

    The Nigeria Union of Pensioners (NUP) has reiterated the need for the Federal Government to make adequate provision in 2017 budget to offset the N302.4 billion outstanding pension liabilities to pensioners under the Defined Benefit Scheme (DBS) and Contributory Pension Scheme (CPS).

    Its National President, Abel Afolayan made this known while announcing the association’s national delegates’ conference, a quadrennial event billed to hold from April 24 to 27.

    He appealed to President Muhammadu Buhari and the National Assembly on behalf of the vulnerable pensioners to provide sufficient funds in budget appropriation to offset all the pension liabilities despite the economic recession.

    He noted the myriads of problems confronting pensioners in this country as a result of inadequate budgetary allocation for payment of pensioners’ entitlements.

    Giving a breakdown of money owed pensioners and the provisions in the 2017 budget, he said out of a total of N302.4 billion, the Federal Government submitted N109.1 billion as its pension liabilities leaving a difference of N193.2 as money needed to defray the liabilities.

    As regards the CPS, he said the association gathered that N91.9 billion was requested for last year to offset liabilities, but the National Assembly approved N50.1 billion resulting in a shortfall of N41.7 billion.

    He disclosed that out of N50.1billion appropriated last year, only N18.8 billion had so far been released into Retirement Benefits Bond Redemption (RBBR) account, leaving an outstanding balance of N31.3billion as at end of last year.

    Similarly, government liabilities for pensions to pay those verified and enrolled as retirees from January to December 2017 amount to N113 billion but the government’s appropriation is N50.1 billion, a shortfall of N62.8 billion.

    He said: “We share the feelings of the Federal Government as far as the ongoing economic recession is concerned but we have to reiterate that pensions should be placed on first line charge so that pension payment will not go through the traditional rigorous budgetary allocation process. At present, there is a shortfall of N193.2 billion in the 2017 budgetary allocation.

    “Pensioners have become endangered species and prone to all kinds of diseases, which are age-related and need money for treatment. This is a very important reason why government needs to ensure that pensioners are paid as at when due, especially considering the fact that these old people have used their youthful days to serve this country meritoriously. Now that it is the payback time, the country should not fail them.

    “We have empirical proofs to show that the 2017 budget has not provided sufficient funds for payment of pensions in the two pension schemes. That is, the DBS under the Pension Transitional Arrangement Directorate (PTAD) and the CPS under the National Pension Commission (PenCom). The sordid and appalling situation in pension funding has translated into continued and increasing agony for Nigerian pensioners.”

    He further said the hosting of the association’s national delegates’ conference involved a huge financial burden on the union, adding that the union needs sufficient funds to prosecute it.

    He explained that the union’s legitimate means of income is through the check-off duties collection.

  • ‘Non-payment of pension’ll mar fight against corruption’

    ‘Non-payment of pension’ll mar fight against corruption’

    THE success of the anti-corruption war will require prompt payment of pension benefits to retired workers, Speaker, House of Representatives, Hon. Yakubu Dogara has said.

    He spoke during a meeting of the House Committee on corruption probe.

    The Speaker said the non-payment of pension would encourage many public servants who were still in service to steal public funds to enable them settle themselves for life.

    He pointed out that if the government was fighting corruption, then it should address issues that have capacity of scuttling the fight against corruption.

    “The issue of non-payment of pension is a serious issue. Payment of pension as at when due will boost the confidence of workers especially the public servants. We must ensure that when they retire, they will earn income after retirement.

    “As a matter of fact, no one who has sacrificed the better part of his age to serve this country, should suffer the lot of pensioners in Nigeria today.

    “If we are fighting corruption, which is one of the key thing that our government is devoted to, we must address those issues that have capacity of scuttling the fight against corruption and this is one of such issues. This is because any employee in the system who is seeing a senior citizen living a life of penury on account that his pension have not been paid, will decide to help him or herself by stealing government fund,” he added.

  • PTAD pays monthly pension, says minister

    PTAD pays monthly pension, says minister

    •Customs, others paid N7.42b

    The Pension Transitional Directorate Department (PTAD) is up to date in monthly pension payment to genuine pensioners under the old scheme, the Defined Benefits Scheme (DBS), Finance Minister, Mrs. Kemi Adeosun, has said.

    Speaking at the House of Representatives’ plenary on the motion for the need for the Federal Government to intervene in the financial challenges facing  pensioners in Abuja, she said the Directorate has made a lot of progress with pensioners enrolled under the DBS.

    Also speaking, PTAD Executive Secretary, Mrs Sharon Ikpeazu, said  the Directorate has paid N7.42 billion as monthly pensions to 223, 385 pensioners from Civil Service Pensions, Customs, Immigration and Prisons Pension, Parastatals Pension and Police Pensions.

    Mrs Adeosun assured that President Muhammadu Buhari  has made pension payment a priority and will always ensure that pensions are not owed to anyone.

    She said pension matter is not a money issue, but people’s issue as everyone  will  be a retiree someday, adding that the PTAD embarks on regular mobile verification for aged pensioners.

    “PTAD pensioners have never been owed a month of their payments and have paid pensioners up till date. The unnecessary stress on the aged and sick pensioners for regular verification has become a thing of the past as PTAD embarks on a regular mobile verification for aged pensioners. They go from one local government to the other and to their homes as soon as pensioner’s relatives contact PTAD for such exercise. The president is resolute to ensure that pensioners never have to wait for their pension due to delay,” she said.

    The Directorate, according to Mrs Ikpeazu, has paid the monthly pension up to date, including that of March this year.

    She stated that  no pensioner on the payroll is being owed arrears in monthly pensions.

    “The PTAD has made it a policy to pay pensioners their monthly pensions before the end of every month, subject to availability of funds. All payrolls are approved by 15th of every month.

    “As at March this year, the PTAD has paid 96,990 pensioners from the Civil Service Pensions, about N2.11 billion and N628 million to 12, 107 pensioners from Customs, Immigration and Prisons Pension. In the same vein, 98,248 pensioners from Parastatals Pension have been paid N4.13 billion while 16, 040 police pensioners have also been paid N559 million.

    “The PTAD was established in August, 2013 and is responsible for the management of pensions under the DBS.

    “It manages the pensions of those who are not transiting to the Contributory Pension Scheme (CPS) managed by National Pension Commission (PenCom).

    “The difference between the PTAD and PenCorn is that PTAD handles the old scheme i.e the DBS and not the CPS,” she added.

  • Agaka is Trustfund Pensions’ chairman

    Agaka is Trustfund Pensions’ chairman

    Trustfund Pensions Limited has appointed Ismail Agaka as Chairman of its Board of Directors.

    The company in a statement by Mrs Priscilla Egede-Njowusi, stated that Agaka is the Acting Managing Director/ Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF).

    According to the statement, Agaka obtained B.Sc. (Hons) International Studies from the Ahmadu Bello University (ABU), Zaria, in 1983 and a Diploma in Social Security Financing from the International Training Centre of the International Labour Organisation (ILO), Turin, Italy in 2000.

    He is an alumnus of the Administrative Staff College of Nigeria (ASCON), and Associate Member of the Chartered Institute of Personnel Management of Nigeria and a Fellow of Institute of Credit Administration.

  • Stanbic IBTC Pension Managers’ assets hit N1.88tr

    Stanbic IBTC Pension Managers’ assets hit N1.88tr

    Stanbic IBTC Pension Managers Limited has over 1.5 million Retirement Savings Accounts (RSAs), with assets under management in excess of N1.88 trillion, Chief Executive, Stanbic IBTC Pension Managers Limited, Eric Fajemisin has said.

    He made this known at the employers’ forum, titled: partnering to deliver excellent pension administration Services, held in Benin, Edo State.

    He stated that the company, a Pension Fund Administrator (PFA) has paid approximately N1.8 billion to over 44,000 retirees monthly.

    He added that over N261 billion has also been paid to retirees since the PFA began operations in 2006, Bajomo added.

    He, however, noted that employers was critical stakeholders to ensuring that the over 73 million employed Nigerians have RSA account.

    According to him, the forum which was the first to be held in 2017 is part of efforts to boost participation in the Contributory Pension Scheme (CPS) and ensure that employed Nigerians have RSA accounts.

    The event was the first leg of the 2017 edition of the company’s employers’ forum that started three years ago. ‘’It is part of our strategic approach to engaging industry stakeholders on ways to strengthen the Nigerian pensions industry’’, he said.

    Fajemisin stressed that employers remained the pivot upon which the sustainability of the pension scheme rests and as such it is imperative to engage them on their key roles and how those roles impact the pension scheme.

    He said employers must show commitment in terms of ensuring their employees have RSA and funding of those accounts through regular remittances.

    He said: “There is a clear need to ensure the rapid growth of the CPS by increasing its uptake by Nigerians. Latest figures from the Nigerian Bureau of Statistics showed that the country has 73.4 million working Nigerians. Of this number only about 10 per cent representing 7.3 million Nigerians are captured in the CPS. This forum is designed to bring together employers and pension experts and act as a platform where knowledge and information can be shared on the pension business and how to increase participation in the scheme.

    “Some of the expectations this year’s employers’ forum highlighted include derivable benefits of participation in the pension scheme, safeguards put in place to protect pension funds, expected participants in the pension scheme, ways to enhance collaborations to move Nigeria’s pension industry forward, the role of an employer/employee in the CPS, and the challenges and opportunities in the industry.

    “Others include how pension assets can be deployed to support sustainable development in the country. The forum also examined contributors’ access to their RSAs, and claims processing, withdrawal from the pension scheme, returns on investment on pension funds, annuity and regulatory oversight, among others.”

    Fajemisin called on employers and other stakeholders to engage to fashion out how sustainable growth of the industry can be achieved and more importantly, ways of ensuring workers enjoy a level of comfort while in retirement and create economic prosperity for all.

    The banking Executive Director, Investments, Oladele Sotubo, noted that the company believes in active engagement of employers on the importance and impact of their role in pension administration and the retirement process, part of which includes helping their workers have retirement plans through the opening of retirement savings accounts and regular remittance of their contributions.

    He stressed that the overall aim is to increase participation by more Nigerians. “Let us note that under the Pension Reform Act of 2014, private sector organisations with a minimum of three employees or more are required to register under the scheme. Also, an employer is compulsorily required to open a Temporary Retirement Savings Account (TRSA) for an employee who fails to open a RSA within three months of being employed. The law also prescribes stiff penalties for pension fraud including employers who steadily fail to deduct and/or remit pension contributions of their employees within the stipulated time.

    Head, Business Development, Stanbic IBTC Pension, Mrs. Nike Bajomo on her part, reiterated that the PFA, backed by the expertise and experience of Stanbic IBTC Group, a member of the over 153-year-old Standard Bank Group, will not relent in providing excellent service to its RSA holders and Nigerians.

    “Stanbic IBTC Pension is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African financial institution by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and others, applying sector expertise, particularly in natural resources, globally.

    “The employers’ forum will be held in eight cities across the country, with the Benin forum, kick-starting the engagements.

    ‘’Stanbic IBTC Pension Managers said it identified employers as a critical stakeholder in the pension industry and has designed the forum to engage them and encourage their buy-in into the CPS,” he added.