The nation’s pension industry is challenged by poor remittances of deductions from both the public and private sectors.
Managing Director of Norrenberger Pensions Limited, Hamisu Idris, who made this known during the company’s Annual General Meeting in Abuja, also said that N881million was paid to 895 beneficiaries by the company last year.
According to him, Norrenberger Pensions, formerly known as IEI-Anchor Pensions, had also doled out N6.40billion in various benefits to over 7,248 contributors, since its inception in 2006.
The payments covered arrears, programmed withdrawal to 118 retirees, N200m as death benefits to 71 beneficiaries, N29m enbloc to 114 beneficiaries and N132m paid as temporary access (25%) payment to 518 contributors for loss of jobs.
He also said that Norrenberger Pensions had grown its profit after tax by 20%, Year- on -Year, from N29 million in 2020 to N34 million in the year.
According to Idris, the success was achieved through unwavering commitments to timely settlement of retirees, which has helped to change the landscape of pension funds administration in the country.
He revealed that the company’s External Auditors and shareholders were on hand to approve and adopt the audited report.
“We also paid N23m as additional voluntary contributions to 59contributors, as well as made payments to insurance companies as annuities for 15 annuitants”, he said.
Idris noted that the industry is still challenged by the poor remittances of deducted pensions from both the public and private sectors and called on those in arrears of remittance and non-compliance, to see the gains and enroll their staff for the benefits of long-term gains.
“The Contributory Pension Scheme (CPS) is still being faced with the challenges of funding the Retirement Savings Accounts (RSA), both in the private and public sectors. This delay or non- remittances of deducted pension contributions by employers of Labour accounts for unfunded RSAs.
He said that only a few states are in full compliance with the provisions in the Pension Reform Act of 2014.
Leveraging on the theme: A Dawn of New Possibilities”, the company is set to be propelled into new heights, after successfully overcoming challenges of the COVID-19 pandemic to expand its market share, by maximizing transfer window and increase in operational capital.
“We have a chance to increase our client base through our trusted values of friendliness, innovation and responsiveness, which culminates into an excellent experience for our esteemed clients”, he said.
On innovations, Idris said the company in also leveraging on technology that will make future “transactions contactless”
“ For us at Norrenberger Pensions Limited, in the coming years, our transactions will become contactless, as automation and blockchain are integrated into our daily operations and reporting will switch from traditional cycles of quarterly or monthly reporting to real-time. Self-service will become the norm and AI will facilitate new service delivery models”
The company’s Chairman, Ibrahim Aliyu, said with the introduction of the Non-Interest funds by the regulatory authorities, the company has implemented the Non-Interest Fund in its operations for those interested.
“With the Transfer window in full swing, the company maximised its workforce to increase its market share. This was through re-orientation, retraining and re-emphasizing the values of innovation, friendliness, and dependability”
He said that the “company closed the year 2021, with N120billion as Asset Under Management, from N103b recorded in December 2020.
Mr. Tony Edeh, who is the Group Managing Director of the Norrenberger Financial Group, expressed optimism that Norrenberger Pensions Limited is now well positioned to evolve into a top tier PFA in the near future,