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Tag: Stanbic IBTC Pension

  • Stanbic IBTC Pension, Access Pensions lead industry registration of 105,993 new workers

    Stanbic IBTC Pension, Access Pensions lead industry registration of 105,993 new workers

    • Veritas Glanvills, NLPC, others in bottom

    A total of 105,993 new Retirement Savings Accounts (RSAs) have been registered by the 18 existing licensed Pension Fund Administrators (PFAs) in the first quarter of 2025, with Personal Identification Numbers issued across various sectors.

    Leading the registrations is Stanbic IBTC Pension Managers Limited which recorded 27,582 workers under the Contributory Pension Scheme (CPS), representing 26.02 percent of the total, This was shown in a report released by the National Pension Commission (PenCom).

    According to the report, number of registrations reflects sustained growth in onboarding, supported by regulatory oversight and increased stakeholder sensitisation.

    Next to Stanbic IBTC Pension is Access Pensions Limited with 24,511 registrations or 23.13 percent.

    Read Also: Emefiele urges court to foreclose prosecution in alleged procurement fraud trial

    Together, the two PFAs accounted for 49.15 percent of all new RSAs.

    Coming third is Leadway Pensure, fourth is Premium Pension, and fifth is Trustfund Pensions with 8,267 (7.80 percent), 7,518 (7.09 percent), and 6,449 (6.08 percent) registrations respectively.

    Collectively, the top five PFAs contributed 70.12 percent of total registrations, highlighting continued industry concentration.

    PFAs with lower registration volumes, such as Veritas Glanvills, Tangerine APT,

    NLPC, Norrenberger, and Radix, contributed only marginally, pointing to ongoing challenges in market visibility and outreach.

    The Q1 2025 registration trend reveals a competitive upper tier and a fragment, treport read.

  • Stanbic IBTC Pension to sponsor Art X Lagos

    Stanbic IBTC Pension Managers Limited (SIPML), a subsidiary of Stanbic IBTC Holdings PLC, has announced its plan to sponsor this year’s Art X Lagos.

    SIPML is sponsoring Art X Modern, a new section dedicated to celebrating pioneers of African modern art from the 20th century.

    Art X Modern will comprise three galleries: Bloom Art and Mydrim Gallery, which are Nigerian, and Gallery 1957 from Ghana. It will feature Uche Okeke and Obiora Udechukwu as well as Prof. Ablade Glover from Ghana, among others.

    SIPML will host a public talk.

    Stanbic IBTC Pensions Chief Executive Mr. Eric Fajemisin said the company is committed to promoting the art sector.

    He said: “Our interest in promoting arts is hinged on the belief that creativity and intellect can serve as sources of livelihood for individuals who decide to make a career out of their passion for painting and drawing. In other climes, art is cherished, and patrons sometimes pay a fortune for works of art that are considered collectors’ items. We want to promote a culture which ensures that artists are appreciated for their ingenuity and adequately rewarded with the premium and royalties that their works attract.”

    Fajemisin added that the company decided to host the Art X Modern section to ensure that artists get the recognition due them during their lifetime.

    “Being Nigeria’s largest pensions manager, we have the responsibility to ensure that our customers retire well, so that they have something to fall back on post work-life.

    We are also promoting that principle which holds that those who contribute actively to enriching lives and enhancing our creative industry get their due, even after leaving active work life.”

    This year’s edition of Art X Lagos will hold at Federal Palace Hotel from Friday, November 1 to Sunday, November 3, 2019. This year’s Art Festival will feature 23 gallery booths including Nigerian gallery exhibitors such as: The Space, Bloom Art, Nike Art Gallery, Retro Africa and SMO Contemporary, among others.

    The roll call of artists who will showcase their art includes: Abe Odedina (Nigeria / UK / Brazil), Soly Cissé (Senegal), Sam Nhlengethwa (South Africa), Tizta Berhanu (Ethiopia), Peju Alatise (Nigeria) and Lady Skollie (South Africa).

    ART X Lagos is West Africa’s first international art fair, designed to showcase intriguing and innovative contemporary art from the African continent and diaspora.

     

     

  • Stanbic IBTC Pension identifies opportunities in PRA 2014

    Stanbic IBTC Pension identifies opportunities in PRA 2014

    The pension industry created through the Pension Reform Act 2014, which replaced the 2004 Act has demonstrated the potential to pool the requisite funding to support Nigeria’s economic development, the Managing  Director, Stanbic IBTC Pension Managers, Eric Fajemisin, has said.

    He made this known while briefing journalists on the achievement of the pension industry in Lagos.

    According to him, the performance of the Stanbic IBTC Pension Managers Limited with N1.7 trillion in assets under his management and the total N7 trillion pension assets within the industry further showed its strength.

    Fajemisin said the Pension Reform Act 2014, which replaced the 2004 Act, addressed a number of lacunas in the original Act such as the application of a portion of pension assets towards the payment of equity for a residential mortgage by the RSA holder as well as the inclusion of the informal sector in the Contributory Pension Scheme (CPS).

    He, however, said there is more room for further development as the industry operators, the regulator and other stakeholders continue to collaborate to ensure continuous advancement.

    He said the company believed that every able-bodied Nigerian, who earns a living is entitled to a pension at the point in time when that person can no longer work and would not want to be a liability to the nation or to his kith and kin, noting that this is what makes participation in the nascent pension scheme quite imperative.

    He said:“It is very important to raise the level of awareness about retirement planning, especially among operators in the informal sector which boasts of an estimated 38 million workers and about 60 per cent of Nigeria’s Gross Domestic Product (GDP) as well as employing over 90 per cent of its workforce.

    Deepening awareness about the pension scheme, he said, requires the collaboration of all stakeholders as there are numerous benefits to ensure peace of mind in retirement.

    “On service delivery, the provision of satisfactory services to the informal sector through channels we are conversant with will ensure availability and accessibility while adopting the existing ecosystem we operate and using mobile devices to access important information will add more transparency and trust to the scheme. The PFA would continue to respond to the ever-changing preferences and needs of its customers by deploying the appropriate tools, technology and channels.

  • Stanbic IBTC Pension pays N279b to retirees

    The 2017 half year result of Stanbic IBTC Pension Managers Limited has shown a payment of over N279 billion to retirees since its inception in 2006, Chief Executive, Stanbic IBTC Pension Managers Limited, Eric Fajemisin has said.

    He made this known in a statement showing the company’s 2017 half year performance and made available to journalists in Lagos.

    He stated that the company has more than N1..7 trillion in assets under management, a feat that reinforces a strong evidence of its proficiency at ensuring safety and return of value on investment to RSA holders through higher standards of service delivery.

    According to him, between January and June this year, over 5,000 new retirees also received their benefits from the PFA, increasing the number of individual Retirement Savings Account (RSA) holders nationwide with it to over 1,500,000.

    Fajemisin who said the result affirms its status as Nigeria’s largest Pension Fund Administrator (PFA) added that a total of N16.6 billion was paid to retirees from January to June this year.

    He said: “The performance of the PFA also demonstrates the potential of the pension industry to pool the requisite funding to support Nigeria’s economic development.

    “The Pension Reform Act 2014, which replaced the 2004 Act, addressed a number of lacunas in the original Act such as the application of a portion of pension assets towards the payment of equity for a residential mortgage by the RSA holder as well as the inclusion of the informal sector in the Contributory Pension Scheme. However, there is more room for further development as the industry operators and the regulator and other stakeholders continue to collaborate to ensure continuous advancement.

    “We believe that every able-bodied Nigerian who earns a living is entitled to a pension at the point in time when that person can no longer work and would not want to be a liability to the nation or to the kith and kin. This is what makes participation in the nascent pension scheme quite imperative,” he said.

     

  • Stanbic IBTC Pension lifts Kaduna Prisons 

    Stanbic IBTC Pension Managers Limited has inaugurated three blocks of toilets at the Nigerian PrisonsTraining School, Kaduna.

    The company, a Pension Fund Administrators ( PFA), said the renovated facilities would lift the living conditions of personnel of the Nigerian Prisons Service (NPS).

    NPS Controller-General, Ahmed Ja’afaru, represented by the Zonal Coordinator Zone B, NPS Kaduna,  Musa Mayaki, an Assistant Controller-General, expressed appreciation to the company for the gesture.

    He noted that a prison service is  community in the security-maintenance architecture with the relevant personnel, their families and inmates, all constituting part of the larger society.

    He added that the project would bring relief to the personnel and trainees as the community hitherto had to make do with less than fitting sanitary facilities.

    He stressed that the project would be useful to the cadets and officers as clean and satisfactory sanitary facilities means better disposal of human waste, reduced chances of disease outbreak and better living condition.

    The firm’s Executive Director, Investments, Mr. Oladele Sotubo, said: “The project, which is line with the Stanbic IBTC Group’s CSI focus areas, falls under the health pillar, others being education and economic empowerment. Its decision to renovate the toilets is part of a business strategy to support the well-being of the people and communities where it operates.

    ‘’A celebratory mood enveloped the community following the commissioning of the project.

    “The execution of the project is also in recognition of the fundamental importance of the right of every human to have access to decent sanitary facility and living condition.‘’

    The PFA, he said, understands the interconnection between good health and good sanitation in ensuring a healthy populace and overall wellbeing of the people.

    “It is an integral part of our corporate social investment initiatives, which is anchored on our strong belief in adding value to the communities where we operate. We understand the difficult conditions that often results from lack of access to amenities, the deplorable state even where available and we will continue to explore opportunities to provide support in this regard,” he added.

  • We pay N1.8bn to over 44,000 retirees monthly – IBTC

    The Stanbic IBTC Pension Managers Limited says it pays approximately N1.8 billion in retirement benefit to over 44,000 retirees monthly.

    Mr Oladele Sotubo, the Executive Director (Investment) in Stanbic IBTC Pension, made this known during the first edition of the Employers Forum of Stanbic IBTC Pension Managers Limited held on Thursday in Benin.

    Sotubo said over N261 billion had been paid to retirees since IBTC commenced operations in 2006, adding that the company had over 1.5 million retirement savings account holders nationwide.

    “Assets under management are in excess of N1.88 trillion. I have reeled out these figures to emphasise something; with us, you are in safe hands,” he said.

    Sotubo said that the forum became necessary to engage actively with employers on the importance and impact of their role in pension administration and retirement process.

    ”Part of the process includes helping workers have retirement plans through the opening of retirement savings accounts and regular remittance of their contributions.

    ”The overall aim of the forum is to increase participation by more Nigerians.

    ”This initiative was launched in 2014 to serve as a platform for sharing knowledge and information between employers and pension experts,” Sotubo said

    According to him, the Contributory Pension Scheme had maintained rapid growth since it was inaugurated in 2004

  • Stanbic IBTC Pension lists micro pension benefits, challenges

    Stanbic IBTC Pension lists micro pension benefits, challenges

    The micro pension scheme, though good for the country, has challenges.

    These challenges, according to Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisi, include insufficient awareness and negative perception towards it, modest financial literacy in the country, high cost of promoting awareness on the Contributory Pension Scheme (CPS), lack of reliable data on the informal sector and low buy-in by unions in the pension sector, among others.

    Fajemisi, who made this known during an interactive session with journalists in Lagos, said on the other hand, the micro pension scheme, when finalised, would ensure improved standard of living for the elderly, guarantee the safety of funds and may provide access to other incentives, such as mortgage facilities and health insurance.

    According to him, other benefits would include flexible contribution remittances, the opportunity to make withdrawal prior to retirement and the enhancement of financial inclusion and attainment of economic stability objectives.

    On the other hand, the initiative, he said, faces challenges such as insufficient awareness and negative perception towards pensions, modest financial literacy in the country, the high cost of carrying out awareness of the CPS, lack of reliable data on the informal sector and low buy-in by unions in the sector, among others. These challenges, he noted, are expected to be addressed prior to commencement of the scheme and thereafter.

    He described the proposed micro pension scheme as having the capacity to deepen asset accumulation in Nigeria, which will also provide the vital capital required for investment in critical sectors of the economy.

    He stressed that it was an initiative designed to cover over 70 per cent of Nigeria’s working population in the informal sector, adding that the mini or micro pension scheme offers enormous benefits to the society.

    Reviewing some provisions of the 2014 Pension Reform Act and the impact on the CPS, the Stanbic IBTC Pension boss noted that the introduction of more stringent penalties for erring operators and directors, especially as it relates to mismanagement of funds, has engendered greater corporate governance, making it almost impossible to misapply pension funds by anyone.

    He said: “By increasing the contributions of the employer and employee to 10 and 8 per cent respectively, the Act has ensured the availability of more benefits to contributors at retirement. In addition, the Act makes the non-remittance of employees’ contribution by the employer an offence, which the National Pension Commission (PenCom) can prosecute in court. Amongst its provisions, which expanded the coverage net, private sector organisations with just three employees or more are now free to register under the scheme; while the law also compels an employer to open a Temporary Retirement Savings Account (TRSA) on behalf of an employee that fails to open a Retirement Savings Account within three months of being employed.

    “With 7.3 million registered Retirement Savings Account (RSA) holders, the CPS presents a clear path for employees to maintain and enjoy a life of comfort in retirement.  He said as people head towards retirement, a decision about the type of life they wish to live in retirement should not be made from the hip, but rather through a well-structured financial planning process. The process, he said, should commence from the day one takes on a first job and involves setting aside part of current income into a retirement savings account.”

    He assured that his company remains committed to rendering impeccable service to its clientele.

    He noted that the company commenced operations in 2006 and has paid over N204 billion to retirees, paying approximately N2.6 billion to over 42,000 retirees monthly.

    “With assets under management in excess of N1.82 trillion, the PFA currently boasts of over 1.5 million retirement savings account holders nationwide. The shareholders’ funds are in excess of N14.51billion, well above the N1 billion capital base for PFAs,” he said.

  • Stanbic IBTC Pension lauds customers over award

    Stanbic IBTC Pension Managers Limited has said its customers’ support was instrumental to its winning the Africa Pension Awards’ ICT Innovation Operator award for 2016.

    Stanbic IBTC Pension Chief Executive, Eric Fajemisin, made this known in a statement made available to reporters in Lagos.

    He said the award presented at the recently-held World Pension Summit in Abuja was in recognition of the efficient deployment of Information  Communication Technology (ICT) for excellent customer service delivery as confirmed by the awards organisers.

    Fajemisin said as the leading Pension Fund Administrator (PFA) in the country, innovation had been at the heart of the company’s strategy to build better relationships with customers, deliver improved and convenient services that will ensure retirement savings account holders have peace of mind.

    He listed some of the innovative services introduced for convenience, accessibility, quality, and efficiency to include its 24-hour multilingual contact centre, SMS, Stanbic IBTC ATMs, email, its mobile office, mobile app, and the Pension Guru online.

    “In our 12 years of existence, we have emerged Nigeria’s leading PFA with over one million retirement savings account holders and assets under management in excess of N1 trillion, paying more than N2.1 billion to over 37,000 retirees monthly. Over N200 billion has been paid to retirees since we commenced operations in 2005.”

  • Stanbic IBTC Pension to hold retirement forum

    Stanbic IBTC Pension to hold retirement forum

    Stanbic IBTC Pension Managers Limited is set to continue its nationwide campaign to raise awareness about retirement planning, its Chief Executive, Eric Fajemisin has said.

    In a statement at the weekend, he said about 600 participants are expected at the forum to be held on Thursday in Lagos.

    According to him, the  campaign, which was launched three years ago, is part of initiatives aimed at encouraging retirement planning among  workers and employers.

    He stated that participants will gain valuable tips from experts and regulators on the imperative of putting in place effective plans to ensure a smooth transition to retirement.

    He said Lagos is the first among key cities across the country to host the forum this year, with similar sessions slated forAbuja and Port Harcourt in July and September .

    This year’s campaign has the theme, “Life Continues at Retirement – Retire well”.

    He said: “The interactive sessions are aimed at providing stakeholders, particularly people approaching retirement, a platform to have a clear view of the path to a comfortable retirement, while removing the stress of pondering what will happen when the individual disengages from active service.

    “Apart from being an avenue for updating participants on new developments in the pension industry, the forum is also an effort to shape industry agendas, the ultimate goal being to highlight benefits of the country’s nascent pension scheme, which will enable Nigerians harness the opportunities.

    “Part of our objective in organising a forum like this is to encourage people to take advantage of the provisions of the Pension Reform Act 2014 to prepare for retirement now, and avoid severe financial difficulties during old age.”

    Fajemisin advised employers of labour who are yet to embrace the new pension scheme as stipulated under the enabling Act to do so, so as to guarantee a secure retirement for their employees.

    “We believe that people, especially employers of labour who have yet to embrace the new pension scheme as stipulated under PRA 2014, will use this opportunity to come on board and ensure secured retirement for their employees,” he stated.

    He said the firm was set up with a mission to enable Nigerians retire well after their working lives.

    “We want to help people plan for their retirement to ensure that the retirement phase is as rewarding and productive to them as possible,” he stated.

    Stanbic IBTC Pension Managers 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 bank by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa. 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 to each other, applying sector expertise, particularly in natural resources, globally.

     

  • Stanbic IBTC Pension records over N1tr assets

    Stanbic IBTC Pension Managers Limited, a Pension Fund Administrator (PFA) has recorded an excess of N1trillion pension fund assets in 10 years, Chief Executive of the Company, Eric Fajemisin has said.

    Fajemisin who made this known in a statement in Lagos, said the company has emerged Nigeria’s leading PFA with over one million retirement savings account holders under management.

    He said the company is paying more than N2.1 billion to over 38,000 retirees monthly, adding that over N204 billion has been paid to retirees since they began operations in 2005.

    He noted that their aim is to continue to set higher standards of service delivery and ensure that “our retirement savings account holders derive maximum value from their contributions,” Fajemisin said.

    He further disclosed that in line with its commitment to enriching customer experience, the company would continue to broaden and enhance its service channels for efficient service delivery. He said: “This is in fulfillment of its promise to provide quality and stress-free pension fund administration and financial management services to our clients and Nigerians wherever they may be. The cardinal value propositions of the PFA are participation, accessibility, quality, convenience and efficiency.

    “The company can be reached via a number of service channels, including its over 217 branch offices spread across the country, its 24-hour multilingual contact centre, SMS, Stanbic IBTC ATMs, email, its mobile office, mobile app, and the Pension Guru online, Fajemisin said, adding that the PFA is committed to ensuring that clients are able to experience excellent and convenient service in any of its touch points.

    “Our promise is to avail as many Nigerians as possible the opportunity to have quality pension fund administration and financial services, which will enable a life of comfort in retirement. To achieve this, we have continued to broaden our service channels so that we can reach as many Nigerians as possible and encourage participation in the Contributory Pension Scheme.”

    He said that Stanbic IBTC Pension Managers will constantly explore additional avenues where Nigerians can conveniently access its services to meet their pension and retirement needs, adding that the company is backed by the necessary experience, strong and sound financial clout of the Standard Bank Group, to ensure efficiency in the management and safety of clients’ investments.

    Stanbic IBTC Pension Managers is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings and is rooted in Africa with strategic representation in 20 countries of the continent, including South Africa. 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 to each other, applying sector expertise, particularly in natural resources, globally.