PREMIUM Pension Limited has paid out a total of N87.3 billion to 33,785 retirees or their next of kin since it began operation in 2007.
The Pension Fund Administrator, PFA, which has enrolled under the company’s management spread over 1000 organisations across the country, made this known in a statement.
The firm currently manages pension asset put at over N370 billion and has consistently posted impressive returns.
The PFA has dedicated the Award for Mass Mobilisation of Pension Asset it received at the Lagos Chamber of Commerce and Industry (LCCI) 2015 Commerce and Industry Awards to the pension industry. The firm described the award as an imprimatur of the Chamber on the giant strides made by the entire pension industry in translating the Contributory Pension Scheme (CPS) into a huge success.
“It is the collective effort of the entire industry stakeholders that has resulted in the humongous amassement of pension assets in the country through the new Contributory Pension Scheme” said Mr. Wilson Ideva, the Managing Director of the company shortly after receiving the awards in Lagos.
“The N4.9 trillion secured as pension assets in the new pension scheme represents the tremendous success that is possible when interpretation and translation of government policies is private- sector- driven under strict regulatory guidelines and supervision,” he added. Ideva also seized the opportunity to commend the National Pension Commission (PenCom) for the high sense of commitment and professionalism demonstrated from inception in the regulation and supervision of the pension industry.
“By my own estimation, PenCom is the most effective regulatory body on the continent of Africa. The result of their manifest professionalism and high sense of commitment is what we are celebrating today,” he said. In the same vein, the Company’s Executive Director, Operations and Services, Mr. Kayode Akande, stated that driving the CPS required exemplary synergy among operators and cooperation among all stakeholders, especially in the area of generating public awareness on how the scheme runs.
He said, “There is practically nothing anybody can do alone in ensuring the success of the CPS. We all have to work together and we are already doing that.” Premium Pension Limited is one the PFAs operating the Contributory Pension Scheme and currently manages over 600,000 Retirement Savings Accounts (RSAs).
According to the LCCI, the Annual Commerce and Industry Award is to recognise, promote and celebrate public and private institutions operating in Nigeria for best business practices, growth through innovation, business sustainability and positive impact on people. The metrics for selecting awardees include but not limited to corporate governance, level of disclosure, wealth creation, level of compliance with set standards and generally positive impact on society.