Stanbic IBTC seeks growth of contributory pension scheme

The Chief Executive, Stanbic IBTC Pension Managers Limited, Eric Fajemisin, said employers remain 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 they impact the scheme.

Speaking at its first 2017 edition of Employers’ Forum in Edo State, Fajemisin noted that, ‘employers must show commitment in terms of ensuring their employees had retirement savings accounts and funding of those accounts through regular remittances.

Speaking on the theme, Partnering to Deliver Excellent Pension Administration Service, he further said there is a clear need to ensure the rapid growth of the Contributory Pension Scheme (CPS) by increasing its uptake by Nigerians. Latest figures from the Nigerian Bureau of Statistics (NBS) showed that the country has 73.4 million working Nigerians.

Fajemisin, who was represented by the Executive Director, Investments, Oladele Sotubo, also observed that only about 10 per cent of the workforce (7.3 million) is captured in the CPS. This forum is designed to bring together employers and pension experts where knowledge and information can be shared on the pension business and how to increase participation in the scheme.”

Also, the Head, Business Development, Stanbic IBTC Pension, Mrs. Nike Bajomo, said 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.

Bajomo further said that Stanbic IBTC Pension has over 1.5 million retirement savings account holders nationwide, with assets under management in excess of N1.88 trillion.
“It pays approximately N1.8 billion to over 44,000 retirees monthly and over N261 billion has been paid to retirees since the PFA commenced operations in 2006,” she added.

Fajemisin therefore called on employers and other stakeholders to constantly 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 Chairman, Post Primary Education Board, Edo State, Hon. Gabriel Oiboh, said he was impressed by the forum, which he described as a very useful session, which helped shed light on some grey areas in the scheme, particularly when an employer should sign on.He said a well-structured pension industry will no doubt augur well for economic prosperity and expressed confidence that more employers will sign on to the scheme.