Stanbic IBTC tasks employers on better life for retirees

…Plans to boost pension growth

Stanbic IBTC Pension Managers Limited has assured stakeholders in the industry that it will help Nigerians to retire well. It gave the assurance at the fifth edition of its employers’ forum, with the theme: “Partnering to deliver excellent pension administration services,” held in Lagos.

According to the firm, the forum was part of its strategic approach to engage industry stakeholders on ways to strengthen the Nigerian pension industry as well as increase participation in the Contributory Pension Scheme (CPS).

The Executive Director on investment, Stanbic IBTC Pension, Oladele Sotubo, said employers have the key to unlock the sustainability of the pension scheme, and that it was necessary to engage them on how their role would impact on the pension scheme.

He added that employers must demonstrate commitment in terms of ensuring their employees had retirement savings accounts (RSAs), and funding the accounts through regular remittances.

Sotubo stressed that there is a clear need to ensure rapid growth of the CPS by increasing its uptake by Nigerians, adding that employers are critical stakeholders in its successful implementation, especially in ensuring enrolment and compliance. “Without these two elements, the entirety of the pension scheme would lack purpose.”

Sotubo is convinced that Nigeria’s pension system held enough promises and benefits, which all stakeholders should tap into while still in active service.

The Head, Business Development, Stanbic IBTC Pension Mrs. Nike Bajomo, said the PFA, backed by the experience and expertise of the Stanbic IBTC Group, would not relent in providing excellent services to its RSA holders and Nigerians.