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‘Strengthen other welfare schemes to reduce pressure on pension fund’


Stanbic IBTC Bank

Stanbic IBTC Bank

Stanbic IBTC Pension Managers has stressed the need to ensure that welfare schemes under various parastatals are strengthened to reduce unnecessary pressure on the pension fund.

According to them, if other institutions and government parastatals were efficient, there would be less pressure on the pension fund to address various national issues.

Besides, the institution said it is well positioned to leverage opportunities in the much awaited pension transfer window, even as it continues to strengthen engagement with clients and fine-tuning internal processes

The Executive Director, investment, Oladele Sotubo while speaking at a media parley in Lagos at the weekend, said: “Pension is an investment income. It is not for any other thing. People come and say I have a medical condition, there is workmen compensation, people come and say I have a health issue, there is a National Health Insurance scheme.

“There are other government schemes we need to push the same way so that all the concerns of workers can be addressed. Pension asset cannot be solving all the problems of employees during his life, that are meant to serve as replacement income when he can no longer work.

“Because pension is working, every body is focusing on it, lets not kill every thing that is there, instead, lets bring every body up so that when every part of government, those arms and parastatals are working and doing what they suppose to be doing, there will be less pressure on pension fund to solve all the problems.”

Sotunbo added: “People should be aware that they could claim. More awareness is needed, it will put pressure on all institutions to be up and doing because they are now in public domain, every body will be more accountable.”

The Chief Executive, Eric Fajemisin said there are plans to strengthen processes and framework in place for the pension transfer window, which is expected to open in a near future.

He added that: “Talking on our preparations, it is more of engagements and more of customer service. What we are doing is more of engaging our clients and customers, those that are with us and the prospective ones to tell our stories and be transparent.

“We are also working on our processes, we keep improving every day to ensure that where ever our customers are, they must reach us without any problem and we expect that with right processes when the window opens, those that are not yet with stanbic would come on board,” he said.

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