PFA highlights opportunity in pension transfer window
Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings PLC, has said that the commencement of the transfer window programme is a positive development that democratises pension fund management in the country by giving contributors the freedom to choose their preferred fund administrator.
The transfer window, under the Pensions Reform Act of 2014, is an opportunity for Retirement Savings Account (RSA) holders to switch from one pension funds administrator (PFA) to another. This window officially opened on November 16, 2020, as advised by the National Pension Commission (PenCom).
Chief Executive, Stanbic IBTC Pension, Eric Fajemisin, said the premier pension fund administrator in the country has remained efficient in delivering optimal client experience.
He said: “Our leadership in the industry is a reflection of the continued delivery of quality service through dedicated, focused and professional staff, who have continued to set the standard for pension fund administration and contributor management in the country.
“Over the years, we have leveraged our deep understanding of corporate governance to build the trust of our stakeholders. And this has positioned us as the largest pension fund administrator in Nigeria by assets under management (AUM), which is worth over N3.5 trillion.”
Fajemisin added that the company has a proven record of financing, tracking and protecting investments in the pension space.
“As managers of the largest Retirement Savings Account (RSA) Fund in Nigeria, our flagship fund which is the RSA Fund II has consistently outperformed industry peer average.
This sustainable performance has also ensured our RSA Fund II has remained in the top three in the last ten years. Also, our Retiree Fund (RSA Fund IV) has consistently maintained an ‘above industry’ performance year on year,” he said.