Premium Pension begins monthly payment to retirees
Following the directive by the National Pension Commission (PenCom), for Pension Fund Administrators (PFAs) in Nigeria to commence the payment of enhanced monthly pension to retirees effective December 2017, Premium Pension Limited (PPL) has concluded plans to settle retirees under them.
The Head, Corporate Communication, Paddy Ezeala, explained that the essence of the upward review of the monthly pension is to ensure that it synchronises with growth in pension funds, and also respond to the yearnings of the retirees. PPL said the increase of the monthly pension of all retirees on Programmed Withdrawal is due to the income earned on investment of their pension asset being managed by the Company.
The Acting Managing Director/Chief Executive Officer, PPL, Kabir Ahmed Tijjani, said: “The upward review for the payment of monthly pension to retirees is a clear indication that Premium Pension fund rate has appreciated and become robust and more competitive in the pension industry.”
The payment of enhanced pension will apply to retirees with reasonable balances in their Retirement Savings Accounts (RSAs), which has earned significant income overtime.
This is an indication that RSA holders are made to benefit from increased Return on Investment of pension funds.