Premium Pension’s payments to retirees hit N86bn

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Premium Pension Ltd., a Pension Fund Administrator, PFA, on Sunday said it had paid N86 billion to pensioners under its scheme as at September.

The Chief Executive Officer of the company, Umar Mairami, announced this to the News Agency of Nigeria in Lagos.

Mr Mairami said that the transparent policy of the PFA mandated it to disclose the payments quarterly.

He also said that the feedbacks from clients indicated to the PFA that the gesture was impactful, attracted more clients and helped the company to optimise its performances.

According to him, the figure represents 18 per cent of the total pensions paid in the industry.

“As part of the company’s strength, the figure also accounted for over 10 per cent of the total pension industry’s Programmed Withdrawal,” he said.

He further said the company’s Assets Under Management (AUM) grew by 13.7 per cent to N648.09 billion in September from N570 billion recorded in June.

“The company’s Return On Investment (ROI) for Retirement Saving Accounts (RSAs) holders moved to 4.00 in September from 3.69 and 3.97 achieved in January and June respectively, in spite of economic instability,” he said.

He emphasised that the company ensured efficient payments system, as seamless as possible, with necessary risk controls.

The PFA boss said the risk control was to prevent fraudulent activities under the new Contributory Pension Scheme, CPS.

“In a drive to ensure continuous efficiency, the company adopted two International Organisation for Standardisation (ISO) management systems.

“Specifically, ISO 9001:2015 Quality Management System (QMS) and ISO 2700: 2013 Information Security Management System (ISMS),” he said.

He further revealed that the firm set a five-year strategic plans to enable it to become one of the top five pension outfits.

“The plans include extensive branching network, Retirees are Kings and Queens (RaKQ) Integrity, transparency, Ethics and Professionalism,” he added.

He also said the company was fully prepared for the take off of micro pension scheme to enable Nigerians that were not in formal sector to enjoy its services.

NAN reports that Premium Pension Limited was established in 2005.

NAN