One of Nigeria’s foremost pension managers, Stanbic IBTC Ltd., has said it has paid over N300 billion as retirement benefits since the beginning of the pension management scheme in 2006.
The executive director, investment/support unit of the bank, Oladele Sotunbo, made this known at the annual, zonal, IBTC Pension Managers pre-retirement forum, which had over 1000 civil servants in attendance, yesterday in Abuja.
Sotunbo said the bank with a current customer base of over 1.6 million retiree account and boasts of over N2trillion assets, convened the interaction to sensitise customers that are close to retirement on the requirements they need to access their retirement benefits easily when they retire.
He said: “One of the series of educating our customers, specifically what we had today was the pre-retirement forum. It is actually for our customers that are close to retirement. The objective is to bring them together to understand the requirements they need to do to access their retirement benefits easily when they retire.
“And also, to have a discussion with them around and what kind of investments they should be looking to do and also how to stay healthy while still working and more importantly, after retirement. It is largely to educate our clients, to interact with them and get feedback on our services. I think it’s been a success.”
According to him, “What we’ve seen overtime is that the biggest challenge of civil servants when it comes to preparing for retirement, is that typical of us as Nigerians in everything we do is that we leave things to the very last minute. That’s why we took it upon ourselves as pension managers to sensitise customers to prepare early, start early to prepare for retirement. The best time to start preparing is now. Ensure your account is being remitted by your employers and make sure your documentation is in order.”
The executive director added that the contributory pension scheme has been a success, saying people have retired and have been able to access their pensions, adding that it has taken us away from the old regime where people retire and go out queuing in the rain, sun to access their pension.
“This time around that is no longer the case this time around you retire, do your processes and at the end of the month in the comfort your home you get an alert of the pension being paid into your account,” he added.
Edo House Of Commotion And NASS Intervention
The unending supremacy battle for the soul of Edo State House of Assembly between Governor Godwin Obaseki and his predecessor...
Govs Laud US Food Security Initiative, Assistance
Governors of 11 states of the federation yesterday in Abuja commended the United States government for its assistance in ensuring...
Laundered Funds Used To Finance Terrorism – PMB
President Muhammadu Buhari has drawn a nexus between the security challenges facing Nigeria and other African countries and laundered funds,...
The 18 Women Holding Out Against 451 Men In 9th NASS
The National Assembly has a total of 469 lawmakers elected from all the 36 states of the federation and the...
World Bank To Support More Projects In Kogi
The World Bank Group yesterday pledged more support for Kogi State to facilitate its development and eradicate poverty among the...
Zamfara Gov Lauds NAF Over Bandits Negotiation
Zamfara State governor, Dr Bello Matawale, has commended the Nigerian Air Force (NAF) for the role it played in helping...
Court Adjourns Hearing On El-Zakzaky’s Application For Medical Trip
Kaduna State High Court yesterday adjourned hearing in the application for permission to travel to India for medical attention filed...
NEWS13 hours ago
JUST IN: APC Expels National Vice Chair Over Anti-party
NEWS19 hours ago
Yoruba Youths Back Northern Elders On Return Of Herdsmen
NEWS12 hours ago
I Defiled My 15-year-old Daughter To Protect Her, Says Night Guard
NEWS14 hours ago
Man Bails Girlfriend Arrested For Biting His Manhood In Lagos
METRO10 hours ago
Sanwo-Olu, Fashola, Harp On Multimodal Transportation System In Nigeria
NEWS11 hours ago
Order To Shut Down Edo State House Of Assembly Is Unconstitutional – PDP
OPINION19 hours ago
Is Kogi Going The Way Of Zamfara?
NEWS11 hours ago
AfDB Team Meet Fayemi Over Infrastructure Upgrade