Stanbic IBTC Pension Managers Limited, subsidiary of Stanbic IBTC Holdings PLC, has urged Nigerians to pay attention to their pension savings and use it proactively to support their retirement aspirations.
The firm emphasised the importance of prioritising financial security and wellbeing in retirement that will help Nigerians maintain an acceptable standard of living during post-work life.
Eric Fajemisin, Chief Executive, Stanbic IBTC Pension Managers Limited, said that as the largest pension fund administrator (PFA) in the country, the organisation remains committed to delivering efficient and innovative customer experience to its esteemed clients.
According to him: “Our leadership in the industry reflects our commitment to providing quality service from a team of dedicated, focused and professional employees who have continued to set the standard for pension management in the country.
“Over the years, we have leveraged technological innovations to make pension account access easy for clients via our online platform, mobile app, email and USSD. All transactions are transparent, as our customers get monthly notifications on all contributions to their pension accounts, as well as quarterly statements to enable them to keep an eye on their funds. We also provide regular market and industry updates via newsletters to keep our clients abreast of updates important to their retirement planning,” he added. These perhaps were some of the reasons Stanbic IBTC Pension Managers was awarded ‘2019 Best Asset/Fund Management Company in Wealth and Society in West Africa’.
Speaking on Voluntary Contributions, Fajemisin noted that contributors who take advantage of voluntary contributions to supplement their mandatory retirement savings accounts regularly have more lump sum to fall back on at retirement.
He explained that employers contribute 10% toward retirement savings on behalf of their employees, while the employees themselves make-up the remaining 8% mandated by regulation.
However, an employee can add any amount to their monthly contributions as additional voluntary contributions. He clarified, however, that: “Only an employer can remit contributions on behalf of an employee, individuals cannot remit by themselves. These contributions are invested to yield returns, and the more individuals can make voluntary contributions to their pension accounts, the higher their overall returns over the long term.”
The Stanbic IBTC Pension Managers’ Chief Executive urged RSA holders across the country to participate in the ongoing Data Recapture Exercise to update their data with their respective PFAs.
He also reassured existing and prospective clients of the firm’s commitment to continuous delivery of excellent service, which is the institution’s trademark.
According to him: “We are always available to provide pension advisory and seamlessly onboard anyone who will like to join our fold. We also encourage our customers and any other pension fund contributor with questions to reach out to us regarding our services or general counsel on pension matters and how to effectively prepare for retirement.”