Stanbic IBTC Pension Managers pays N800b to retirees

Stanbic IBTC Pension Managers pays N800b to retirees – The Stanbic IBTC Pension Managers Limited has paid over N800 billion to more than 62,000 retirees since inception.

This was disclosed during the 2021 virtual Employers Forum organised by the company in Lagos.

In his opening remarks, Chief Executive, Stanbic IBTC Pension Managers Limited, Olumide Oyetan, described the pension transfer window as a positive development for the pension industry that will offer stability and sustainability to industry while benefiting contributors.

He said that Stanbic IBTC Pension Managers remains the largest Pension Fund Administrator in Nigeria, both in volume of Retirement Savings Accounts and value of Assets under Management.

Oyetan, who spoke on the theme: ‘Pension Administration in the New Normal’ said: “We do not take the confidence reposed in us by the contributors for granted. As an institution with over 155 years of proven track record in Africa, we remain committed to enabling dreams, expertly managing contributors’ funds and partnering with you to develop our industry and economy,” he said.

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“Before we begin, please permit me to appreciate each of you, our partners, for your continuous support over the years. Despite the pandemic and other recent unsettling events, you have remained committed to delivering value in your spheres of influence, while also partnering with us to add value to pension contributors across the country. We are immensely grateful to you for your continuous support of the Contributory Pension Scheme. Some of you are not just partners but also our clients, who have entrusted us with supporting their retirement journey. We do not take the trust, support, and consistency through the years for granted,” he added.

Speaking at the event Bolanle Shobowale, said the company is a proud member of the over 150 year old Standard Bank group, that expertly grows contributors reserve and make access easy when they need it.

She said that since inception, the company has paid over N800 billion to more than 62,000 retirees.

Also, using technology, the company supports contributors through access instant services through self-service options, in every state. “We support your financial journey through free financial fitness academies, online webinar sessions and savings through loyalty programme,” she said.

She said the company is committed to pushing technological boundaries to provide optimum satisfaction to clients, ensuring data privacy by putting clients at the centre of every thing it does and ensuring quality and timely services.

Other speakers explained that a holder of the Retirement Savings Account shall on retirement, or attending the age of 50 years, which ever is later, utilize the amount credited to his RSA for accusing lump sum provided the amount left after the lump sum withdrawal is sufficient to procure programmed withdrawal or annuity for life.