Premium Pensions links growth to successful implementation of CPS

Premium Pensions Limited has stated that the Award for Mass Mobilisation of Pension Asset conferred on it by the Lagos Chamber of Commerce and Industry 2015 Awards is an import stride made by the entire pension industry in translating the Contributory Pension Scheme (CPS) into a huge success.

“It is the collective effort of the entire industry stakeholders that has resulted in the humongous amassment of pension assets in the country through the new Contributory Pension Scheme,” said Wilson Ideva, managing director of the company, shortly after the presentation of the award in Lagos.

“The N4.9 trillion secured as pension assets in the new pension scheme represents the tremendous success that is possible when interpretation and translation of government policies is private sector driven under strict regulatory guidelines and supervision,” according to him.

Ideva also seized the opportunity to commend the National Pension Commission (PenCom) for its high sense of commitment and professionalism demonstrated from inception in the regulation and supervision of the pension industry.

“By my own estimation, PenCom is the most effective regulatory body on the continent of Africa” he said, “the result of their manifest professionalism and high sense of commitment is what we are celebrating today.”

In the same vein, Kayode Akande, the company’s executive director, Operations and Services, said driving the CPS required exemplary synergy among operators and cooperation among all stakeholders, especially in the area of generating public awareness on how the scheme runs.

“There is practically nothing anybody can do alone in ensuring the success of the CPS,” he said, saying, “we all have to work together and we are already doing that.”

Premium Pensions Limited is one of the Pension Fund Administrators (PFAs) operating the CPS and currently manages over 600,000 Retirement Savings Accounts (RSAs).

According to the LCCI, the Annual Commerce and Industry Award is to recognise, promote and celebrate public and private institutions operating in Nigeria for best business practices, growth through innovation, business sustainability and positive impact on people. The metrics for selecting awardees included but not limited to corporate governance, level of disclosure, wealth creation, level of compliance with set standards and generally positive impact on society.