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CrusaderSterling Pensions pays N137bn to contributors, retirees

CrusaderSterling Pensions pays N137bn to contributors, retirees

CrusaderSterling Pensions Limited (CPL), a member of the Custodian Group Plc, has paid out N137 billion as benefits payments to its contributors and retirees.

CPL, which is one of the leading Pension Fund Administrators (PFA) in the country, said the settlements range from lump sum, death benefits, En-bloc, loss of job benefits, equity release via mortgages, and other approved National Pension Commission (PenCom) regulated benefit payments, from its inception in 2004 to date.

This was disclosed at its 13th Annual Stakeholders Forum held in Lagos, which was largely attended by workers and retirees under the Contributory Pension Scheme.

Rotimi Adebiyi, managing director/CEO of CrusaderSterling Pension said during the event that the comfort of its retirees remained a priority to the PFA.

The MD affirmed that in partnership with its Custodian- First Pension Custodian, prompt settlement of benefit payments will remain a top priority in line with the mandate establishing it.

Adebiyi averred that the PFA will as always align itself with the objectives of the Pension Reform Act of 2004, particularly in assisting individuals by ensuring that they save to cater to their livelihood during old age, thereby reducing old-age poverty.

He added that the PFA will continue to ensure that pensioners are not subjected to untold suffering, due to the inefficient and cumbersome process of pension payment.

The managing director said, “The enactment of the Pension Reform Act 2004 brought about a new era of relief from these challenges through the establishment of the Contributory Pension Scheme (CPS) supervised by the National Pension Commission (PenCom).

“We give kudos to former President Obasanjo’s government which brought about the CPS. Since we kicked off on 12th October 2004, we have achieved a whole lot. We have settled N137bn as benefits payments ranging from lump sum, death benefits, En bloc, loss of job, equity release via mortgages, and other approved PenCom regulated benefit payments”

He stressed that CPL is renowned for delivering superior returns to contributors and other stakeholders for many years and would do more. This, he said is evident when Augusto & Co., rated the company as the first PFA to be assigned a Pension Fund Manager rated ‘A’.

Participants at the forum commended CrusaderSterling Pensions Limited for excellent service delivery and encouraged workers to open their Retirement Savings Accounts with the PFA.