• Sunday, July 14, 2024
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BusinessDay

Premium Pensions to manage Niger State retirement redemption bond

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Premium Pension Limited, a leading Pension Fund Administrator (PFA) in the country has secured the approval of the Government of Niger State to manage its Retirement Redemption fund.

The portfolio agreement which has been signed by both parties with the endorsement of the National Pension Commission (PenCom) emphasizes, among others, that the funds and assets held in them must be managed in accordance with the guidelines issued pursuant to the Pension Reform Act 2004.

This fund established by the Niger State Government through the Niger State Pension Board also has in the agreement that Premium Pensions take the responsibility of the lead PFA in the state.

The agreement which was consummated at a ceremony held recently at the corporate headquarters of Premium Pension Limited in, Abuja had key stakeholders on both sides in attendance.

“This is a practical demonstration of mutual trust and highly productive partnership required to drive the contributory pension scheme in the country,” said Wilson Ideva, managing director/CEO Premium Pensions Limited.

Commenting on the agreement, he stated that  “We must continue to justify the confidence reposed in us by the Niger State Government as a leading PFA in the country through the rendition of quality service marked by high level of professionalism.”

The agreement states clearly that “the appointment of Premium Pension shall be of a fiduciary nature consistent with the requirements of the law and that Premium Pension shall exercise utmost duty of care and good faith in all their undertakings under the terms of this agreement.”

Other officials of the Niger State Pension Board present at the event include Alhaji Mohammed Ndagi, permanent member, finance, investment and inspectorate and Mohammed B. Abdullahi, the board secretary and legal adviser with top management of Premium Pensions.

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