CrusaderSterling Pensions Limited (CPL), one of the leading Pension Fund Administrators (PFAs) in Nigeria has reaffirmed its commitment to safety of funds and maximum returns to contributors.
Our commitment is to ensure that our Retirement Savings Account (RSA) holders whom we manage their funds have safety and maximum returns on their funds, says Rotimi Adebiyi, managing director/CEO, CrusaderSterling Pensions Limited.
Speaking at the CPL 15th client Stakeholder’s Forum held in Lagos, Adebiyi said the essence of the event was to keep RSA holders abreast with recent industry updates. According to him such updates includes accessing 25 percent of their RSA balance towards mortgage, need for data re-capture, pros and cons of annuities vis a vis programmed withdrawal, responsibilities as RSA holders and additional benefits that the PFA offers.
Olufemi Dada, executive director, Business Development at CPL speaking on the PFAs exceptional returns on investment, said prior to the commencement of the MultiFund Structure, CPL led the industry for 10 years consistently in returns on the active RSA Fund Prices.
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“Our RSA Fund II price was N7.0507 as at May 15, 2023, returning over 605 percent, the highest in the Industry on time adjusted basis.” According to him, CPL was the first PFA to attain N2.000, N3.000 N4.000, N6.000 and N7.000 unit price mark (i.e., 100 percent, 200 percent, 300 percent, 400 percent, 500 percent and 600 percent returns) respectively on funds under management.
Dada said for a contributor who opened an account with CrusaderSterling Pensions in 2006 and contributed N1,000,000 into the account at inception without any other contribution, the fund would have grown by 605 percent.
“In January 2023, the balance would have amounted to N7, 050,700.00, and no PFA has attained this in the industry, Dada said.
The event, which saw in attendance large number of Pension Desk Officers (PDO) in several organisations, was an opportunity for CPL to get feedbacks on how they can improve their services and ensure that RSA holders enjoy their retirement benefits.
According to the PFA, the PDOs whose functions are domiciled in the Finance, Human Resource or Registry departments of most organizations/institutions must be conversant with the Pension Reform Act 2014, Regulations, Circulars, Advisory etc from the National Pension Commission (PenCom).
They must ensure every employee is registered for pensions in line with the (PRA) 2014 and provide helpdesk service and support to their employees “Ensure proper and correct documentation of all employees PIN for monthly remittances; ensure new recruits are registered into the scheme or continue with their existing PIN numbers, if they are joining from other organizations; ensure remittances are made monthly as and when due in line with PRA 2014, i.e. on or before 7 days after salaries are paid; demand efficient service from the various Pension Fund Administrators (PFA) by ensuring payment alerts, complaints resolution, ease of accessibility of PFA, organization of forum, exit procedures, and performance monitoring vis-à-vis fund are done efficiently by the PFAs.
