• Friday, July 19, 2024
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BusinessDay

Effective pensions management critical for economic growth

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The ability of pension fund administrators to manage the country’s pension funds that would guarantee safety of retirees’ entitlements and enable mobilisation of investment fund for specific sectors of the economy is vital for stronger economic growth.

This is why the adequate funding for retirement assures the contributor of a secured life in the future, while also making available, funds for investing in strategic sectors of the economy, which will enhance economic growth and development.

Eric Fajemisin, executive director, Stanbic IBTC Pension Managers who made the observation at the opening of the Warri office of the Pension Fund Administrator said this informs the company’s focus on taking pension services closer to Nigerians, availing them the opportunity of interacting directly with the staff on any issue relating to their pensions, planning for retirement, investment outlook, or any clarification that they may require.

“In the event that they do not want to physically visit our offices, we have a 24-hour customer service centre that they can call and be attended to in any one of Nigeria’s major languages including pidgin English, and of course the lingua franca,” he said.

Fajemisin noted that the contributory pension scheme, which was established with the enactment of the Pension Reforms Act of 2004, is still in its early growth stage and therefore requires investments such as those that have been made by Stanbic IBTC Pension Managers.

“Information plays a major role in enhancing confidence and trust in the pension scheme. Structures and systems that will facilitate two-way communication between PFAs and contributors as well as retirees, will deepen understanding of the workings of the pension system, and with understanding comes empowerment.” Theo Aguonye, secretary to the Bureau for State Pensions, Asaba, Delta State commended the PFA for extending its physical presence to Warri and its environs. “I’m optimistic that our people will find your presence which is now closer to them useful. We now know where to go directly to seek answers to the several questions we have regarding issues pertaining to retirement and how to plan well if we want to live comfortably in the future, and other investment decisions we want to make,” he said.

Stanbic IBTC Pension Managers, which recently signed its one-millionth retirement savings account holder, offers services from all Stanbic IBTC Bank branches and select Zenith Bank branches, and it also has presence in major cities and towns across the country.