Jigawa signs new agreement with 6 Pension Fund Administrators

The Jigawa State and Local Governments Contributory Pension Scheme Board has formally signed agreements with six reputable Pension Fund Administrators (PFAs) aimed at ensuring effective management of the state’s pension funds.

The signing of the agreement was presided over by Muhammad K. Dagaceri, the Head of the Civil Service of the state, weekend, in Dutse.

Addressing the occasion, Dagaceri, disclosed that the government’s commitment to securing the financial future of its pensioners, enhance transparency, and efficiency of the pension administration in the state.

He said that the current administration 8n the state believed in the prudent financial management, and the need to provide retirees with reliable and accessible pension benefits. “This agreement marks a significant step forward in our ongoing efforts to ensure that our retired workers receive their rightful entitlements in a timely manner.

“We believe that partnering with these esteemed Pension Fund Administrators will not only safeguard the funds but also enhance the growth and sustainability of our pension assets,” he stated.

The head of service stated that the selected Pension Fund Administrators were chosen through a thorough vetting process, and assured that the PFAs are ready to provide comprehensive management services, including investment strategies, fund performance monitoring, and customer service enhancements.

He noted that the companies have also indicated interest to collaborate with the state to initiate actions that will mitigate risks and optimize returns on pension contributions.

According to him, as part of the agreement the State Pension Board is expected to oversee the partnership by ensuring that the PFAs adhere to regulatory standards and deliver on their commitments to the State and its pensioners.

In conclusion, the Head of State reaffirmed the Governor Namadi administration’s dedication to the welfare of retirees and stressed that this is part of a broader commitment to improve public service delivery and accountability in the management of State resources.

Speaking on behalf of the PFAs, Hamisu B. Idris, managing director of Premium Pension Fund, assured the board that the selected PFAs would live up to expectation by adhering to all the clauses in the agreement particularly, on return on investment.

Idris described Jigawa State Pension Scheme as one of the best in Nigeria, judging from the efficiency of its operations.

Also, speaking at the occasion, Bilyaminu S. Aminu, executive secretary, Jigawa State and Local Governments Contributory Pension Scheme Board, explained that, the six selected Pension Fund Administrators to oversee the management of the Board’s assets are, Premium Pension Fund (lead PFA), PAL Pension, GT Pension, NLPC Pension, Norrenberger Pension and Crusader Sterling Pension.

Bilyaminu further explained that the funds were shared among the PFAs based on their pedigrees particularly the ability for return on investment, adding that the highest allocation was 20 percent while the lowest was 16 percent.

BusinessDay gathered that the contract entails a renewal with one PFA that was originally managing the board’s funds, while five others that were unable to perform based on the earlier terms of agreement with the board were replaced with new ones.

The signing ceremony which was held at the Jigawa State Pension House, also had key officials, including, Biyaminu S. Aminu, executive secretary of the Board, Lawan D. Baba, Jigawa State Solicitor General/ Permanent Secretary, Ministry of Justice, Idris Umar, senior special assistant to the Governor on State and Local Governments Contributory Pension Scheme, Sanusi Alhassan, chairman, Jigawa State, NLC, Abdulkadir Yunuda, chairman, Jigawa State NUT, and, Abdulkadir Yunusa, representative of the Pension Fund Administrators, in attendance.