Premium Pensions excited over contribution to economy 10-years after

Premium Pension Limited, one of the leading Pension Fund Administrators in the country has marked it 10- years of doing business in Nigeria, with record landmarks and successfully impacting on Nigerians through its services.

The ceremony which held weekend also provided an opportunity for the Company to honour its pioneer directors and members of staff.

“With every sense of modesty, I can say that we are a success story” said Aliyu Dikko, the chairman of the company’s Board of Directors. “From a modest beginning, I must say that we are proud to be a successful key player in the Contributory Pension Scheme in Nigeria.

Dikko noted that it was as far back as the late 1980s that he foresaw that the private sector would one day play a major role in the management of pension in Nigeria. He said that even at that time the defined benefit

Insurance practitioners urged to shun unethical practices pension scheme was already becoming unwieldy and dysfunctional. He pointed out that it was this foresight and the accompanying mental preparedness and strategic positing that galvanized him and other investors to take a plunge into the industry just a few months after the enactment of the Pension Reform Act of 2014.

“Despite the initial teething challenges, we can relish our firm footing in an industry that is still growing” he said while thanking immensely all stakeholders including the shareholders, board, management and staff of the company and also industry stakeholders such as First Pension Custodian and the National Pension Commission (PenCom) for doing a marvelous job of regulating the industry.

Wilson Ideva, managing director,CEO of the company poured encomiums on the founders of the company for laying a solid foundation of integrity, superior customer care and service driven by cutting edge technology. He noted that Premium Pension Limited is an integral part of the huge success which the Pension Industry has become. “It is our collective efforts that have made the new pension industry a clear departure from what obtained in the past.

Ideva pointed out that while the old scheme which operated before 2004 left a huge pension deficit within the economy said to be in the neighborhood of two trillion naira, the new scheme has accumulated pension asset of over 5.5 trillion naira and an enrolment of close to seven million people. “So when you put this together you will see that it has been a success story and this pool of funds is already playing a critical role in national development” he averred. “We have many reasons to celebrate”

Premium Pension Limited is one of the Pension Fund Administrators (PFAs) operating the Contributory Pension Scheme and currently manages over 600,000 Retirement Savings Accounts (RSAs). Managing pension asset put at over N380 billion, the company has paid out more than N87.3 billion to 33,785 retirees or their Next-of-Kin since 2007.