We Pay N1.8bn To Over 44,000 Retirees Monthly – IBTC

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Benin –   The Stanbic IBTC Pension Managers Limited says it pays approximately N1.8 billion in retirement benefit to over 44,000 retirees monthly.

Mr Oladele Sotubo, the Executive Director (Investment) in Stanbic IBTC Pension, made this known during the first edition of the Employers Forum of Stanbic IBTC Pension Managers Limited held on Thursday in Benin.

Sotubo said over N261 billion had been paid to retirees since IBTC commenced operations in 2006, adding that the company had over 1.5 million retirement savings account holders nationwide.

“Assets under management are in excess of N1.88 trillion. I have reeled out these figures to emphasise something; with us, you are in safe hands,” he said.

Sotubo said that the forum became necessary to engage actively with employers on the importance and impact of their role in pension administration and retirement process.

”Part of the process includes helping workers have retirement plans through the opening of retirement savings accounts and regular remittance of their contributions.

”The overall aim of the forum is to increase participation by more Nigerians.

”This initiative was launched in 2014 to serve as a platform for sharing knowledge and information between employers and pension experts,” Sotubo said

According to him, the Contributory Pension Scheme had maintained rapid growth since it was inaugurated in 2004.

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