News Column

Premium Pensions Guarantees 12 Percent Return On RSAs

May 20, 2014

Nnamdi Duru



Premium Pensions Limited, one of the Pension Fund Administrators (PFAs) in the country said it had continued to guarantee Retirement Savings Account (RSA) holders a rate of return on their savings far above the going inflation rate in the country.

The Managing Director of the company, Mr. Wilson Ideva, disclosed this at various fora the firm organised for retirees on its payroll in three locations in the South Eastern part of the country namely Owerri, Awka and Enugu respectively.

He said in the last three years, Premium Pensions had continued to guarantee RSA holders a rate of return which is above 12 per cent, adding that this is very much above the going inflation rate in the country for the period.

He assured that with the continued increase in the return on investments, retirees would benefit more from saving their accumulated pensions with the fund manager in the future.

"We salute the vision of those who set up the contributory pension scheme in Nigeria. This is one government policy that has been consolidated and begun to yield dividends within a short time," he stressed.

According to company's boss, retirees on the payroll of the company looked healthy and employable, an indication that the contributory pension scheme was yielding positive results.

"The retirees we are seeing here in the southeast look strong and healthy and even employable. There is no better testimony to the success of the contributory pension scheme than the good looks and evident good life of the retirees under the scheme," Ideva said.

Speaking on the operations of his organisation, Ideva said "Premium Pension now have over N330 billion under management. We have so far paid almost N63.20 billion as retirement benefits while 13, 350 retirees receive pension every month," he disclosed.

Meanwhile, the Head of the South East Zonal Office of the National Pension Commission (PenCom), Mr. Eneh Michael Ejiofor said the fora reflects the best practice in the industry and demonstrates the high premium placed on retirees by Premium Pensions and the contributory pension scheme.

"As a matter of right, your PFA must continuously be enlightening you on the developments in the management of your RSA and the industry in general. The pension industry is already huge and would even be greater in the next few years. Funds under management in the contributory pension scheme are one of the most protected in the world," Ejiofor said.


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Source: AllAfrica


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