News Column

Legacy Pensions Pays N12.6 Billion to 5,480 Contributors

June 24, 2014



The Managing Director, Legacy Pensions Ltd, Mr Misbahu Yola, on Tuesday said the company had so far paid a total amount of N12.66bn in various benefits to over 5,480 contributors.

Yola disclosed this in the financial report presented to shareholders at the company's sixth annual general meeting which was held in Abuja.

He said of the 5,480 contributors, 2,408 of them are currently drawing regular pension under the programmed withdrawal,

Giving a breakdown of the payment, the Legacy boss said N966.25m was paid as death benefits to relatives of 366 contributors, N76.22m as small balances to 288 contributors and N94.23m as temporary access to 539 contributors.

He said the management of the company remain resolute in its determination to ensure retirees get paid as and when due, adding that its monthly pension payment had risen to N66.36m by December 2013, up from N50.46m as at 2013.

He said, "We remain unrelenting in our determination to ensure retirees get paid as and when due.

"The number of retirees on our payment system has continued to increase. We closed the year with 2,408 retirees drawing regular pension up from 1,885 the previous year.

"During the year, we paid a total sum of N3.60bn as lump sums and programmed withdrawals to 523 contributors, N966.25m as death benefits to relatives of 366 contributors, N76.22m as small balances to 288 contributors and N94.23m a temporary access to 539 contributors respectively.

"To date, we have paid out the sum of N12.66bn in various benefits to over 5,480 contributors, with 2,408 of them drawing regular monthly pension under the programmed withdrawal."

He said despite the challenges in the investment climate, pension assets being managed by the company have continued to return impressive gains.

For instance, he said the surplus in Retirement Savings Account fund had risen to N5.85bn in 2013 as against N5.43bn in 2012.

He also said the company recorded a 40 per cent increase in the profit before tax from N522.34m in 2012 to N730.29m in 2013 while the company's balance sheet remained solid with total assets rising by 34 per cent to N2.32bn.

On the future prospects of the company, he said the target is to grow the number of RSA as well as to double the balance sheet side within the next five years.

Also speaking at the AGM, the Chairman of the Board, Mr Mahey Rasheed described the financial performance of the company as impressive despite the challenges.

He said going forward, the management would continue to focus on delivering excellent service to its customers and shareholders.


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Source: AllAfrica


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