The Managing Director, UBA Pensions Custodian, Mr.
He said this in an interview with journalists in
He said the amount was paid by his company on behalf of the 10 Pension Fund Administrators whose funds are currently being managed by the company.
According to him:"We are pension fund custodians and we have specific roles in the act. Number one is collection on behalf of PFAs. We are custodians to ten of the 27 PFAs and of this ten, we are on a monthly basis collecting the range of about N17 billion to N18 billion in terms of collection. We also settle transactions on behalf of PFAs and when we settle transactions, we collect the instruments representing that investment."
He said:"We also collect the income accruing to all this investment and we also pay benefits to retirees and every month, for those that are on programmed withdrawals, We make payment on behalf of our PFA and that is in excess of 25,000 retirees that we pay on a monthly basis and we pay in excess of N3.5 billion."
Speaking on the federal government projected
According to him:"The number of Retirement Savings Account is growing, right now we are just six million RSAs and we are talking of bringing the informal sector into it. So we are working with the banks in such a way that for the informal sector, with your phones, you can remit our pension contribution. You don't need to go to the bank. What this means is that technology is going to be a major game changer in pension administration in the few months and years to come."
Most Popular Stories
- Criminal Investigation Opened Into James Foley's Death
- Swiss Suicide Tourism Doubled Since 2009
- Wealth Gap Widened in Past Decade: Census
- Florida's Largest Insurer Says 'Bailout' Attacks Unfair
- Job Market Shifts Complicate Yellen's Rate Decision
- U.S. Supporters of Islamic State Get Close Scrutiny
- Gap Reports Higher Profits, India Plans
- James Foley Beheading Sparks Anger, Little Action
- McDonald's Names Another U.S. President
- International Revulsion Grows Over James Foley Death