Premium pensions assets hit N487bn

Premium Pension Limited has said its assets under management is now in excess N478 billon even as it has paid out over N128 billion benefits to retirees so far.  The company disclosed this during the the 2016 Annual General Meeting of National association of Insurance and Pension Correspondents( NAIPCO). The South-west Regional Manager, Fatai Olufeso, […]

Premium Pension Limited has said its assets under management is now in excess N478 billon even as it has paid out over N128 billion benefits to retirees so far. 

The company disclosed this during the the 2016 Annual General Meeting of National association of Insurance and Pension Correspondents( NAIPCO).

The South-west Regional Manager, Fatai Olufeso, who spoke on behalf the Managing Director, Wilson Ideva, at the event also said the company has 70,374 retirees under its payment. 

He said the retirees are inclusive of those that retired under normal retirement, those that lost their jobs, those that died in the service or after retirement and those that retire as a result of illness.

Speaking further on the effectiveness and benefits of the contributory scheme, he said: “why you have not heard of any case of fraud and will not hear is as a result of the structures put in place. Once there is an effective structure in place, the structure will drive the system effectively.”