New PSA transfer window democratizes pension fund management in Nigeria, says StanbicIBTC PM
November 17, 2020916 views0 comments
By Zainab Iwayemi
Following the official opening of the transfer window, under the pensions reform Act of 2014,which took effect on Monday, Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings PLC, a leading leading pension services provider in Nigeria, has commented that the transfer window, which allows for pension fund contributors to select their preferred pension fund administrator, is a positive development as it democratises pension fund management.
Eric Fajemisin, chief executive of Stanbic IBTC Pension Managers Limited in Lagos, said thisas where he explained how his firm’s efficient services over time have kept the company soaring, adding that the institution has leveraged on its deep understanding of corporate governance to build trust and stakeholders.
“Our leadership in the industry is a reflection of the continued delivery of quality service through dedicated, focused and professional staff, who have continued to set the standard for pension fund administration and contributor management in the country. Over the years, we have leveraged our deep understanding of corporate governance to build the trust of our stakeholders and this has positioned us as the largest pension fund administrator in Nigeria by assets under management (AUM), worth over N3.5 trillion.”
Explaining further, Fajemisin expressed that the impact the company has made led it to be the best among the rest.
“As managers of the largest Retirement Savings Account (RSA) Fund in Nigeria, our flagship fund, which is the RSA Fund II has consistently outperformed industry peer average. This sustainable performance has also ensured our RSA Fund II has remained top three in the last ten years. Furthermore, our Retiree Fund (RSA Fund IV) has consistently maintained an ‘above industry’ performance year on year.
“We are the recipients of many awards, and most recently, were named the ‘2019 Best Asset/Fund Management Company in Wealth and Society in West Africa’ and ‘Most Active Buy-side Participant in the Fixed Income Market’ in the FMDQ 2019 & 2020 GOLD Awards,” he said.
The chief executive, however, advised holders to take advantage of the ongoing scheme as it would enable them to take advantage of the transfer window and switch to Stanbic IBTC Pension Managers. He also assured contributors of safety, transparency, convenience and quality service at all times.