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Premium Pension pays N87billion to retirees

By on September 3, 2015

Premium Pension Limited said it has paid over N87 billion to retirees and next-of-kin of contributors into the contributory pension scheme under its administration.
The pioneer pension fund administrator said  the above figure was paid to  a total of 33,000 retirees and  relatives of deceased contributors  in its portfolio  between 2007 and 2015.

Managing Director of the company Mr. Wilson Ideva, who disclosed this in his address at the Annual General Meeting of the   National Association of Insurance and Pension Correspondents (NAIPCO)  held in Lagos   said Premium Pension with pension assets under its management in excess of 370 billion Naira and pension enrollees under its management spread in over 1000 organisations across the country, has already been firmly established as a key player in the Contributory Pension Scheme. He said the company recently adopted a robust pension administration software to enhance its operations.

“Professionalism in pension service rendition at Premium Pension is complemented by the Company’s adoption of the robust Canadian Pension Administration Software (CPAS). We are partnering with this organisation to ensure continued cutting –edge service delivery. All the relevant staff operating this software have been adequately trained in Canada by CPAS”, he stated.

Ideva who was represented at the event by the Head Corporate department of the company Mr. Paddy Ezeala also said Premium Pension has consistently posted return on investment of pension asset well above industry average and above inflation.

According to him, the company is run by young Nigerian professionals and a wholly Nigerian board of diverse background and competencies.

He said Premium Pension recently introduced a mobile application known as the Premium Pension Mobile in response to the need for devices that would further close the gap between the company’s operations and its customers on the one hand and the customers and their Retirement Savings Accounts (RSA) on the other.

He also said this was aimed at facilitating its operations and enhancing customer service and interaction.

Ideva said the Premium Pension Mobile is a mobile application that is downloadable from the app-stores of Androids, Blackberry, Apple Store and Windows phones, adding that the mobile application is loaded with exciting features which include a dashboard view that shows summary of a customer’s account/fund while incorporating a pie chart for the purpose of clarity. It also includes the history of unit prices and a graphical representation of movements in this regard.

“The mobile application also offers investment overview, contribution history, customer service information and contact layout as well as information on the company’s branches adding that frequently asked questions are answered while balances and detail investment historical figures are included as well as a feedback form”, he stated.

He noted that the features inherent in the application are reflective of professionalism and transparency in its operations and relationship with customers, adding, these are the necessary ingredients that would shore up public confidence not just in the company but in the industry at large.

He informed that premium Pension pays out monthly pension to retirees on the 19th of every month adding that the company’s retirees have attested to the fact that even when they were in active service, they never received their monthly salaries on that date.