Premium Pension Pays N118bn Benefit to Pensioners

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  • Premium Pension Pays N118bn Benefit to Pensioners

Premium Pension Limited, PPL, has said it paid not less than N118billion benefits to pensioners since 2007 when it began operation following the Pension Reforms Act, PRA, 2004, with PPL which commenced business with an initial share capital of N500 million, now has shareholders’ funds of N1.3 billion.

Speaking at the formal opening of a new branch in Ikoyi, Managing Director/CEO PPL, Mr. Wilson Ideva, said that the new branch was one out of the 20 branches established nationwide and 33 centres across the entire 36 states of the federation with headquarters in Abuja.

According to Ideva, “We are in a retail business and pension business is a business we have to do with individuals, we are not dealing with factories but human beings, we need to bring services closer to the people, we need to provide environment where people will walk into and benefit from our premium services.

“Four years ago, we looked at the industry and found that we need to provide a platform for people, whether you are in active service or retired, to walk into an office and be able to carry out services required seamlessly and also give you a conducive environment. We currently have up to 16 thousand retirees we are paying every month and we pay them at least on the 19th of every month.

“So, far, we have paid N118 billion in benefit to retirees and we are just counting, that is what we are set out to do and today we have come closer to the people in Lagos Island where you have head offices of banks, captains of industries and major companies.”.

Also, Lagos State Head of Service, Mrs. Folashade Adesoye, said PPL was not among the six Pension Fund Administrators, PFAs, approved in 2007 when it commenced the contributory pension scheme but through its regulatory agency, observed happenings in the pension industry and in 2015, gave approval for premium pension to join the state government account as one of the approved pension fund administrators.

Adesoye said the approval was given based on the conviction by the government that PPL was one of the best PFAs in the country today. “Lagos State today, has recorded appreciable success on the management of the Contributory Pension Scheme, CPS. We are aware of our modest achievements, but we continue to strive to improve on our operations all in a bid to ensure a good social security arrangement for our employees at retirement.

“Our contributory pension deduction operations are automated so much so that, in line with the provisions of the law, pension contributions are remitted not later than seven days after salaries are paid. Accrued pension rights are systematically paid with LASPEC always a step ahead, drawing the attention of government to her obligations well in advance to ensure proper planning,” she said.

Chairman, Board of Directors, PPL, Alhaji. Aliyu Dikko, commended the National Pension Commission, PenCom, for its efficiency and support, stating that without its prompt regulation and guidance, the company would not have been where it is today.

Dikko stressed the company’s policy of zero tolerance to non-compliance with regulatory requirements while assuring Lagos State Pension Board that it would continue to partner it in providing excellent services to the state workforce and retirees.

He assure further that the company will continue to be a good corporate citizen of the state and the nation and continue to impact positively on the community, improve its people, facilities and technology so that accessing its services will continue to be seamless to the delight of clients.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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