Stanbic IBTC Pension Pays Over N300bn to Retirees

• Stanbic IBTC Pension Pays Over N300bn to Retirees

Over N300bn has been paid out by Stanbic IBTC Pension Managers to retirees under the Contributory Pension Scheme since the inception of the programme in 2006.

The Executive Director, Investments, Stanbic IBTC Pension Managers Ltd, Mr Oladele Sotubo, gave the figure on Wednesday in Abuja.

He spoke during an interview on the sidelines of a pre-retirement forum organised by the company in Abuja.

He said that Stanbic IBTC was well positioned to meet the obligation of retirees under the pension scheme.

According to him, the company has over 1.6 million retirees and currently manages over N2tn in pension assets.

He said, “This is one of our series in educating our customers. The one today is a pre-retirement forum for our customers that are close to retirement. The objective is to bring them together and let them understand what they need to do before they can access their retirement benefits easily when they retire.

“We also want to have discussions with them on the types of investment they should do and how to stay healthy while still working and after retirement.

“We are interacting with them and it has been a successful outing. Our current customer base is over 1.6 million retiree accounts and managing assets over N2tn.

“Since the beginning of the scheme, we’ve paid over N300bn out as retirement benefits. The scheme commenced actually in 2006.”