By Modupe Gbadeyanka
Nigerians have been advised to pay attention to their pension savings and use it proactively to support their retirement aspirations.
This is because prioritising financial security and wellbeing in retirement will help in maintaining an acceptable standard of living during post-work life.
The CEO of Stanbic IBTC Pension Managers Limited, Mr Eric Fajemisin, stressed that subscribers who take advantage of voluntary contributions to supplement their mandatory retirement savings accounts regularly have more lump sum to fall back on at retirement.
He explained that employers contribute 10 per cent toward retirement savings on behalf of their employees, while the employees themselves make-up the remaining 8% mandated by regulation.
However, an employee can add any amount to their monthly contributions as additional voluntary contributions.
“Only an employer can remit contributions on behalf of an employee, individuals cannot remit by themselves.
“These contributions are invested to yield returns, and the more individuals can make voluntary contributions to their pension accounts, the higher their overall returns over the long term,” he clarified.
Stanbic IBTC Pension Managers Limited, subsidiary of Stanbic IBTC Holdings Plc, is a leading pension services provider and the largest pension fund administrator (PFA) in the country.
Mr Fajemisin, who reaffirmed the company’s commitment to delivering efficient and innovative customer experience to its esteemed clients, noted that “our leadership in the industry reflects our commitment to providing quality service from a team of dedicated, focused and professional employees who have continued to set the standard for pension management in the country.”
He said, “Over the years, we have leveraged technological innovations to make pension account access easy for clients via our online platform, mobile app, email and USSD.
“All transactions are transparent, as our customers get monthly notifications on all contributions to their pension accounts, as well as quarterly statements to enable them to keep an eye on their funds.
“We also provide regular market and industry updates via newsletters to keep our clients abreast of updates important to their retirement planning.”
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