Stanbic boss tasks employers on pension sustainability

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Mr. Eric Fajemisin, the Chief Executive officer of Stanbic IBTC Pension Managers Limited, has advised that employers must show commitment in terms of ensuring their employees have Retirement Savings Accounts and funding of those accounts through regular remittances.

He gave this advise during the first session of the firm’s 2017 edition of employers’ forum..

Fajemisin, who was represented by the Executive Director, Investments, Mr. Oladele Sotubo, said the forum started three years ago, and was part of the PFA’s strategic approach to engaging industry stakeholders on ways to strengthen the Nigeria’s pension industry.

Stanbic IBTC Pension boss said the forum was part of the efforts to boost participation in the Contributory Pension Scheme and ensure that over 73 million employed Nigerians had the RSAs.

He said the employers’ forum titled ‘Partnering to deliver excellent pension administration services’ would be held in eight cities across the country, with the Benin forum, kick-starting the engagements.

The PFA manager said the firm, which identified employers as critical stakeholders in the pension industry, had designed the forum to engage them.

He said, “There is a clear need to ensure the rapid growth of the CPS by increasing its uptake by Nigerians. Latest figures from the Nigerian Bureau of Statistics showed that the country has 73.4 million working Nigerians.

“Of this number, only about 10 per cent (7.3 million) are captured in the CPS. This forum is designed to bring together employers and pension experts where knowledge and information can be shared on the pension business and how to increase participation in the scheme.”

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