Economy

Pension: Stakeholders Charged on Emerging Trends

The need for employees and employers to know emerging trends in pension fund administration formed the focus of a day interactive forum organized by Stanbic IBTC Pension Managers in Ibadan.

The event which held at the Ibadan Civic Center, Idi Ape witnessed the presence of Federal, State, Local, Corporate and Private Employees in Oyo state.

Addressing the participants on the emerging trends in Pension Fund Administration in Nigeria, Head of Contribution and Collection of Stanbic IBTC Pension, Mrs Oyinkansola Ishola said Enhanced Contribution Registration System recently introduced by Federal Government requires a recapture of employees in the database which involved the provision of National Identification Number, NIN, to prevent fraud and ensure genuine capture of employees.

Mrs Ishola said under-funding and unaccredited PFA accounts as well as incorrect data by employees were some of challenges confronting the organization.

While taking the participants on the overview of the organization, the Regional Manager, Mr. Femi Fagbohun said, Stanbic IBTC Pension Administration has about 1.7 million contributors in Nigeria and has paid over 3billion naira monthly to beneficiaries.

Mr. Fagbohun explained that with the review of the 2004 Pension Contributory Act in June 2014, the contributory system had not only mandated employees and employers to contribute to retirement saving account but had made an upward review of contribution to 8 and 10 per cent.

In an interview, the Zonal Director, Federal Radio Corporation of Nigeria, FRCN, Ibadan Zonal Station, Alhaji Muhammed Bello said the forum was important as it would enable contributors from FRCN to get adequate information on their pension status.

Rotimi Famakin

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