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Business News of Monday, 15 November 2021


Stanbic IBTC Pension ease fear with 'Myth Busters'

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Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings Plc, in a webinar tagged ‘Myth busters’ on pension reforms, investments and micro pensions has eased concerns of contributors.

The webinar, anchored by Deyemi Okanlawon, the pension manager, sought to provide information regarding various misinformation and myths on pension fund management in Nigeria.

Chief Executive, Stanbic IBTC Pension Managers, Olumide Oyetan, said: “As Nigeria’s biggest pension fund administrator, we have continued to demonstrate our leadership in the nation’s pension industry. With a team of seasoned professionals, we have also continued to ensure that our customers retire in style, devoid of post-retirement anxieties, and we remain committed to this cause.”

A retiree of Stanbic IBTC Pension, Mrs Olusola Sowemino,  who was a panellist at the webinar, said contrary to the fears of retiring workers, Stanbic IBTC made her retirement easy by educating her ahead of time on what pension was all about and how to retire happily.

Mrs Sowemimo, who is the founder of Ope Farms, said: “Incidentally, I will say that Stanbic IBTC made it easy for me because five years to our retirement they came in to educate us on what retirement should be like and how to attain that, they are the one that even made us increase our voluntary contributions. So, I have that confidence that things will be okay and that they pay on time and they never miss a payment.’’

Another panellist Olamilekan Bamidele, said: “I understood pension to be a scam and held the opinion that when someone gets old, he or she will not get his or her pension.

“But now, my perception has changed because I have come to know that pension is what you need to do to assist yourself at old age, even as he opined that he was excited looking forward to being a retiree.”

Yinka Johnson, Head of Business Development, Stanbic IBTC Pensions Manager explained how non-salary earners can partake in pension schemes. She said Stanbic IBTC, in line with Pension Commission, has come up with pension schemes, micro pension accounts, for those in the informal sector, unlike in the past where only salary earners could participate in pension schemes while adding that the micro pension accounts are voluntary.

While allaying fears of safety of pension investments, Jide Alo, Head, Investment Management, Stanbic IBTC Pensions Manager, explaining the investment strategy of the company, saying the investment management of Stanbic IBTC Pensions Manager rest on four pillars which are safety, liquidity, consistent competitive returns and risk management.