Premium Pension Boss Targets N1trn Pension Assets

By Nse Anthony-Uko (Sundiata Post) — The new managing director and chief executive officer of Premium Pension Limited(PPL), Mr. Umar Sanda Mairami is targeting to grow the pension assets base of the company from its current N500 billion to about N1 trillion in the next few years. Currently, the Pension Fund Administrator (PFA) manages 738,736 Retirement Savings Accounts (RSAs) and ...

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Legacy Pension Restructures Amidst FCMB Takeover

By Nse Anthony-Uko (Sundiata Finance) – Following the recent acquisition of 60 per cent stake in Legacy Pension Managers by First City Monument Bank (FCMB) Group, bringing its interest in the company to 88 per cent, the Pension Fund Administration (PFA) is now restructuring its management to reflect the interest of the new investor. To this end, the management appointed ...

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Premium Pensions’ Retirement Savings Accounts Hit 700,000

By Nse Anthony-Uko (Sundiata Finance) — Premium Pension Limited said its customer base is now well spread in over one thousand organizations, holding in its portfolio over 700,000 Retirement Savings Accounts (RSAs). The Pension Fund Administrator (PFA), made the revelation when it held Its Pension Desk Officers Forum to touch base and collectively evaluate the workings of the Contributory Pension ...

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Africa: Younger Generation Under Threat As Current Pension Systems Fail To Plan For Future

Denmark Retains 1st Position For 6th Year NEW YORK,(Sundiata Post) — Unsustainable pension systems in some countries need to learn from leading countries or risk creating intergenerational equity issues and disappointed retirees. Now measuring 30 countries and covering 60 per cent of the world’s population, this year’s ninth edition of the Melbourne Mercer Global Pension Index ( urges countries with ...

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Risk, Benefits Seen As N6.5trn Pension Funds Adopt IFRS

  (Sundiata Post) – Nigeria’s N6.5 trillion Pension Funds Industry is set to adopt International Financial Reporting Standards (IFRS), for preparing its financial statements, a move fraught with risk and benefits. Nigeria’s Pensions regulator PenCom and its Financial Reporting Council (FRC) has told Pension Fund Administrators (PFAs) that 2017 shall be the latest year of adoption of IFRS by all ...

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Sigma Pension Sets N600bn Assets Base Target, Unveils New Corporate Brand

By Nse Anthony-Uko (Sundiata Finance) – After 10 years of successful operation in the Nigerian Pension Fund market, Sigma Pensions Limited, a leading pensions fund administrator said it is set to raise its asset under management from the current N310 billion to N600 billion within the next couple of years. The Managing Director/Chief Executive Officer of Sigma Pensions Limited Mr ...

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Only 10.9% Nigerian Workers Have Retirement Savings – NBS

By Nse Anthony-Uko (Sundiata Finance) – Only 10.93 per cent of Nigeria’s working population of 69.47 million have a pension scheme as the retirement savings account (RSA) membership distribution data for the second quarter of 2017 reflected that 7.589 workers are registered under the pension scheme compared to 7,493 million registered workers in the first quarter of the year. This ...

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Legacy Fund: AIICO Transfers Assets To PTAD

By Nse Anthony-Uko (Sundiata Finance) – AIICO Insurance Plc said it has transferred assets, which includes, landed property, private equity holding and cash as legacy funds in its custody to Pension Transitional Arrangement Directorate (PTAD). Speaking during the formal handing over ceremony, the Executive Secretary, PTAD, Sharon O. Ekeazor, said, since the Pension Reform Act(PRA) 2014, vested all pension assets, ...

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New Pension Guidelines Allow Investment In Sukuk, Holding Companies

By Nse Anthony-Uko, with agency report LAGOS, (Sundiata Finance) The recently amended guidelines for investment of pension funds have paved the way for Pension Fund Administrators (PFAs) to invest in Holding Companies listed on the Nigerian Stock Exchange, as well as in sharia compliant instruments like Sukuk. Stakeholders said with these openings, the investment market for pension funds has rallied ...

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Pension Funds Register 41,352 New Contributors In One Year

The Procurement Act requirements which demand that firms must get PENCOM compliance certificates to be able to bid for government contracts are having positive effects on the pension industry, following an upsurge in the number of compliant firms and contributors. Between 2015 and 2016, the contributory pension scheme registered 41,352 new contributors, leading to N36.56 billion in additional remittance. The ...

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