Premium Pension to Commence Payment of Enhanced Monthly Pensions
Premium Pension Limited has said that it will this month (December 2017) commence payment of enhanced monthly pension to its retiree – customers, in line with the directive of the National Pension Commission (PenCom).
The company explained that the essence of upward review of the monthly pension is to ensure that it synchronises with growth in pension funds and also respond to the yearnings of the retirees.
“The increase in the monthly pension of all retirees on Programmed Withdrawal is due to the income earned on investment of their pension asset being managed by the Company”, said the acting Managing Director Premium Pension Ltd , Mr. Kabir Ahmed Tijani.
He said the upward review in the monthly pension to retirees is a clear indication that Premium Pension fund rate has appreciated and has become robust and more competitive in the pension industry.
The payment of enhanced pension, he added, will apply to retirees with reasonable balances in their Retirement Savings Accounts (RSAs), which has earned significant income overtime. This is an indication that RSA holders are made to benefit from increased Return on Investment of pension funds.
He also expressed his delight on the positive development in the industry regarding the upward review of the monthly pension, adding that this will further encourage the retirees to have faith in the new Contributory Pension Scheme (CPS) and to improve on their welfare. “I give Premium Pension far more than a pass mark on account of their efficient services being rendered to retirees and the prompt response to all our inquires.”
Premium Pension Limited is one of the pioneer and leading PFAs in the country with regional offices and branches spread across the country. The company manages 738,736 Retirement Savings Accounts (RSAs) and 46, 941 retirees and has paid since inception retirement benefits to the tune of over N132 billion while having pension Assets Under Management (AUM) in excess of N500 billion Naira as at November, 2017.