Deferred tax assets raise Iei-anchor Pensions’ 2021 profit by 20%

IEI- Anchor Pensions, now Norrenberger Pensions Limited, has grown its profit after tax by 20 percent, Year- on -Year, from N29 million in 2020 to N34 million in 2021.

The Pension Fund Administrator said the success was achieved through unwavering commitments to timely settlement of retirees, which has helped to change the landscape of pension funds administration in the country.

The managing director of the PFA, Hamisu Idris says the firm’s external auditors and shareholders were on hand to approve and adopt the audited report.

The company paid out N6.40bn in various benefits to over 7,248 contributors, since its inception in 2006 and also made a total payment of N881million to 895 beneficiaries, in 2021.

The payments covered arrears, programmed withdrawal to 118 retirees, N200m as death benefits to 71 beneficiaries, N29m en-bloc to 114 beneficiaries and N132m paid as temporary access (25%) payment to 518 contributors for loss of jobs.

“We also paid out the sum of N23m as additional voluntary contributions to 59contributors, as well as made payments to insurance companies as annuities for 15 Annuitants,” Hamisu said.

Hamisu Idris noted that the industry is still challenged by the poor remittances of deducted pensions from both the public and private sectors and called on those in arrears of remittance and non-compliance, to see the gains and enrol their staff for the benefits of longterm gains.

“The Contributory Pension Scheme (CPS) is still being faced with the challenges of funding the Retirement Savings Accounts (RSA) both in the private and public sectors. This delay or non-remittances of deducted pension contributions by employers of Labour accounts for unfunded RSAS.

He revealed that only a few states are in full compliance with the provisions of the Pension Reform Act of 2014.

Leveraging on the theme: A Dawn of New Possibilities”, the company is set to be propelled into new heights, after successfully overcoming the challenges of the COVID-19 pandemic to expand its market share, by maximizing the transfer window and increase in operational capital.

“We have a chance to increase our client base through our trusted values of friendliness, innovation and responsiveness, which culminates into an excellent experience for our esteemed clients,” he said.