Pension Firm Pays N18.3bn Benefits

A Pension Fund Administrator, Premium pensions Limited (PPL), said it paid N18.3 billion to more than 7,000 retirees in retirement and death benefits within the past four years.

Mr. Aliyu Dokko, Chief Executive Officer, PPL, disclosed this in Lagos while speaking at a ‘Retirees forum’ for first bank of Nigeria Plc employees.

A document made available to The Tide reports that the forum, organised by PPL, was to interact with pensioners and address their challenges.

Dikko explained that the forum was also to create awareness on processes and procedures in accessing retirement benefits under the new contributory pension scheme.

The scheme was established under the Pension Reform Act, 2004.

“We are pleased to inform you that from July 2007 to march 31, 2011, PPL has paid over N18.3 billion to over 7,000 retirees in the forum of retirement and death benefits”, he said.

He said that majority of their clients, especially those in First bank, had expressed some difficulties in accessing their pensions.

Dikko assured the retirees that their complaints, which included payment procedures, communication gap and issuance of identity cards, would be given adequate attention.

The document stated that Mr. Akin fanimokun, Managing Diector, First Pension Custodian Ltd, urged state governors to encourage their workers to participate in the pension scheme.

States such as Lagos, Ogun, Delta, Niger, kaduna and Zamfara were participating in the scheme and asked others to emulate them for the benefit of their workers, “it said.