- 173 million people in Nigeria don’t have pension scheme
- By first quarter of 2017, Stanbic IBTC hopes to tap into that market
NAOMI NDUBUEZE
Stanbic IBTC Pension Managers is rolling out its Micro Pension Scheme in 2017, Eric Fajemisin, chief executive officer, Stanbic IBTC Pension Managers Limited said on Thursday at a press conference held at Protea Leadway, Victoria Island, Lagos.
According to him, the micro pension scheme is all about inclusion to enable those in the informal sector have a pension scheme to secure their future.
He explained that micro pension is the latest buzz word in the pension industry. Hence Stanbic IBTC Pension Managers is staying ahead of the game with the launch of the scheme in 2017 to enable entrepreneurs have a retirement plan.
“173 million people in Nigeria don’t have pension scheme,” he said. “People who are not in any scheme include self-employed who are in the informal sector of the economy. By first quarter of 2017, we will be able to tap into that market.”
In his welcome address, Steve Elusope, executive director, Operations, said the micro pension scheme guarantees sustainable long-term returns for all pensioners and it is highly dependable.
“This is such a critical time in the nation’s economy,” he explained. “Our economy is in recession. In spite of the challenges, we believe there is an opportunity to grow. This scheme creates an account that can only be accessible at retirement age with the right documents that prove you as the owner of the account,” he said.
Furthermore, Dele Sotubo, executive director, Operations, said the micro pension scheme is focused on providing retirement benefits for Nigerian workers and it ensures that retirement benefit will be paid as and when due.
“This scheme is beneficial to both the employer, employees and self employed. In the aspect of the employers it saves them from having to manage retirement benefits and the liabilities of managing retirement benefits are reduced. “
