Stanbic IBTC Pension Managers Limited, Nigeria’s largest Pension Fund Administrator (PFA) by clientele base and Asset Under Management (AUM) based on the 2020 Annual report of the National Pension Commission (PenCom), recently held a webinar session to debunk some of the most popular held misconceptions about pension funds, retirement, and the Nigerian pension system.
The virtual session themed “MYTH BUSTERS” which was held recently was aimed at demystifying some of the myths about the pension system while reiterating how important it is to plan towards retirement.
The webinar also highlighted how choosing the right Pension Fund Administrator will go a long way in enhancing the post-retirement lifestyle.
The virtual event had in attendance Yinka Johnson, Head, Business Development; Jide Allo, Head, Investment Management and Peace Thomas-Dawam, Head, Benefits Administration Shared Services; all Stanbic IBTC Pension Managers employees.
Other panellists were Olusola Sowemimo, Founder, Ope Farms and Olamilekan Bamidele, a legal practitioner while Deyemi Okanlawon, an Actor, served as the host.
Speaking at the panel session, Yinka noted that Stanbic IBTC Pension Managers understands the fears and myths that surround pension funds especially amongst young people in Nigeria.
Commenting on the various means through which Stanbic IBTC offers unparalleled services to its customers, Yinka said, “We pride ourselves as investment experts who are big on our clients’ convenience, which is why we leverage digital tools like social media, our pension calculator and the Stanbic IBTC Super App.
“Our Pension on Wheels allows us to serve our clients satisfactorily on the go, as well as our different branches/service centres that our customers can walk into.
“We care very much about the financial fitness of our clients, which is why one of our by-lines is ‘RetireWell’. To achieve this, we carry out a lot of financial education for different segments of employers and people who are close to the retirement age.”
While speaking on Stanbic IBTC Pension Manager’s investment strategies and the potentials for increased investments returns on pension savings, Jide said, “What makes Stanbic IBTC Pension Managers stand out is our investment management philosophy which rests on four pillars namely:
- Ensuring safety of funds when investing in securities.
- Secondly, we pay over 65,000 retirees every month and that means that the portfolio must be liquid such that we can unwind an investment without jeopardising the returns earned.
- Thirdly, we consistently ensure we deliver competitive returns by managing funds with a long-term investment mindset that ensures that investments made today will generate sustainable returns over the long term and the performance of our funds in the market does justify this approach.
- Lastly, we are big on risk management in our investment approach and processes surrounding it.”
Jide encouraged young people to start saving towards retirement as they are the greatest beneficiaries of pension schemes because time is their greatest asset.
Peace identified poor knowledge, inconsistent or inaccurate information and incomplete documentation as some of the challenges that culminate in the misconception that people have about withdrawal of pension benefits from their Retirement Savings Account.
She added that all these issues can be resolved if clients are well informed on the eligibility criteria for accessing their pension benefits. She further reiterated the importance of providing accurate data and documentation.
Olusola Sowemimo, Founder, Ope Farms, harped on the importance of enlisting with a trusted and customer-centric PFA such as Stanbic IBTC Pension Managers which has a track record of earning sustainable returns for its customers.
She further commended Stanbic IBTC Pension Managers for consistently giving financial education on pensions thereby dispelling misconceptions and making it easy for people to better understand the intricacies surrounding pensions, including counsel on how well they can better prepare for retirement. She also highlighted the importance of preparing early for retirement.
While speaking about young people’s perception regarding pension and saving towards retirement, Olamilekan Bamidele who is also a start-up adviser, highlighted those young people who initially tend to shy away from pensions, over time come to realise that pension schemes represent the best post-retirement investment as it gives them peace of mind and financial security.
