by Stanbic IBTC Pension Managers said it has paid N1trillion to more than 69,000 retirees since inception. This was disclosed during the 2022 Employers’
Forum organised by the company in Lagos. At the forum themed ‘Pension Smart: Equipping your Employees for a better future’,
Dr. Babatunde Alayande, who spoke for the Pension Commission, explained that the reviewed 2014 Pension Reform Act ushered in
the contributory pension scheme that is fully funded and privately managed based on individual accounts for both the public and private
sectors employees to ensure smartness under the new pension reform.
He stated that the objective of the pension reformed act are to establish uniform rules,
regulations and standards for the habilitation, payments of retirement benefits for the public service of the federation, the FCT state,
local government and the private sector. He said the act also made provision for the good operation of the scheme; To ensure that every
person who worked received retirement benefit as at when due; To assist individuals by ensuring they save to cater for their livelihood at
old age and for proper administration of the system.
Credit Sunnewsonline
