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By Henry Uche
CrusaderSterling Pensions limited (CPL), a member of the Custodian Group Plc, has disclosed that it settled N137bn as benefits payments to contributors and retirees.
The company said the settlements range from lump sums, death benefits, loss of jobs, equity release via mortgages and other approved PenCom regulated benefit payments, from its inception in 2004 to date.
This was disclosed at its 13th Annual Stakeholders Forum, held in Lagos on Thursday, which was largely attended by workers and retirees under the Contributory Pension Scheme.
The Managing Director of the company, Mr. Rotimi Adebiyi, said the comfort of its retirees remain a priority to the PFA. He affirmed that, in partnership with its Custodian- First Pension Custodian, prompt settlement of benefit payments will remain a top priority in line with the mandate establishing it.
Adebiyi averred that the PFA will as always align itself with the objectives of the Pension Reform Act of 2004, particularly in assisting individuals by ensuring that they save to cater to their livelihood during old age, and thereby reducing old age poverty. He added that the PFA will continue to ensure that pensioners are not subjected to sufferings, due to the inefficient and cumbersome process of pension payment.
The managing director said, “The enactment of the Pension Reform Act 2004 brought about a new era of relief from these challenges through the establishment of the Contributory Pension Scheme (CPS) supervised by the National Pension Commission (PenCom).
“We give kudos to former President Olusegun Obasanjo government which brought about the CPS. Since we kicked off on 12th October, 2004, we have achieved a whole lot. We have settled N137bn as benefits payments ranging from lump sum, death benefits, En bloc, loss of job, equity release via mortgages, and other approved PenCom regulated benefit payments.”
He said that CPL is renowned for delivering superior returns to contributors and other stakeholders for many years and would do more. This, he said is evident when Augusto & Co., rated the company as the first PFA to be assigned a Pension Fund Manager rated ‘A’.
Participants at the forum, commended CrusaderSterling Pensions limited for excellent service delivery and encouraged workers to open their Retirement Savings Accounts with the PFA. The participants were taught how to save and invest for retirement, as well as how to write a Will (written instrument) as it necessary for everyone to do.
The CrusaderSterling Pensions Annual Stakeholders Forum is a flagship event held annually to convene customers, Pensions Desk Officers (PDOs), and other key stakeholders of the business. The forum serves as a platform for deliberating on industry updates and strategies for improved service delivery.
