Premium Pension Limited said its Asset Under Management (AUM) has grown to over N487 billion as at June 2017, while its Retirement Savings Account (RSA) unit price stands at 3.4562, and retiree unit price at 2.5735 as at the end of June.
Speaking on behalf of the Managing Director, Wilson Ideva, the South West Regional Manager, Fatai Olufeso, said a total of N128 billion was paid as benefits to 70,374 retirees as at July 2017.
He told journalists that the retirees included those that retired under normal retirement; those that lost their jobs; those that died in the service or after retirement; and those that retire as a result of illness.
Speaking further on the effectiveness and benefits of the contributory scheme, he said: “Why you have not heard of any case of fraud and will not hear is as a result of the structures put in place. Once there is an effective structure in place, the structure will drive the system effectively.”
He noted that the CPS will go a long way in eradicating corruption and poverty in the system, adding that when retirees are seeing the benefits of the CPS to their lives they will be forced to embrace the system.
He called on the media to sustain support for the pension industry, adding that 10 to 20 years from now the pension industry and the workers will be the better for it.