Daily Independent (Lagos)
15 October 2008
The management of Oak Pensions Limited (PFA) says its focus and strength will be the application of modern information technology for the management, operation and investment of pension funds for maximum yield to contributors.
Oak Pensions, one of the Pension Fund Administrators (PFA) licensed by the National Pension Commission (PenCom), says it will also be embarking on aggressive marketing strategies to play big roles under the new pension dispensation in the country.
The company intends to be a major player in the pensions industry by taking full advantage of the strength of its promoters while also deploying aggressive marketing strategies to capture the existing base of its promoters and making forays into other areas of the huge pensions market.
Being a full service Pension Fund Administrator, the company offers integrated pension fund management and administration services from its head office in Lagos, branches spread across the country and from sales outlets of its promoters and their shareholders. The company aims to rapidly secure and retain the highest number of employees whom it proposes to serve with excellent value added services utilising highly skilled personnel and state of the art technology.
The main and only business of the company is to offer services that relate to pension and retirement of Nigerian employees.
The company offers advisory services for employees regarding retirement planning services to enhance the clients' ability to plan their pension in the most professional manner.
Oak Pensions also offer advice to individuals and corporate organisations in respect of the administration of the pensions and benefits under the Pension Reform Act 2004.
The customer care unit of the company provides professional pension management and advisory services to its potential Retirement Savings Account (RSA) holders who require complete understanding of the pension scheme and how it works.
The RSA is the standard employee's Retirement Savings Account to keep the record of pension contributions of individual employee that is registered with Oak Pensions Limited.
The money on this account is the asset of the account holder. The fund is managed on behalf of the account holder until he reaches the age of 50 years or retires whichever is later.
The money is however with the company's Pension Fund Custodian (PFC) - First Fund Custodian, a subsidiary of First Bank of Nigeria Plc.
A statement of the account showing the value of the account including total contribution to date and current balances are to be sent to the account holder regularly. The account holder can also access the account details on the Internet from the company's website.
The company equally offers pension fund management services. This service is available to new and existing pension scheme that have been approved by PenCom to continue. Oak Pensions promises to provide effective administration of such fund and secure the best return to the subscribers under the scheme.
The pension fund administration company also provides advice to clients that require information on the voluntary contribution scheme. This is applicable to existing account holders who may want to contribute more that the statutory contribution of 7.5 per cent of relevant income per employee and employers respectively.
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