19 November 2012

Nigeria: Sigma Grows Pensions Portfolio to 600,000 Members

Sigma Pensions Limited has grown the membership base of its Retirement Savings Accounts (RSA) to about 600,000, Managing Director of the pension fund administrator, Alhaji Umaru Modibo, has said.

Modibo disclosed that the record was achieved within six years of the company's operation in Nigeria's pension industry. Sigma began operation in 2006.

He stated this when he presented about 10,000 reflective jackets to the Federal Road Safety Corps (FRSC) at its head office in Abuja as part of Sigma's corporate social responsibilities.

According to Modibo, the company has about N175 billion within its portfolio which it is managing, and has so far paid about N25 billion in pension benefits to 5,500 retirees.

The Managing Director explained that with about 4,000 of their members from the FRSC, the company seeks better means of improving their welfare scheme to the benefit of the retiring workers.

"Because we are holding the assets of some of your members, we thought that we need them to also know what we are doing so that's why we came here and to also felicitate with you now that we are entering the "ember" month. As part of our social responsibilities, we are going to donate 10,000 reflective jackets because we know you need a lot of visibility on the roads, day and night patrol so you need also to protect the lives of these officers that you are putting on highway," Modibo said.

He commended the FRSC for deploying state of the art ICT facilities where operations of the Commission are monitored in the 36 states of the federation.

Also, the FRSC Corps Marshal, Osita Chidoka, in his remarks thanked the pension fund administrator for the gift. He said: "We have been wondering how we are going to get reflective jackets for this 'ember' month campaign and as if God heard our prayers, the reflective jackets walked into our office."

Chidoka expressed the Commission's worries with the pension scheme in relation to past experience of some of its retirees, adding that there was need for some enlightenment on the possibility of voluntary contributions apart from the mandatory 7.5 deductions.

"I think it is time we begin to let people know that the minimum may not be enough to sustain them in retirement, so I think we need to partner in providing us such information especially that we have about 4000 of our staff under your management," he stated.

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