Official: Stanbic IBTC Pension Managers Now Has Over N1trillion In Assets Under Management

Stanbic IBTC Pension Managers Limited, one of the biggest Pension Fund Administrators (PFAs), has recorded over one million retirement savings account (RSA) holders with assets under management in excess of N1 trillion, Chief Executive Officer, Dr Demola Sogunle, has said.

Sogunle made this known during a conference on pension and corporate governance organised by the company in Lagos. According to him, the company pays approximately N1.8 billion to almost 30,000 retirees monthly. He said over N178 billion has been paid to retirees seamlessly since the PFA began operations in 2006.

Speaking on corporate governance in the pension industry, Sogunle said that against the backdrop of the recently enacted Pension Reform Act of 2014, the industry now stands on a stronger foundation, providing safety for the N4.5 trillion pension assets under management.