Stanbic IBTC Pension Managers, has said it is adopting most strategic initiatives provided by new industry frameworks to strengthen its leadership in the pension industry.

The company said it will take advantage of multi fund structure scheduled to take off this July as well as the micro pension initiative being perfected by the National Pension Commission, PenCom to further grow its assets.

In a brief remark at a media parley in Lagos,

Chief executive officer of the company Mr,. Eric Fajemisin said the company’s current assets under management is in excess of N2.53 trillion and over 1.6 million retirement savings account holders nationwide.

Fajemisin also revealed that the company has from inception paid N66.5 billion to 37,772 retirees thus making it the largest fund administrator in Nigeria.

He said with the country’s total pensions assets under the contributory pension scheme in excess of N7.94 trillion as at March this year, the industry provides huge opportunities for growth.

The industry in while he recalled has paid about N8.44 billion to 223,051 retirees for both programmed withdrawal and annuity, while the number of contributors have increased to 7.82 million as at December 2017.

He said the proposed micro pension scheme is one initiative with great potential capable of landing the industry into its next phase of growth.

“Regardless of the inherent challenges, the micro pensions scheme has the capability to deepen asset accumulation in Nigeria considering that 70 per cent of Nigeria’s working population operates in the informal sector.

Among its benefits include improved standard living for the elderly, safety of funds and access to other incentives, such as mortgage facilities, health insurance and estate planning. In addition are flexible contribution remittances, the opportunity to make withdrawal prior to retirement and the enhancement of financial inclusion in the country”, he added

Fajemisim further stated that the Multi Fund Structure, categorises pension fund investment into four funds by aligning the age and risk profile of Retirement Savings Account holders to match the four funds.

According to him, the fund one is targeted at people of 49 years and below who want higher returns and are willing to take higher risks.

On the other hand, fund two targets those are 49 years and below and still working but are satisfied with moderate returns and levels of risks while fund three targets people of 50 years and above but still working and have very low risk appetite and fund four are retirees who have the lowest risk profile of all categories.