Premium Pension Pays N11bn to its Retirees

 In line with keeping to industry set standard and alleviating the plights of pensioners, Premium Pension Limited, one of the registered pension fund administrators, PFA, recently held a retirees’ forum, where it announced a payment of over N11 billion to over 4,000 retirees. The payment, spanning a period of three years, from 2007 to January 2010, includes normal retirement, temporary loss of jobs and death benefits among others. This was disclosed by Alhaji Aliyu Dikko, managing director of the company.
According to Alhaji Hamidu Mohammed, head of business development, who represented the managing director, the forum was organized to avail retirees of the new pension scheme under the management of the National Pension Commission, PENCOM.
He reiterated that “the occasion was organized to provide a platform for our retirees, would be retirees and premium pension to share experiences and to educate ourselves on the retirement process” He added that the company’s performance, has been encouraging as the forum was also aimed at receiving “feedback on our service delivery with a view to making improvement.”
Dikko stressed that premium pension was one of the first Pension funds administrators (PFAs) licensed by National Pension Commission and it is charged with managing both public and private pension of Nigerian workers.
Premium Pension was incorporated in March 2005 with an authorised share capital of 500million fully paid. According to the CEO, the company presently has an authorized share capital of N1.3billion. Notwithstanding the economic meltdown, the company also in 2008 declared a profit after tax of N300 million and a surplus of about N1billion on members’ pension fund.