In line with the mandate of the National Pension Commission (PenCom), Premium Pension Limited, one of foremost Pension Fund Administrators in the country is set to commence the payment of enhance monthly pension to its retirees with effect from December 2017.
The essence of the upward review of the monthly pension is geared towards responding to the yearnings and aspirations of the retirees aimed at easing their hardship and increasing their purchasing power.
The increase of the monthly pension of all retirees on Programme Withdrawal is due to the income earned on investment of their pension asset being managed by the Company.
In the same vein, the Acting Chief Executive Officer of Premium Pension Limited Mr. Kabir Ahmed Tijjani said that “The upward review for the payment of monthly pension to retirees is a clear indication that Premium Pension fund rate has appreciated, robust and more competitive in the pension industry.”
The payment of enhanced pension will apply to retirees with reasonable balances in their RSA, which has earned significant income overtime. This is an indication that return on Investment of pension fund is utilized for the benefit of RSA holders.
While expressing his delight on the positive development about the upward review of the monthly pension, a retiree with the company Alhaji Abubakar Sheriff said that, this will further encourage the retirees to have more conviction with the new CPS and improved their welfare. “I give Premium Pension more than a pass mark on account of their efficient services being rendered to retirees and prompt response to all our inquires.”
Premium Pension Limited is one of the pioneer and leading PFAs in the country with regional offices and branches spread across the country. The company manages 738,736 Retirement Savings Accounts (RSAs) and 46, 941 retirees and has paid since inception retirement benefits to the tune of over N132 billion while having pension Assets Under Management (AUM) in excess of N500 billion Naira as at November, 2017.