The pension industry in Nigeria has evolved over the years and introduction of the Transfer Window, which allows pension contributors to switch from one pension fund administrator (PFA) to another has been the talk of the town since November 2020 when it was officially declared open by the National Pension Commission (PenCom).
Recently, Stanbic IBTC Pension Managers hosted an Instagram Live Session to educate contributors on what they need to know before switching PFAs and why they are the preferred choice in the pension industry.
Below are highlights from the Instagram Live Session which held on 23 December 2020.
What Should You Know Before You Switch?
- Switching from one PFA to another is completely FREE and OPTIONAL.
- Verify the sources of information before you switch. You can visit the National Pension Commission (PenCom) website for details on returns.
- Confirm that the funds of the PFA you are switching to are audited and that they have adopted the International Financial Reporting Standard (IFRS).
- Your remittance and account balance are not affected when you switch.
- Anyone can switch their PFA to Stanbic IBTC Pension Managers.
- You can only initiate a transfer once a year; transfers are effected at the end of each quarter.
Why Should You Choose Stanbic IBTC Pension Managers As Your PFA?
- Highest Number of Subscribers: Over 1.8 million people cannot be wrong.
- Their Heritage: A member of the over 150-year-old Standard Bank Group.
- Trust and Reliability: They have paid over N800 billion to more than 62,000 retirees since the inception of the Contributory Pension Scheme (CPS)
- Funds Performance: Their funds have returned over 370% since inception.
- Transparency: There are periodic statements sent to contributors and they have the chance to check their balance at any time through their website, USSD or the Stanbic IBTC Mobile App.
What Do You Enjoy When You Switch To Stanbic IBTC Pension Managers?
- Immediate access to end-to-end financial solutions.
- Peace of mind knowing that your pension is safe, regardless of where you are.
- Access to relevant information plus ease of performing transactions.
- Long-term sustainable returns on your assets to ensure that you retire well.
- Access to their Loyalty programme where you enjoy discounts when you shop with any of their partner vendors.
At Stanbic IBTC Pension Managers, operational excellence drives service delivery as their standards of operation give no room for poor investment decisions. Therefore, you can be assured that your pension is not just in safe hands but in the hands that are keen to help you to “RetireWell”.
