Premium Pension Driving Growth In Pension Fund Administration in Nigeria
Premium Pension Limited (PPL) is one of the leading Pension Fund Administrators (PFAs) in Nigeria committed to driving growth in the Nigerian pension industry.
Premium Pension is the first set of Pension Fund Administrators licensed by the National Pension Commission (PenCom) in December 2005. The company prides itself with over 750,000 members and Assets Under Management (AUM) of over N900 billion.
The company is fully capitalized to Five billion Naira as required by the National Pension Commission (PenCom).
As one of the fastest-growing PFAs, consistently delivering competitive returns to its teeming customers, the company’s mission is to grow members’ wealth that will enable them to embrace their golden year.
Driven by the vision of becoming the fastest growing top-tier PFA creating value, the company’s core values are Discipline, Empathy, Professionalism and Trust. These values form the fabric of the company..
The company is not alone in this. They are in partnership with First Pension Custodian Nigeria Limited, Access Pension Fund Custodian Limited and UBA Pensions Custodian Limited; which are licensed Pension Fund Custodians (PFC).
Some Milestones/Achievements
Some of the company’s milestones and achievements over the years include being one of the leading Pension Fund Administrators (PFA) in Nigeria; One of the largest customer base in the Industry; One of the largest Assets under Management; Return on Investment is one of the highest; Secured Retirement Funds; Outstanding Retirement Benefit payment; National spread; Diversified customer base including well known corporate names and First Pension Fund Administrator to be ISO 27001 and 9001 certified. Also, 2013 certificate on Information Security Management System (ISMS) by the British Standard Institute
The company’s Products and Services amongst others include Retirement Savings Account (RSA); Pension Advisory Service; Voluntary Contribution; Cross Border Pension Plan; Institutional Pension Fund Management and Micro Pension Plan
As part of giving back to the society through Corporate Social Responsibility (CSR) Premium Pension have been involved in various community services aimed at improving the standards of living of the people of the affected communities.
In 2018, the firm offered Financial Assistance to former staff, Miss Onyekachi Ezekwe for surgical operation.
Also in 2018, Premium Pension Limited donated Manual borehole for two less privileged Communities, Abbatoir Karu and Old Kutunkun, Gwagwalada Abuja, Federal Capital Territory; donated 40 Leaves branded Exercise Books to Kaduna State Bayelsa State governments; donated Food items and mattresses for Clapai Orphanage, Plateau State; Purchase of cloth for presentation to the IDPs Borno State;
The firm In 2019, constructed and donated manual borehole at Rawayya Village, Zamfara State; donated dozens of 40 Leaves branded Exercise Books to Abia State and Niger State governments; provided Solar powered Street Light in the Federal University, Dutse, Jigawa State; donated various items to orphanage In Karu and General Hospitalb, Zuba, all In Abuja; donated Power Generator to Anwarul Fai’da Orphanage in Plateau State;
In 2020, Premium Pension Limited donated Safety Reflective Jackets to some Paramilitary Organisations in the Abuja, Federal Capital Territory;
For COVID-19 response in 2020, the firm donated various items to National Hospital Abuja; University of Abuja Teaching Hospital Gwagwalada; Kaduna State Task Force Committee on COVID-19; Jigawa State Task Force Committee on COVID-19; donated to Coalition Against COVID (CACOVID), a Private sector initiative to fight COVID-19 through the Association of Pension Fund Operators of Nigeria (PenOp).
Also in 2020, the pension fund administrator donated a 3.5KVA Power Generator and also renovated a Toilet and provided Borehole for Akodo Primary School, Ibeju Lekki, Lagos State; provided Manual boreholes at “Shekal” and “Kofar Wase” Areas in Bauchi State.
In 2021, the firm donated various items to American University of Nigeria, Yola and donated for Charity to Cheer Foundation for provision of free Cataract Eye Surgery in Kaduna State.
20t21 Operating Result
Premium Pension Limited, despite economic challenges in 2021, maintained its position as one of the leading Pension Fund Administrator (PFA), growing its assets under management (AUM) by 12.34 percent.
The AUM grew by N97.25 billion to N885.05billion from N787.80billion in 2020, representing a year-on-year growth rate of 12.34 percent, a significant performance relative to industry growth of 9.1 percent.
Mr.Ibrahim Alhassan Babayo, Chairman, Board of Directors of Premium Pension Limited made the disclosure at its 17th Annual General Meeting held Monday in Abuja.
According to him, the total number of Retirement Savings Account (RSAs) registered in both the public and private sector organizations as at 31st December 2021 stood at 754,888 representing 7.92 percent of the industry total.
“Of the total RSAs, 453,466 had been funded as at the end of 2021, while the remaining are being engaged for funding,” He reiterated.
In terms of revenue, Premium Pension recorded a 8.33 percent increase to N8.483billion in 2021 from N7.831billion in 2020, resulting in a Profit Before Tax (PBT) of N2.999 billion, up by a marginal 1.00 percent year-on-year, while Profit After Tax (PAT) stood at N1.958 billion, a 3.58 percent decline from previous year levels.
From the profit, the Company Board of Directors approved dividend of N1.80 per share translating to N1.18 billion.
Babayo disclosed at the meeting that Premium Pension Limited closed the year 2021 as a net gainer in the transfer window in all quarters, stating that it was an outstanding feat, no doubt.
He said, “out of 9,139 individuals that expressed interest to migrate their account to Premium Pension, 4,159 were transferred successfully, representing a conversion rate of 46 percent. Those not transferred, as at the end of the year, was because of delays with data recapture, the only prerequisite for the process.”
According to him, for the entire year, a total of N16.05 billion was transferred to Premium Pension, representing 9.35 percent of the total assets transferred within the industry.
In his remark, the Managing Director and Chief Executive Officer Mr. Umar Sanda Mairami expressed appreciation to the Board for their untiring support to the Management team and entire Staff of the Company towards uplifting the performance geared towards building a robust PFA. He further assured that the Company would be consistent in offering premium experience to its Members.
The meeting was well attended by Shareholders, members of the Board, Executive Management, representative of the National Pension Commission (PenCom) and Messrs. KPMG Professional Services.
ISO Certification
The firm In 2021, received two International Standard Organization’s (ISO) recertifications on Information Security Management System (ISMS) ISO 27001:2013 and Quality Management System (QMS) ISO 9001:2015. Going through the websites of Pension Fund Administrators in Nigeria, Premium Pension is the only operator with two ISO certifications.
