Premium Pension Limited says it has grown retirement savings account assets under its management by N49.14 billion in 2020 despite the economic challenges occasioned by the outbreak of COVID-19.
A statement by Aliyu Mohammed Ali, head of corporate communications, quoted the chairman, board of directors, Ibrahim Alhassan Babayo, as saying that during the company’s online 16th Annual General Meeting that the assets grew to N674.30 billion from N625.16 billion in 2019.
Babayo noted that the company also maintained its lead in terms of Unit Value in the oldest funds i.e. Fund II (5.3376) and Fund III (1.3587) in the Nigerian Pension Industry, adding that the performance also reflected in the Approved Existing Scheme (AES) which the company jointly manages with other PFAs.
He also stated that the number of Retirement Savings Accounts (RSAs) registered by Premium Pension in both the public and private sector organizations as well as Micro Pension as at 31st December 2020 rose to 730,146 in the course of the year 2020.
“The long-awaited Transfer Window was officially launched on November 16th, 2020, shifting power to the contributors as they now have the opportunity to switch from one PFA to another,” he said, stressing that the opportunities to move when dissatisfied have an implication on Assets under Management (AUM).
He told shareholders that Premium Pension Limited was a net gainer during the maiden Transfer Window quarter.
He recommended a final dividend of N1.25 per share to bring the total dividend payment within the year to N2.25 per share despite the volatile economic environment.
In his remark, the Managing Director, Mr. Umar Sanda Mairami, expressed appreciation to the Board for their untiring support towards uplifting performance geared at building a robust PFA. He further assured that the Company will be consistent in offering premium experience to its Members.
The meeting, which was conducted remotely, was well attended by Shareholders, members of the Board, Executive Management, representative of the National Pension Commission (PenCom) and Messrs. KPMG Professional Services.