Premium Pension Limited

Last updated

Premium Pension Limited
Company type Public company
Industry Financial services
Founded Nigeria, 2005 (2005)
Headquarters
Abuja, FCT
,
Nigeria
Key people
Gen. Bitrus Kwaji (Chairman), Hamisu Bala Idris (Chief Executive Officer)
Products Retirement Savings Account, Legacy Asset Management, Pension Advisory Service, Cross Border Pension Plans and Voluntary Contribution.
Website www.premiumpension.com

Premium Pension Limited' (PPL) is a leading Pension Fund Administrator (PFA) in Nigeria [1] which provides a range of products and services to clients based in all 36 states of Nigeria, including the F.C.T. [2] Premium Pension Limited is licensed by the National Pension Commission in December 2005, under the new Pension Reform Act, 2004. The company took off in 2005 with an initial share capital of ₦500 million but has grown to a total shareholders’ funds of ₦1 Trillion. [3]

Contents

Premium Pension Limited is organised as a network, comprising six business divisions: Retirement Savings Account, [4] Additional Voluntary Contribution (AVC), [5] Legacy Asset Management, [6] Pension Advisory Service [7] and Cross Border Pension Plan [8]

History

Premium Pension was licensed in December 2005 by the National Pension Commission. [9] Premium Pension Limited took off with an initial share capital of ₦500 million but has grown to a total shareholders’ funds of over ₦1 Trillion, as at December 2022. [1] In August 2015, Premium Pension Limited was conferred with the Award for Mass Mobilisation of Pension Asset, at the Commerce and Industry Awards by the Lagos Chambers of Commerce and Industry, LCCI. [10] In November 2015, Premium Pension Limited received the UK’s International Organization for Standardization (ISO) certificate on information security management system by the British Standard Institute, becoming the first Pension Fund Administrator (PFA) in Nigeria to receive the certification. Premium also received certification on Information Security Management System (ISMS) by the British Standard Institute in 2013 [11] [12] [13]

Operations

Premium Pension Limited is staffed by professionals in areas of Investment, IT, Customer Service, Marketing and Operations. Premium Pension Limited has branches and service centres located across the 36 states of Nigeria, including the FCT.

Related Research Articles

A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.

A mutual fund is an investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe, and the open-ended investment company (OEIC) in the UK.

Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. From July 2024, the mandatory minimum "guarantee" contribution is 11.5%, rising to 12% from 2025. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992.

<span class="mw-page-title-main">First Bank of Nigeria</span> Nigerian multinational bank

First Bank of Nigeria is a multinational bank and financial services company with headquarters in Lagos, Nigeria. First Bank was founded in 1894, by Sir Alfred Jones, but is currently owned by FBN Holdings PLC, which in itself has diversified ownership with over 1.3 million shareholders.

<span class="mw-page-title-main">First City Monument Bank</span> Nigerian bank

First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management. As of December 2020, the group's total assets were valued at US$5 billion.

<span class="mw-page-title-main">GTCO Group</span> Multinational financial services group

Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos, Nigeria. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company.

<span class="mw-page-title-main">Fola Adeola</span> Nigerian businessman and investor

Tajudeen Afolabi Adeola is a Nigerian businessman and investor. He is a Co-Founder of Guaranty Trust Bank (GTBank Plc, a member of the Commission for Africa, as well as founder and chairman of the FATE Foundation.

<span class="mw-page-title-main">National Social Security Fund (Uganda)</span> Quasi-government agency

The National Social Security Fund (NSSF), is a quasi-government agency responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds from employees of the private sector in Uganda who are not covered by the Government Retirement Scheme. Participation for both employers and employees is compulsory. The Uganda National Social Security Fund is the largest pension fund in the countries of the East African Community, with total assets of USh18.58 trillion, as of June 2023.

<span class="mw-page-title-main">Polaris Bank Limited</span> Nigerian commercial Bank

Polaris Bank Limited is a commercial bank based in Nigeria. It is licensed by the Central Bank of Nigeria, the country's banking regulator. In October 2022, the bank was acquired by Strategic Capital Investment Limited.

<span class="mw-page-title-main">Access Bank Group</span> Nigerian financial services conglomerate

Access Bank Group is a financial services conglomerate, headquartered in Nigeria, with subsidiaries in Angola, the Democratic Republic of the Congo, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, The Gambia, Guinea, Cameroon, Sierra Leone, Mozambique, Botswana, South Africa, Tanzania, Uganda, Zambia, France and the United Kingdom. The group also maintains representative offices in China, India, Lebanon and United Arab Emirates.

Industrial and General Insurance (IGI) is a Nigeria insurance company and is a major provider of insurance and risk management services in West Africa. It has subsidiaries, in Ghana, the Gambia, Rwanda and Uganda and a representative offices in London and Washington, DC.

<span class="mw-page-title-main">HDFC Life</span> Indian life insurance company

HDFC Life Insurance Company Limited is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services. The company was incorporated on 14 August 2000.

Heritage Bank Plc., usually called Heritage Bank, was a financial services institution. It was one of the commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator, with a national operating license, that offered retail banking, corporate banking, online/internet banking, investment banking and asset management services; its head office was at 143, Ahmadu Bello way, Victoria Island, Lagos, Lagos State, Nigeria. It's banking license was revoked on Monday, June 3rd 2024.

Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Investor Services, Pension Management, Trustees, Insurance Brokerage and life Insurance businesses. The company's newly opened corporate headquarters, Stanbic IBTC Towers, is situated at Walter Carrington Crescent, Victoria Island, Lagos. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa's largest banking group ranked by assets and earnings, operations in 20 African countries and 13 countries outside Africa.

<span class="mw-page-title-main">Godwin Obaseki</span> Nigerian politician (born 1957)

Godwin Nogheghase Obaseki is a Nigerian politician and businessman who served as the governor of Edo State from 2016 to 2024.

AIICO Pension Managers Limited is a pension funds management company in Nigeria. It is a 65 percent owned subsidiary of AIICO Insurance, a Nigeria Stock Exchange listed insurance services provider.

Leadway Group, also known as Leadway, is a non-banking financial services group of companies headquartered in Lagos, Nigeria. Its flagship company Leadway Assurance Company Ltd, was established in 1970, and has grown to become one of Nigeria's largest insurance firms, recognized for its significant market presence and comprehensive range of insurance products and services. Leadway provides a variety of insurance offerings, including commercial and personal property and casualty insurance, travel insurance, and life insurance.

SunTrust Bank Nigeria Limited (STBNL), is a Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator.

Norrenberger Group is a financial services group based in Abuja, Nigeria. It was established in 2017 and offers financial advisory services to individual and corporate clients. According to its website, Norrenberger Group has four subsidiaries: International Energy Insurance Company, Norrenberger Pensions Limited, Norrenberger Advisory Partners Limited, and Norrenberger Asset Management Limited. The group has also received several awards from various organizations in the past three years including the coveted BusinessDay award.

National Pension Commission (PenCom) is the Nigerian body charged with the security and management of pension fund assets.

References

  1. 1 2 Closed Access logo transparent.svg "Premium Pensions links growth to successful implementation of CPS". businessdayonline.com. Archived from the original on 14 March 2016.(subscription required)
  2. ↑ "Who We Are | Premium Pension Limited". Premiumpension.com. Retrieved 16 August 2016.
  3. ↑ Tolu, Omobola (2 September 2015). "Premium Pension assets hit 1 Trillion - The Nation Nigeria". Thenationonlineng.net. Retrieved 16 August 2016.
  4. ↑ "Retirement Savings Account (RSA) | Premium Pension Limited". Premiumpension.com. Retrieved 16 August 2016.
  5. ↑ "Additional Voluntary Contributions (AVC) | Premium Pension Limited". Premiumpension.com. Retrieved 16 August 2016.
  6. ↑ "Legacy Asset Management | Premium Pension Limited". Premiumpension.com. Archived from the original on 19 November 2016. Retrieved 16 August 2016.
  7. ↑ "Pension Advisory Service | Premium Pension Limited". Premiumpension.com. Retrieved 16 August 2016.
  8. ↑ "Cross Border Pension Plan | Premium Pension Limited". Premiumpension.com. Retrieved 16 August 2016.
  9. ↑ "PENCOM". PENCOM. Retrieved 16 August 2016.
  10. ↑ Daily Independent (Lagos) (19 August 2015). "Nigeria: Premium Pension Dedicates Award to Entire Pension Industry". allAfrica.com. Retrieved 16 August 2016.
  11. ↑ Chinonso, Tony (23 November 2015). "Premium Pension gets ISO certification". Vanguardngr.com. Retrieved 16 August 2016.
  12. ↑ Garba, By (19 November 2015). "Premium Pension Becomes First Fund Manager To Receive ISO Certification |". Leadership.ng. Retrieved 16 August 2016.
  13. ↑ Nwoji, Ebere (23 November 2015). "Nigeria: Premium Pension Clinches ISO27701 - 2013 Certification". allAfrica.com. Retrieved 16 August 2016.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.