Stanbic IBTC Pension Managers Limited has denied giving incentives to Retirement Savings Account (RSA) holders to woo them.
It would be recalled that some media organisations (not this newspaper) reported that some Pension Fund Administrators (PFA) were giving out gift vouchers worth millions of naira to some clients against the directive of the National Pension Commission (PenCom) which aims to end “unhealthy competition” in the industry.
In a statement, Stanbic IBTC Pension states: “We would like to clarify that this news is false and does not represent our ethos and values as an institution. Further to PenCom’s directive in October 2022, our clients were notified of the directive and its subsequent implications leading to the discontinuation of our Loyalty Programme on November 5, 2022 as approved by PenCom.
“To further reinforce our commitment and alignment with PenCom’s directives, we partnered PenCom’s representatives to sensitise clients on this development at our annual clients’ engagement fora held in Lagos, Abuja and Port Harcourt, late 2022.
“As a major stakeholder and the largest PFA in Nigeria managing over 1.9 million retirement savings accounts and over N4.5 trillion in assets under management, our organisation has a responsibility to uphold the highest operational and ethical standards for operators in the industry.
“Stanbic IBTC remains resolute in its position and would like to reiterate that it conducts its business with integrity in compliance with extant laws of the operating environment and international best practices. We will continue to do business the right way.”
Credit: thenationonlineng.net
