Premium Pension Limited, a leading Pension Fund Administrator (PFA) in the country and the Niger State Government have signed a portfolio management agreement which confers on the former the authority and responsibility of managing the state’s benefits fund named “Retirement Redemption Bond Fund.”
This fund has been established by the Niger state government through the Niger State Pension Board. This agreement which has the endorsement of the National Pension Commission (PenCom) emphasizes, among others, that the funds and assets held in them must be managed in accordance with the guidelines issued pursuant to the Pension reform Act 2004. The agreement also accords Premium Pension the responsibility of the lead PFA in the state.
The agreement which was consummated at a ceremony held recently at the corporate headquarters of Premium Pension Limited, Abuja had key stakeholders on both sides in attendance. While the Managing Director of Premium Pension Limited Mr. Wilson Ideva, and Executive Director, Business Development and Investment, Mr. Adamu Mele, signed on behalf of the company, the Director-General of the Niger State Pension Board, Alhaji Benu Yahaya Ahmed signed on behalf of the Niger State Government.
“This is a practical demonstration of mutual trust and highly productive partnership required to drive the contributory pension scheme in the country” said Mr. Ideva, while commenting on the agreement. “We must continue to justify the confidence reposed in us by the Niger state government as a leading PFA in the country through the rendition of quality service marked by high level of professionalism.”
The agreement states clearly that “the appointment of Premium Pension shall be of a fiduciary nature consistent with the requirements of the law and that Premium Pension shall exercise utmost duty of care and good faith in all their undertakings under the terms of this agreement.”