From Juliana Taiwo-Obalonye, Abuja
Since its founding in 2006, Norrenberger Pensions Limited, formerly known as IEI- Anchor Pensions, has paid out N6.40 billion in different benefits to over 7,248 contributors. In addition, the company reported that in 2021, it paid a total of N881 million to 895 beneficiaries.
The payments were made to take care of arrears, scheduled withdrawals for 118 retirees, N200 million in death benefits for 71 beneficiaries, N29 million in en-bloc payments for 114 beneficiaries, and N132 million in temporary access payments (25%) for 518 contributors who lost their jobs.
Its profit after tax has increased by 20% annually from N29 million in 2020 to N34 million in 2021, all while it has made new commitments to service delivery.
According to the Pension Fund Administrator, the achievement of success was made possible by a steadfast dedication to the prompt settlement of retirees, which has contributed to a transformation in the nation’s pension funds administration environment.
Speaking about the 2021 audited report at the Annual General Meeting in Abuja on Tuesday, PFA Managing Director/CEO, Hamisu Idris said that the audited report’s External Auditors and shareholders were present to accept and adopt it.
He said “We also paid out the sum of N23 million as additional voluntary contributions to 59 contributors, as well as made payments to insurance companies as annuities for 15 Annuitants”
Idris stated that the industry is still plagued by the underpayment of deducted pensions from both the public and private sectors. He urged those who were in arrears and out of compliance to recognise the benefits and sign up their personnel for the long-term rewards.
According to him, “The Contributory Pension Scheme (CPS) is still being faced with the challenges of funding the Retirement Savings Accounts (RSA) both in the private and public sectors. This delay or non-remittances of deducted pension contributions by employers of Labour accounts for unfunded RSAs.”
Idris revealed that only a few states are in full compliance with the provisions of the Pension Reform Act of 2014.
Leveraging on the theme: “A Dawn of New Possibilities”, he said the company is set to be propelled into new heights, after successfully overcoming the challenges of the COVID-19 pandemic to expand its market share, by maximising the transfer window and increasing operational capital.
“We have a chance to increase our client base through our trusted values of friendliness, innovation and responsiveness, which culminates into an excellent experience for our esteemed clients.”
On innovations, Idris said the company in also leveraging on technology that will make future “transactions contactless”
“For us at Norrenberger Pensions Limited, in the coming years, our transactions will become contactless, as automation and blockchain are integrated into our daily operations and reporting will switch from traditional cycles of quarterly or monthly reporting to real-time. Self-service will become the norm and AI will facilitate new service delivery models”
As a result of the regulatory authorities’ introduction of non-interest funds, the company, according to its chairman Ibrahim Aliyu, has integrated the non-interest fund into its operations for individuals who are interested.
“With the Transfer window in full swing, the company maximised its workforce to increase its market share. This was through re-orientation, retraining and re-emphasising the values of innovation, friendliness, and dependability”
He revealed that the “company closed the year 2021, with N120 billion as Asset Under Management, from N103 billion recorded in December 2020.
Mr Tony Edeh, who is the Group Managing Director of the Norrenberger Financial Group expressed optimism that Norrenberger Pensions Limited is now well-positioned to evolve into a top-tier PFA in the near future.