Stanbic IBTC Pension Managers Ltd denies defying Pencom’s directive on gifts

 

Admin l Wednesday, January 25, 2023

 

VICTORIA ISLAND, Lagos – Stanbic IBTC Managers Ltd has said it did not defy Pencom’s directive on gifts, contrary to what has been purveyed by a section of the online media.

The affected media organizations had alleged  that Stanbic IBTC Pension Managers continued to offer incentives to Retirement Savings Account holders contrary to the directives issued by the National Pension Commission (PenCom) in a bid to retain their accounts and win over accounts from competition.

In specific terms, the  publications alleged that gift vouchers worth hundreds of millions of naira were given out to certain public and private sector clients in December 2022, disregarding PenCom’s directive to all Pension Fund Managers with the goal to end “unhealthy competition” within the industry.

Reacting to the development, Stanbic IBTC Pension Managers said what is being circulated is  total falsehood and does not represent its ethos and values as an institution.

“The publication is a fabrication of reckless journalism, and it is our responsibility to clarify any misconception or doubts in the minds of the general public”, Stanbic IBTC  Pension Managers said.

In the words of the organization, “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 05 November 2022 as approved by PenCom.

“To further reinforce our commitment and alignment with PenCom’s directives, we partnered with PenCom’s representatives to sensitise clients on this development at our annual clients’ engagement fora held in Lagos, Abuja and Port Harcourt, late 2022”, it said, stressing that as a major stakeholder and the largest pension fund administrator in Nigeria managing over 1.9 million retirement savings accounts and over N4.5 trillion in assets under management,  the 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”, it stated.