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CrusaderSterling Pensions DistributesN137 Billion in Benefits to Beneficiaries

By Oluchukwu Ikemefuna

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CrusaderSterling Pensions Limited (CPL), a leading Pension Fund Administrators (PFA), has paid out N137 billion as benefits payments to its contributors and retirees. CPL said the benefits range from lump sum, death benefits, and other approved National Pension Commission (PenCom). 

The development was disclosed at its 13th Annual Stakeholders Forum held in Lagos. The event was largely attended by workers and retirees under the Contributory Pension Scheme.

About CrusaderSterling Pensions Limited

CrusaderSterling Pensions Limited (CPL) is one of the leading pension fund administrators in Nigeria. It is also a member of the Custodian Investment Group. The company is licensed by the National Pension Commission (PenCom) to administer pension funds in Nigeria. It was incorporated in October 2004, and the CPL’s Assets Under Management (AUM) has grown over the years to over N500 billion. This is with a paid-up capital in excess of the regulatory benchmark of Five Billion naira.

Rotimi Adebiyi, the CEO of CrusaderSterling Pension said during the Annual Stakeholders event that the comfort of its retirees remained a priority to the PFA.

He went on to affirm that the company’s partnership with its Custodian- First Pension Custodian, prompted the settlement of benefit payments. Also, it will remain a top priority in line with the mandate establishing it. 

Adebiyi stated that the PFA will always align itself with the objectives of the Pension Reform Act of 2004. This is particularly in aiding individuals by ensuring that they save to cater to their livelihood during old age. Consequently, reducing old-age poverty.

CrusaderSterling Pensions to Prevent Sufferings For Pensioners

The PFA will continue to ensure that pensioners are not subjected to untold suffering, due to the inefficient and cumbersome process of pension payment.

The managing director said, “The enactment of the Pension Reform Act 2004 brought about a new era of relief from these challenges. This was done through the establishment of the Contributory Pension Scheme (CPS) supervised by the National Pension Commission (PenCom).

He continued, “We give kudos to former President Obasanjo’s government which brought about the CPS. Since we kicked off on 12th October 2004, we have achieved a whole lot. Moreover, we have settled N137bn as benefits payments ranging from lump sum, death benefits, En bloc, loss of job, and other approved PenCom regulated benefit payments”

Conclusion 

CPL has been renowned for producing superior returns to contributors and other stakeholders for many years and would do more. This is evident when Augusto & Co., rated the company as the first PFA to be assigned a Pension Fund Manager rated ‘A’.

Participants at the forum also commended CrusaderSterling Pensions Limited for its excellent service delivery. Also, it urged workers to open their Retirement Savings Accounts with the PFA.

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

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