Mr. Wilson Ideva, MD/CEO, Premium Pension is in the forefront of driving government’s new contributory pension scheme, which has turned out to be the most impactful government initiative in recent times. He is extracting a huge success out of the scheme in terms of improving the lives of retirees in the country.
He is fully committed to a scheme that was initially greeted with skepticism and is making headway towards turning it into a critical contributor to national development. The initial skepticism stemmed from the experience under the old defined benefit scheme, which left a huge pension deficit in the region of N2.0 trillion.
Confidence is taking the place of skepticism with the successes recorded so far under the new pension scheme, which has been in operation for over ten years now. Compliance with regulatory provisions is high under the new scheme and the presence of a good number of people of integrity in the system is ensuring service delivery to retirees as spelt out by the rule book.
Ideva is an apostle of the new pension scheme and he is highly committed to spreading the message of the contributory pension scheme far and wide. His confidence on the scheme is based on the solid financial capacity that has been built. The new scheme has accumulated pension assets of over N4.7 trillion and an enrolment of over 6.5 million people. That pool of funds represents a critical force in national development.
The huge success story of the pension industry is a function of the commitment of the operators to play their role effectively as stipulated in the Pension Reform Act. Ideva is in the forefront of the success drivers. Moving against the common habit of avoiding pension liabilities even by state governments, Ideva’s Premium Pension pays as much as N118 million in monthly benefits to retirees and clients.
The company has pension assets in excess of N370 billion with pension enrollees spread in over 1000 organisations across the country. When people try it and it works, they tell others and so the company has over 600,000 retirement savings accounts and has paid out over N87 billion to more than 33,000 retirees or their next-of-kin as entitlements since 2007. In order to serve them efficiently, the company has established a network of 20 branches and 23 pension centres across the 36 states of the federation, including a regional office in Lagos.
Premium Pension is reputed for its giant strides it has made in high quality service delivery to retirees. It is rated highly for upholding the culture of high ethical standard in its business practice. It has demonstrated practical commitment to integrity and determination to achieve best practices in information security management.
Regular payment of entitlements to retirees is a key requirement under the new scheme and workers are partners in the management of their pension funds. Retirees are expected to receive their lump sum payments within one or two months of retiring and thereafter begin to receive continuous programmed payments. Playing strictly within the defined rules of the game is what has continued to draw a crowd of pensioners to Ideva.
The former defined benefit scheme proved unworkable and brought untold hardship to retirees in the country but the contributory pension scheme is a clear departure from it. The new scheme is run under airtight regulatory provisions and the efficiency in enforcement and willful compliance have brought in a lot of credibility in the industry. Ideva insists on top-notch professionalism, qualitative customer-care orientation and cutting-edge technology to set his quality mark in the business.
Premium Pension is acknowledged for its contributions to the development of the pension industry. The company has implemented a number of initiatives which has led to attainment of major milestones in the growth of the pension industry. It is running with a vision centered on superior customer satisfaction in both active and retirement lives through best practice. Its guiding policy is zero tolerance to non-compliance with regulatory provisions.
The benefits of the contributory pension scheme are immense but they seem to be clouded by the fears associated with having once been beaten by the old pension scheme. A massive campaign is needed to draw more Nigerians out of their shells of doubt into the new scheme.
Ideva is in the forefront of the needed public enlightenment campaign. He organised highly creative social media campaigns last year during which the company generated public awareness among the youth as to the workings of the contributory pension scheme and also addressed public enquiries and requests. His strategy for the campaign was to ‘catch them young’ and establish brand ambassadors that would propagate the immense advantages of the new pension scheme among their peers.
For his great strides in the success of the contributory pension scheme, Ideva is named one of the top 10 CEOs of the year, 2016 by Top 10 Magazine.