• Fri. Feb 3rd, 2023

PenCom: Stanbic IBTC Pension Managers Denies Offering Gift-Incentives to Retain Customers


Jan 25, 2023
Read Time:1 Minute, 45 Second

Stanbic IBTC Pension Managers has reports in some sections of the media that it defied the standing rules of the National Pension Commission (PenCom), regarding gift-incentives to attract and retain customers.  

The Pension Managers descried the reports as unfounded, incorrect, and defamatory.

“The alleged falsehoods stated 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.

“The publications specifically stated 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.

“Stanbic IBTC Pension Managers would like to clarify that this news is false and does not represent our 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.

“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.

“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, our 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”, a statement by the Stanbic IBTC Pension Managers, reads.


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