Pension fund administrators end gift offers to customers after PenCom directive
Pension administrators have ended incentives they offered to win over subscribers after the regulator issued a directive prohibiting the offer of gifts to retirement savings account holders.
The National Pension Commission had in October directed operators in the industry to end “unhealthy competition” among PFAs.
According to PenCom’s spokesperson, Abdulqadir Dahiru, PFAs sent gifts such as birthday cakes and end of year gifts to account holders to dissuade them from switching to another administrator.
Speaking with PREMIUM TIMES today, Mr Dahiru said all PFAs have complied with the directive.
“All PFAs have complied, we know this because we have a surveillance department that monitors compliance,” he said.
Speaking on why the commission gave the directive, he said the competition around the quantity and quality of gifts among PFAs were becoming divertional from the quality of service.
In a notice to customers and seen by PREMIUM TIMES on Sunday, one provider, Stanbic IBTC, said its “loyalty programme” had come to an end as a result of the directive.
The programme was designed to “appreciate” all clients of Stanbic IBTC Pension Managers for their continued patronage.
READ ALSO: FG approves payment of outstanding pension liabilities
“As a means of saying “Thank You” to our clients, we have designed an electronic loyalty card which entitles all our clients to discounts at select partner merchant outlets,” the bank had said.
The provider said the loyalty card would cease to be valid.
“The National Pension Commission (PenCom) has released a regulation that prohibits Pension Fund Administrators (PFAs) from offering gifts to customers,” it said.
“Following this regulation, we regret to inform you that the Loyalty Program will be coming to an end.
“Effective immediately, the program would be terminated, and the Stanbic IBTC Pension Managers Loyalty Card will no longer be valid when presented at our partner stores.
“While we sincerely regret any inconvenience this may have caused, we would like to reassure you of our dedication and commitment to providing you with exceptional service at all times.”
In April, Pencom directed that all PFAs increase their minimum capital (shareholders’ fund) from N1 billion to N5 billion.
Among Nigeria’s numerous national challenges, which do you think the next president should focus on first?
— Premium Times (@PremiumTimesng) October 5, 2022
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
Pension administrators have ended incentives they offered to win over subscribers after the regulator issued a directive prohibiting the offer of gifts to retirement savings account holders.
The National Pension Commission had in October directed operators in the industry to end “unhealthy competition” among PFAs.
According to PenCom’s spokesperson, Abdulqadir Dahiru, PFAs sent gifts such as birthday cakes and end of year gifts to account holders to dissuade them from switching to another administrator.
Speaking with PREMIUM TIMES today, Mr Dahiru said all PFAs have complied with the directive.
“All PFAs have complied, we know this because we have a surveillance department that monitors compliance,” he said.
Speaking on why the commission gave the directive, he said the competition around the quantity and quality of gifts among PFAs were becoming divertional from the quality of service.
In a notice to customers and seen by PREMIUM TIMES on Sunday, one provider, Stanbic IBTC, said its “loyalty programme” had come to an end as a result of the directive.
The programme was designed to “appreciate” all clients of Stanbic IBTC Pension Managers for their continued patronage.
READ ALSO: FG approves payment of outstanding pension liabilities
“As a means of saying “Thank You” to our clients, we have designed an electronic loyalty card which entitles all our clients to discounts at select partner merchant outlets,” the bank had said.
The provider said the loyalty card would cease to be valid.
“The National Pension Commission (PenCom) has released a regulation that prohibits Pension Fund Administrators (PFAs) from offering gifts to customers,” it said.
“Following this regulation, we regret to inform you that the Loyalty Program will be coming to an end.
“Effective immediately, the program would be terminated, and the Stanbic IBTC Pension Managers Loyalty Card will no longer be valid when presented at our partner stores.
“While we sincerely regret any inconvenience this may have caused, we would like to reassure you of our dedication and commitment to providing you with exceptional service at all times.”
In April, Pencom directed that all PFAs increase their minimum capital (shareholders’ fund) from N1 billion to N5 billion.
Among Nigeria’s numerous national challenges, which do you think the next president should focus on first?
— Premium Times (@PremiumTimesng) October 5, 2022
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.