PAL Pensions, one of the Pension Fund Administrator on Thursday said that it has launched Fund VI, the sixth investment fund for its Retirement Savings Account holders, as a recent addition to the multi-fund structure.
It said in a statement titled ‘Pal Pensions launches Fund VI, reiterates commitment to innovative pension service delivery’ that this was part of efforts to diversify its customers’ investment options.
The PFA stated that Fund VI was part of the multi-fund structure, a framework that aligned the age and risk profile of RSA holders with multiple fund types designed to cater to various investor requirements.
The multi-fund structure especially with the addition of the new fund, also sought to enable contributors have better participation in the management of their funds, it stated.
It stated that the launch of Fund VI signalled PAL Pensions’ commitment to promoting innovation, improving customer experience and demonstrating industry best practice.
Fund VI, it added, was a non-interest fund regulated by the National Pension Commission for contributors who wanted their funds to be invested in non-interest bearing and ethical instruments.
The Managing Director, Pal Pensions, Mr Funso Doherty, said that the company was a firm believer in value creation for its stakeholders, especially its customers.
He stated that, “At PAL Pensions, we firmly believe in the importance of delivering top-tier experience to our customers through the deliberate pursuit of investment and operational excellence.
“Our recent launch of Fund VI is another example of this. Using cutting edge technology, it is delivered through several digital channels to facilitate an optimal experience and ease of access for our esteemed clients.
“PenCom regulations ensure that Fund VI is carefully managed and invested to prevent destruction or loss.”
The managing director stated that prudent management aligned perfectly with PAL’s investment philosophy.
He said, “Our investment philosophy is premised on reliably providing our customers with secure funds post-retirement, to help them enjoy a decent standard of living.
“PAL ensures that contributions are well managed and grown to achieve a competitive rate of return in the medium to long term. We are always mindful of the risk tolerance of pension funds, and I believe this is one of the many reasons why RSA holders should switch to PAL.”
According to the statement, PAL Pensions had several digital channels to ease the pension experiences of its customers.
Some of the products, it added, included the PAL Padi – a digital buddy that could handle all pension-related concerns via SMS, telegram, or WhatsApp; and a mobile app customised to monitor and manage customers’ pension accounts on the go, amongst others.
With over 16 years of professional experience in Pension Funds Administration, PAL Pensions managed and administers retirement savings contributions of employees in Nigeria and boasts of a client base of over 550,000, it stated.
It added that Pal Pension combined its deep institutional knowledge of the pension industry with a drive for innovative and stellar customer service within existing regulatory and operational frameworks.
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