Sigma pensions commences non-interest fund VI service

Sigma Pensions has become the first Pension Fund Administrator (PFA) to launch the Non-interest Retirement Savings Account (RSA) Fund VI, in a bid to provide retirement savings that aligns moral beliefs and values skewed towards ethical investing.

This fund whose nod was given by the National Pension Commission (PenCom) last month, would see Sigma Pensions position itself as a trailblazer of the non-interest RSA fund also known as Fund VI.

Speaking at the launch yesterday, the Chairman, Board of Directors, Sigma Pensions Limited, Mr. Mark Collier, noted that the fund would drive greater financial inclusion among an underserved segments of the Nigerian population as well as deepen financial inclusion and pension enrolment.

Collier said: “Sigma Pensions has launched RSA Fund VI for our esteemed customers and the general market alike for RSA account holders who are desirous of having their pensions managed along the principles of non-interest.

“Having a vibrant non-interest pension offering will help deepen the breadth and sophistication of the domestic pension and non-pension fund management industry.

“A key tenet of robust financial markets is the existence of many players on both demand and supply having diverse opinions, desires and needs which allow for a more efficient price setting mechanism.”

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He added: “Furthermore, it will help drive greater financial inclusion and pension enrollment. Nigeria’s financial exclusion rate is estimated at 37 per cent with large exclusion observed in the northern regions.

“Among other reasons, the reluctance towards the formal financial sector amongst certain Nigerians likely reflects unease at the absence of a recognition of their ethical principles in the design of banking and finance products.

“With the option of retirement savings products suited to non-interest preferences, it is easy to see a ready outlet for raising financial inclusion.”

He further added that his firm has set up a back end operations with highly capable investment team with a well-crafted investment strategy to ensure seamless transition for new and existing RSA account holders to migrate to Sigma Fund VI.

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He added: “We believe strongly in Nigeria and find strength in its ethnic and religious diversity. And with Fund VI, we believe we have a product that meets the desire of a long-underserved segment of the Nigerian population to actively plan for their post-work lives by taking advantage of a tailored financial market product consistent with their beliefs.”

Also speaking, the Managing Director, Sigma Pensions Mr. Dave Uduanu, said: “The launch of the Sigma Pensions Non-interest RSA Fund VI marks another first by Sigma Pensions as we continue to trail blaze in the Nigerian Pension industry.

“This product is particularly unique because for the first time ever in our market, it allows pension account holders to be able to have pension solutions that aligns with their beliefs and values. We thank the National Pension Commission for opening up this window to foster financial inclusion in our country.”

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He said in the course of market research, his firm discovered that worldwide, on average, non-interest investments have provided better risk adjusted returns than conventional investments.

Furthermore, the Executive Director, Technical, Sigma Pensions, Mr. Ibrahim Balarabe, urged existing and new customers who have been yearning for the fund to key into it citing their preparedness.

“With this official launch, I humble urge all those interested in being part of this fund to quickly respond to our invitation by signing their expression of interest forms and returning to any of our numerous channels of communication convenient to them.

“We promise to continue to working for you and doing everything within ethical and moral and regulatory guidelines towards providing you with retirement as well as financial happiness.”


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