FUND ADMINISTRATION

RETIREMENT SAVINGS ACCOUNT [RSA]

Under this scheme, the Pension Reform Act requires an employer to pay a minimum of 7.5% of an employee's total emoluments as monthly retirement contribution. The employee is also required to contribute the same percentage to the scheme. The funds within this account are invested by us to yield a good return and multiply the funds available to members on retirement.

Account holders have the opportunity of viewing their account at any particular time online by making use of the account details that will be issued to them.

VOLUNTARY SAVINGS ACCOUNT [VSA]

This is a savings account into which employee can make additional payments if the regular pension contribution will not be sufficient to meet his or her personal retirement goals. The funds in this account will also be invested on the contributors instruction, ensuring that the money works better for the contributor.

The rates in this case is not fixed as in the case of the above counterpart. It is dependent solely on the discretion of the contributor.

FUND MANAGEMENT/INVESTMENT

We are guided by an investment policy drawn up by our Management and approved by the Board. Our investment as at 31^st December 2005 was over N3.3Billion on book value and N6.4Billion by market valuation.

We have investments in the following areas:

• Equity- quoted and unquoted
• Real Estate
• Government Bonds
• Treasury Bills
• Fixed Deposits

We have grown our investment portfolio by over 300% from 2000 to 2005. Our net income has also increased by over 150% in the same period. This has enabled us to give generous interest credits to our members and pensioners.