The Lagos Regional Manager, TrustFund Plc, Mr Oladetoun Jacob, on Tuesday said that the company spent about N7 billion every month to pay over 15,000 retirees in its enrolment.

Jacob said in Lagos that his company was up-to-date with pension payment to encourage more people to key into the pension administration.

“We are up-to-date with the payment of retirees under TrustFund. The company’s investment is to preserve investors’ capital. We have over N500 million in our Retirement Savings Account (RSA),” he said.

The regional manager said that the reviewed Pension Act had also boost retirement benefit as employers contributed 10 per cent while employees contribute 8 per cent.

He further said that adequate plans were being made to register workers in the informal sector since they had shown interest to join in the pension scheme.

“Before now, many of them did not show interest because they do not understand the operation of the scheme.

“After the review, they saw the benefit and are willing to be part of it,” he said.

Jacobs said that it was only the pension commission that could deal with defaulters and encourage workers to keep tab on their pension so that when they retire, they would enjoy the accrued benefits.