Stanbic IBTC Pension Managers Limited, Nigeria’s biggest pension fund administrator, has taken its drive for retirement planning to Abuja, the Nigerian capital, with a call to Nigerians to understand the importance of early retirement planning.
Speaking at the seminar, which had the theme, “Life renewed at 55 and beyond,” Chief Executive of Stanbic IBTC Pension Managers Limited, Dr. Demola Sogunle, stated that the pension system, with defined contributions as its foundation, presents a clear path for employees to maintain a stable standard lifestyle even well after retirement.
He said: “People are apprehensive about retirement because they do not plan for it early enough. Ideally, planning for retirement should commence from the day one takes on a first job. It demands setting aside part of current income into a retirement savings account. Our central mission at Stanbic IBTC Pension Managers Limited is to help Nigerians address their retirement needs.”
Dr Sogunle emphasized that planning for retirement should commence early in an individual’s working life as it typically takes many years to accumulate the necessary funds with which to live comfortably when the salary eventually ceases to arrive at the end of every month. “This seminar, besides celebrating all of you that will soon transit from contributors to retired clients of Stanbic IBTC Pension Managers, will also provide an opportunity to address the concerns or anxieties you might have as retirement draws close.” Other issues that were examined include preparation for retirement; accessing retirement benefits; health at retirement and investment opportunities post-retirement.
Dr Sogunle outlined three crucial considerations which everyone must give a thought to for a secured future. The first is that no one will ever care about your retirement investments as much as you do – so educate yourself.
The second is that when making retirement investments, seek professional assistance – even the best athletes have coaches.
The third that is even if you may have stopped working for money; your money should never stop working hard for you.
In addition to entertaining the guests, Stanbic IBTC Pension Managers also provided free health checks which included screening for hypertension and diabetes, comprehensive dental and eye screening with consultation as well as lifestyle assessment for all the participants.
