Omosehin Advises Retirees to Embrace Retirement Savings Products
Ebere Nwoji
The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has advised retiring workers to see retirement savings products such as annuities, life insurance, and other retirement savings plans not just as financial instruments, but vital tools for peace of mind in later life.
Omosehin also advised insurance managers and other managers of retirement funds to work to ensure that these tools were accessible, transparent, and aligned with the evolving needs of the aging population.
The commissioner who spoke at the 2025 Inspenonline Retirement Summit held in Lagos said the economic headwinds we face today were not insurmountable, but required coordinated action, strategic foresight, and above all, trust.
“Trust in our institutions, trust in our systems, and trust in our financial instruments,” he emphasised.
According to him, to navigate this period effectively,fund managers must focus on three critical priorities which are policy alignment and regulatory reform.
“We must ensure that our policies across the insurance, pension, and financial sectors are not working at cross-purposes. Regulation must be enabling, responsive, and focused on long-term value rather than short-term gains”.
He also said that relevant sectors must invest in designing affordable, relevant, and inclusive retirement products, especially for the informal sector, which constitutes a significant portion of the population.
Also speaking, Chairman of the Summit, and former Commissioner for Insurance, Mr Fola Daniel, noted that in today’s unpredictable economic climate, achieving a secure and comfortable retirement has become more challenging than ever.
According to him rising inflation, market volatility, escalating healthcare expenses, and the uncertain future of social security systems all pose significant obstacles.
He however said with proactive planning, disciplined saving habits, smart investment strategies, and the flexibility to adapt to changing conditions, a financially stable and fulfilling retirement is still an attainable goal.
