Parthian Pensions Advocates Increase in Financial LiteracyParthian PensionsParthian Pensions Advocates Increase in Financial Literacy

Parthian Pensions Limited, one of the newly licensed pension fund managers  has advocated increase in financial literacy to deepen adoption of pension scheme by Nigerians.

Parthian pensions said it was focusing on the micro pension market to gain fresh Retirement Savings Account (RSA) holders into its customer base.

Speaking at a recent pension forum in Lagos,  the Head of Operations, Parthian

Pensions, Mr. Adetunbi Ashaye, called on stakeholders in Nigeria’s pension sector to educate the masses on the importance of subscribing to the Contributory Pension

Scheme (CPS).

He noted that the pension sector has huge potential for growth, highlighting some of the developments in the industry that demonstrated his assertion. 

“People clamouring to exit the scheme, have forgotten so soon that it was because of the past bad experiences that the new scheme came on board. This is because the previous pension system was unfunded. Now that it is funded through the contributions of the employees and the employers, it is highly regulated. What really needs to happen is that we should drive financial literacy because people in Nigeria see pension as insignificant, something that is not important,” he observed.

According to him, the impact of the scheme to the economy is that it ensured that people have good retirement; people have good life after they have stopped working.

He observed that Nigerians see insurance and pensions as unnecessary, noting that their reasoning is that if they cannot provide for their immediate needs, which is food, shelter and clothing, why should they save? He added that this still comes down to the need for Micro Pension Plan.

“What should be happening in the industry now is to simplify, digitise micro pension plans, and ensure diversification in different ways so that we can reach out to everybody. With pension assets projected to hit  N29 trillion at the end of the year, the pension industry performance in the first quarter, 2025 shows N79 billion was paid for Programme Withdrawal and N54 billion for Annuity. There is also the certification of asset classifications, and what we need is transparency, which is what PenCom is doing, people are looking and seeing how the funds are growing,” he said.