Access ARM Pensions Urges Contributors to Start Retirement Planning Early

Nume Ekeghe

 Access ARM Pensions has urged pension contributors to begin preparing for retirement long before leaving active service, stressing that a clear understanding of pension benefit options and compliance requirements is critical to securing timely access to retirement benefits and avoiding unnecessary delays.

 The pension fund administrator gave the advice during its webinar tagged, “Retire Ready: Programmed Withdrawal, Annuity & You,” where pension experts provided practical guidance on retirement planning, the options available to retirees under the Contributory Pension Scheme (CPS), and the steps contributors should take to ensure a seamless transition from employment to retirement.

Speaking during the session, Head of Benefits Administration, Zainab Bello, said while many Nigerians spend decades contributing to their Retirement Savings Accounts (RSAs), relatively few take the time to understand how their retirement benefits are calculated or paid.

“People spend over 30 years planning for retirement but often spend only a few days trying to understand how their retirement benefits actually work,” Bello said.

She explained that one of the most important decisions retirees make is choosing between Programmed Withdrawal and Annuity, noting that each option offers distinct advantages depending on an individual’s financial goals and family circumstances.

Also speaking, Head of Compliance, Ayodeji Ayo-Majaro, said compliance should not be viewed merely as a regulatory obligation but as an essential safeguard for retirement security.

“Compliance is not just about obeying rules. It is protecting your retirement benefits, your dignity and your financial future,” he said.

He identified poor employment records, multiple Retirement Savings Accounts, inconsistent personal information and incomplete documentation as some of the leading causes of delays in processing retirement benefits.