Stanbic IBTC Pensions Managers has advised Nigerian workers to embark on timely planning for their retirement.
The front line Pension Fund Administrator(PFA), specifically said retirement planning by every worker should commence from the first day he or she starts working.
The Chief Executive officer of Stanbic IBTC Pension Managers, Eric Fajemisin, gave the advice in Port Harcourt recently at a pre-retirement forum organised for residents of the city and its environs by the company.
He said taking this decision by workers, might seem disheartening at the onset, but that with the help of an experienced pension professional, the process is made easy.
“As retirement approaches, the individual will not encounter the usual apprehension associated with retirement from work,” he stated.
He said that the pension system, with defined contributions as its foundation, presents a clear path for employees to maintain and enjoy a life of comfort in retirement.
Fajemisin, who was represented by the company’s Executive Director, Investments, Mr. Oladele Sotubo, said as people move towards retirement, a decision about the type of life they wish to live in retirement should not be made from the hip, but rather through a well-structured financial planning process. The process, he said, should commence from the day one takes on a first job and involves setting aside part of current income into a retirement savings account.
According to him, planning for retirement is imperative 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.
He outlined three crucial considerations which everyone must give a thought to for a secured future saying,
“The first is that since no one will care more about another individual’s retirement investments, the individual, should educate himself about the process. The second thought is that when making retirement investments, the assistance of a professional should be sought for. The third thought is, even when the individual may have stopped working for money; the money should never stop working hard for him”.
He said the IBTC Pensions Managers seminar, aside celebrating all of its intending retirees, also provides an opportunity for the company to address the concerns and anxieties they might have as retirement draws closer.
He said other issues to be examined include preparation for retirement; accessing retirement benefits; health at retirement and investment opportunities post-retirement.
The pre-retirement forum, which the firm launched three years ago, is part of initiatives aimed at encouraging retirement planning amongst Nigerian workers and employers. With the theme, ‘Life Continues at Retirement – Retire well’, the event had about 600 participants in attendance. Lagos and Abuja had earlier hosted similar sessions this year.
Speaking at the seminar, Head, Business Development, Stanbic IBTC Pension Managers Limited, Mrs. Nike Bajomo, assured the contributors that the company remains committed to rendering impeccable service to its clientele.
“We make a promise to our clients that they will retire very well. It is a promise we always keep. That explains why we are represented in virtually every part of Nigeria, so that our customers will not have to go over long distances in order to meet with us. Retirement is a time to rest and enjoy the fruits of your labour. At Stanbic IBTC Pension Managers, we help you to achieve just that,” said Bajomo.