By ZAKA KHALIQ, Lagos
Stanbic IBTC Pension Managers has advised Nigerian workers to start planning for their retirement as soon as they are in active service.
Planning for retirement, according to the PFA, should commence from the first day the individual starts working, noting that the individual would not encounter the usual apprehension associated with retirement from work as retirement approaches.
Speaking at a pre-retirement forum organised by Stanbic IBTC Pension Managers for residents of Port Harcourt, Rivers State and its environs, chief executive, Stanbic IBTC Pension Managers Limited, Mr Eric Fajemisin, stated 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 executive director, Investments, Mr Oladele Sotubo, said as people head towards retirement, a decision about the type of life they wished 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 their current income into a retirement savings account.
“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.
“This seminar, besides celebrating all of you that will soon transit from contributors to retired clients of Stanbic IBTC Pension Managers also provides an opportunity to address the concerns or anxieties you might have as retirement draws close,”Fajemisin said.