Stanbic IBTC Pension Managers advises workers on early retirement planning

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 will 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 Executive Director, Investments, Mr. Oladele Sotubo, said as people head 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.

“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,” Fajemisin pointed out.

To him, “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.”

Head, Business Development of the PFA, Mrs. Nike Bajomo, in her closing remarks, assured that the company remains committed to rendering impeccable service to its clientele nationwide.

Other issues that were examined at the seminar 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.