The imperative of planning for retirement resonated in Abuja, recently at a pre-retirement forum organized by Stanbic IBTC Pension Managers Limited, a member of Stanbic IBTC Holdings. At the forum, the company outlined steps to help people make a successful transition to the next stage of their lives and have the dream retirement they desire.
The company said though people have the freedom to make choices about the kind of life they want to have in retirement, failure to plan for this eventuality will however lead to unpleasant consequences.
Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, in his opening comments at the event, stated that Nigeria’s current pension system, as enshrined in the Pensions Reform Act of 2014, is a powerful tool with which to set future goals and create the comfort and security necessary to enjoy fulfilment 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.
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, Fajemisin said. With the theme, ‘Life Continues at Retirement – Retire well’, the event had an enthusiastic audience drawn from the public and private sectors. Abuja is the second among key cities across the country to host the forum this year. A similar session held in Lagos in April while another is slated for Port Harcourt later in the year.
Apart from presentations by respected experts on Lifestyle, Health and Managing Finances, the forum provided an opportunity for participants to obtain explanations on salient issues including how to access pension funds, investing pension assets and importance of Wills.
Fajemisin stated that the pre-retirement fora, among several instituted by the firm to engage with stakeholders at different stages, are aimed at providing people, particularly those approaching retirement, a platform to have a clear view of the path to a comfortable retirement, while removing the stress of pondering what will happen when the individual disengages from active service. Besides updating participants on new developments in the pension industry, the forum would also help to shape industry agendas, the ultimate goal being to highlight benefits of the country’s nascent pension scheme, which will enable Nigerians harness the opportunities, Fajemisin said.
Head, Business Development, Stanbic IBTC Pension Managers Limited, Mrs. Nike Bajomo, in her closing remarks, assured that the company remains committed to rendering impeccable service to its clientele. “We make a promise to our clients: that they will retire 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 achieve just that,” said Bajomo.
Stanbic IBTC Pension Managers is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 21 countries on the African continent. Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.