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Stanbic IBTC Pensions, a pension fund administrator (PFA), has mobilized retiring workers in the South East, educating them on how to access their pension funds as well as live healthy in retirement. The nation’s pension assets currently stands at N8 trillion.
Dele Sotubo, executive director, Investment, IBTC Pensions Limited told the participants that the best situation is to retire young and retire good, saying steady contribution would make a worker comfortable at retirement.
Sotubo defined retirement as taking a break from active work, but said planning makes all the difference, insisting that every retiree is a potential retiree.
The company’s experts drilled the audience on various aspects of retirement intelligence, from how to plan retirement, how to access the fund, rationale behind access principles, health management in retirement, and how to escape dupes that flawk around retirees to swindle them of their lump sums.
Sotubo explained in recent past, many investment hawkers sold deals to retirees only for woes to follow. He warned that pension money was a worker’s last lump sum and that if lost, doom usually followed.
The company also unveiled the different access packages available to retiring workers such as lump sum, programmed withdrawal, annuity, and en-bloc. She said the third is available only to persons retiring at 50 years and had not contributed up N550, 000.
The health expert, Olubiyi Adesina, showed people how to enjoy and collect all they have laboured for, how to achieve longevity, what to eat, how to eat, exercises, etc.
Nigeria is said to have hit N8 trillion in its pension scheme and that N4.04 trillion representing 53.81 percent of the pension funds assets were invested in the Federal Government of Nigeria (FGN) Bonds, while 15.38 percent amounting to N1.18 trillion went into Treasury Bills (TBs). The statistics further showed that N672.23 billion or 8.94 percent was invested in domestic ordinary shares, N626.3 billion or 8.33 percent in banks, while N262.49 billion or 3.48 percent was invested in corporate bonds.
Ignatius Chukwu
