Lagos, Nigeria, Oct 8, 2015 – Planning for retirement should commence from the first day the individual starts working. Taking this decision may seem disheartening at the outset, but 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.
This was the message that Stanbic IBTC Pension Managers Limited, a member of Stanbic IBTC Holdings PLC, took to Port Harcourt recently, at a pre-retirement forum organized for residents of the Garden City and its environs.
Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, in his opening comments at the event, 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 emphasized.
The Stanbic IBTC helmsman outlined three crucial considerations which everyone must give a thought to for a secured future. According to him, 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. 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.
“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,” he said, Other issues that were 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.
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 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.
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 20 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 organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.
