Sigma Pensions Harps on the Need for Will

The Executive Director (Technical) of Sigma Pensions, Alhaji Ibrahim Balarabe has urged employees to prepare their will before death to ensure an amicable settlement of benefits to those they would leave behind.

Speaking with journalists during a sensitisation conference, organised for Human Resources (HR)/Pension Desk Officers (PDOs) organised by Sigma Pensions in Kaduna recently, Balarabe noted that if employees prepare their will before death, there would be an amicable and timely settlements of pension benefits to beneficiaries.

According to him, one of the challenges being faced by pension administrators was the fighting that erupts among family members over the benefits of a deceased relation who did not give clear-cut information about who should be paid the benefits if he or she was no more.

“We have many instances where, because of legal tussle within family members, monies are there, but they cannot be paid, therefore, children cannot go to school and the family can hardly feed just because there was no clear-cut arrangement as to who the money should be paid to” he said.

He noted that another challenge in paying pension benefits was the lack of sufficient information by pension contributors.

“You will find monies in the account of those deceased persons but because of lack of update of information before death, you cannot even reach the families, their addresses are vague and you can’t reach them to come and access the pension benefits.”

He added: “For some of the staff, lack of update of information also makes it difficult to communicate with them to give them feedback and update them on their pension account.

“Those are some of the challenges we are facing, but they are being addressed by the PenCom and the pension fund administrators, especially Sigma Pensions”.

He advised employees to understand that retirement is a reality no matter how young or vibrant or financially sound or healthy one may be today.

“The fall back should be what you have contributed under the pension scheme. So it is good to take pension contribution seriously,” he stressed.

He commended the federal government for adequate payments of its pension contribution funds, pointing out that the only problem in the past two years had been the issue of accrued right for retirees who served during the old pension scheme.

He however pointed out that some state governments and some organisations in the private sector have not been up to date in paying their pension contributions.