Industry professionals task workers on additional retirement plans

PLAYERS in the insurance and pension industry have called on Nigerian workers to diversify their retirement plans to have a better life after active service.

The industry players, who gathered at the Maiden edition of the 2024 Inspenonline Retirement Summit in Lagos at the weekend, said with the current economic situation, pension contributions alone cannot guarantee a better retirement life. They said those who rely on their contributions will live miserable lives after retirement.

To this end, they urged employees to set aside funds from their salaries for additional voluntary contributions ( AVC) or purchase an endowment policy in insurance companies to augment whatever may be coming from CPS'S monthly stipends.

They also urged employees to negotiate retirement plans with their employers the same way they negotiate their salaries.

They also advised them to search for their purpose in life, which aligns with their passions, and start planning towards it at an earlier stage of their working lives.

The keynote speaker and Managing Director of ZER Consulting Africa Limited, Adeolu Adewumi- Zer, urged workers to identify their passion earlier in life and invest in it as part of their retirement plans, saying that could amount to “investment meeting opportunities”.

Adewumi- Zer, who is also the former managing director of Allianz Insurance, stressed that most people enter retirement unprepared because they lack financial planning, saying each worker should have a financial planner who will guide them on the best investment options and helps in the management of their wealth.

According to her, most people enter retirement without fully preparing because they lack financial planning.

“Retirement is not an ending, it is a magnificent new beginning – a chance to unleash your resilience and craft a fulfilling future that transcends the confines of your workplace,” she said.