Trustfund Charges Workers on Adequate Preparation for Retirement

Damilola Oyedele in Abuja

Trustfund Pensions Plc has called on Nigerian workers to make adequate preparation for retirement so they do not become a burden to themselves or families in that period.

Trustfund’s Zonal Manager, Central and South Zone, Mr. Maurice Ogar, speaking at a pre-retirement seminar organised for its subscribers in Lagos recently, said retirement should not be regarded as an end in itself but a unique opportunity to embrace another facet of life.

The participants were exposed to business ideas such as fish farming and some agriculture-based businesses aimed at assisting them live quality and productive lives in retirement.

“Nigerians are usually apprehensive when they want to retire because they don’t know what the future holds for them, but at this forum, we are going to assure them that there will not be much difference between life in retirement and active service because they have already made plans by opening retirement savings account for themselves,” Ogar said. He added that it is necessary that pensioners have at least one other source of income, to buttress their monthly stipends.

“The pension law as amended last year, reduced the period of waiting after loss of job, for a pensioner to be able to access his / her account. Under the old pension law, that is the pension reform act 2004, such a person was expected to wait for six months, if after six months, such a person could not find a job, he will then be able to access the account by 25 percent but the new law has made the waiting period four months. So, if for instance you lose your job in May, you can access your account by September, which is the fourth month of having to look for job without being successful.”

Ogar however explained that the law does not allow Trustfund provide monetary support to its clients, but to help them save for retirement.

The Pension Managers, Lagos Regional Manager, Mr. Oladetohun Jacob explained his company’s collaboration with Trustfund at the seminar.

“We want to discuss with them about the benefits options they have before retirement. We want to check whether their documents are up to date and interact with them on any issues they may have with our services. We are also looking at training them and we have the resource person on ground here to do that,” he said.

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The MMA2KIARace, which is instagram-driven, can be accessed by fans on the new MMA2 corporate website: www.mma2.com.ng, its Twitter handle: @MMA2Bicourtney and Facebook page: MMA2Bicourtney.

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The competition, like past innovations by BASL, is inspired by the conviction that Nigeria can no longer