• Tuesday, July 16, 2024
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BusinessDay

Think early retirement planning, Stanbic IBTC Pension Mangers tell workers

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Many people see retirement as something for old and tired people, so planning for it to this kind of people does not make sense. But the irony of it is that the day you started earning your first income, your retirement clock has started reading. This is the notion that many must begin to move away from if they want to enjoy early retirement.

Here, Stanbic IBTC Pension Managers Limited, Nigeria’s biggest pension fund administrator recently took a drive for retirement planning awareness to Abuja, the Nigerian capital, with a call to Nigerians to understand the importance of early retirement planning.

Unveiling the second phase of its interactive pre-retirement seminar in Abuja recently the company said it believes that raising awareness of retirement would help companies and their employees in particular to better understand the imperative of retirement planning.

Speaking at the seminar, which had the theme, “Life renewed at 55 and beyond, ”Chief Executive of Stanbic IBTC Pension Managers Limited, Demola Sogunle, stated that the pension system, with defined contributions as its foundation, presents a clear path for employees to maintain a stable standard lifestyle even well after retirement.

He said:“People are apprehensive about retirement because they do not plan for it early enough. Ideally, planning for retirement should commence from the day one takes on a first job.  It demands setting aside part of current income into a retirement savings account. Our central mission at Stanbic IBTC Pension Managers Limited is to help Nigerians address their retirement needs.”

The seminar also provided a platform for the leading PFA to forge closer ties with its customers and to enlighten the public on developments in the pension industry. Other activities that featured at the event were presentations on Lifestyle and Health and Managing Finances.

“In addition to creating awareness about the necessity of having a retirement plan and enjoying a comfortable life post-retirement, another objective of this campaign is to further deepen the relationship with our customers by reminding them of our availability at anytime and anywhere to attend to their needs. In so doing, we obtain significant feedback with which to develop solutions that address their specific needs.

This will not only put them at ease; we are also motivated to go the extra mile to deliver on our promises,” Sogunle stated.  Sogunle emphasized that planning for retirement should commence 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.  “This seminar, besides celebrating all of you that will soon transit from contributors to retired clients of Stanbic IBTC Pension Managers, will also provide an opportunity to address the concerns or anxieties you might have as retirement draws close.”Other issues that were examined include preparation for retirement; accessing retirement benefits; health at retirement and investment opportunities post-retirement.

 Stanbic IBTC Pension Managers, stated Sogunle, is backed by the requisite expertise and experience and strong financial clout of the Standard Bank Group, ensuring efficiency in the management and safety of clients’ investments. “We believe that the support, experience and capabilities of the Standard Bank Group, to which Stanbic IBTC belongs, have been instrumental in enhancing our expertise, resource base and general service delivery; thus reinforcing our goal of providing excellent service to all our customers.”

 At the end of the seminar, Sogunle outlined three crucial considerations which everyone must give a thought to for a secured future. The first being that no one will ever care about your retirement investments as much as you do – so educate yourself. The second thought is that when making retirement investments, seek professional assistance – even the best athletes have coaches. The third thought is even if you may have stopped working for money; your money should never stop working hard for you.

In addition to entertaining the guests, Stanbic IBTC Pension Managers also provided free health checks which included screening for hypertension and diabetes, comprehensive dental and eye screening with consultation as well as lifestyle assessment for all the participants.

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 19 countries on the African continent, including South Africa. Standard Bank has been in operation for over 150 years and is focused on building first-class, on-the-ground banks 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.