• Thursday, April 18, 2024
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BusinessDay

Redefining the Nigerian Pension Scheme: Veritas Glanvills Pensions Limited Leading the Way to a Brighter Future

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After retirement from regular employment, every worker desires to receive payment in form of pension to be able to take care of his or her consumption needs in retirement. In Nigeria, the word “pension” often conjures images of old age, financial constraints, and inaccessible funds.

For many, the idea of participating in pension scheme is unencouraging, with a prevailing belief that they won’t have access to their hard-earned money upon retirement. This negative perception is owing to past experiences under the Defined Benefit Scheme where people struggled to access their pension funds, leading to a deep-rooted mistrust and wrong perception of the Pension Scheme.

With the enactment of the Pension Reforms Act (PRA) 2014, the landscape of the pension industry in Nigeria underwent a significant transformation by introducing the Contributory Pension Scheme (CPS). This led to a more structured and professional approach to pension management, ushering in a new era of transparency and accountability.

Among the Pension Fund Administrators (PFAs) licensed to manage pension funds is Veritas Glanvills Pensions Limited (VG Pensions).
Since its inception, VG Pensions has been actively involved in the positive transformation of the Nigerian pension system. The company’s unwavering commitment to innovation, customer satisfaction, and financial inclusion has set it apart as a beacon of hope in an otherwise skeptical landscape.

Through a combination of strategic initiatives and progressive policies, VG Pensions is actively changing the negative narratives surrounding pensions. The company offers a range of customizable pension plans, including the Micro Pension Plan (MPP), that allows individuals working in organizations with fewer than three employees, who are not mandated to participate in the Contributory Pension Scheme, to make financial contributions towards pension provision for their retirement or incapacitation. These plans are tailored to individual preferences and financial goals.

Whether you are a young entrepreneur, a seasoned professional, or a small business owner, VG Pensions ensures that there’s a plan suitable for you.

VG Pensions has invested significant resources in technology and digital innovation to streamline processes and improve customer experience. Through user-friendly mobile app and online platforms, clients can easily track their pension contributions, access account information, and have hassle-free transactions. The emphasis on technology not only enhances convenience but also fosters greater transparency and trust between the company and its clients.

Furthermore, VG Pensions is actively engaging with communities and stakeholders to promote pension awareness and education. Through various communication initiatives including customer interactive sessions, the company has contributed greatly to demystifying pension and changing the negative public perception of the pension system.

As more Nigerians recognize the importance of planning for retirement, Veritas Glanvills Pensions Limited stands ready to guide them on their journey towards a financially secured future and happy retirement life.