XploraBen:
Okay.



In other news,today is my birthday.
Show me some likes.

#Nov25thborn

Celdanstar:
This is a good piece of information for those who do not want to spend their old age in penury. But Nigerian workers detest pension plans because their emoluments are barely enough to cater for their needs let alone saving for old age.

hopefulLandlord:
Pension makes little to NO sense in a country like ours

first, inflation eats at pension badly; so a pension you saved for 30 years or more would be worth far less when it's time to start withdrawing it and you can't even withdraw everything at once, they'll be giving you bit by bit while charging you fees and using every trick in the book to metamorphically swindle you

secondly, Pension managers HATE it when a client of theirs is due to start receiving his/her money, they'll start frustrating such a person by asking for documents here and there hoping you'll die before getting all those documents, its even worse when the owner of the pension is dead and its the family members/next of kin that wants to start taking what's Thiers

jhydebaba:
Any reliable pension scheme in Nigeria

hopefulLandlord:
Pension makes little to NO sense in a country like ours

first, inflation eats at pension badly; so a pension you saved for 30 years or more would be worth far less when it's time to start withdrawing it and you can't even withdraw everything at once, they'll be giving you bit by bit while charging you fees and using every trick in the book to metamorphically swindle you

secondly, Pension managers HATE it when a client of theirs is due to start receiving his/her money, they'll start frustrating such a person by asking for documents here and there hoping you'll die before getting all those documents, its even worse when the owner of the pension is dead and its the family members/next of kin that wants to start taking what's Thiers

hopefulLandlord:
Pension makes little to NO sense in a country like ours

first, inflation eats at pension badly; so a pension you saved for 30 years or more would be worth far less when it's time to start withdrawing it

hopefulLandlord:
Pension makes little to NO sense in a country like ours

first, inflation eats at pension badly; so a pension you saved for 30 years or more would be worth far less when it's time to start withdrawing it and you can't even withdraw everything at once, they'll be giving you bit by bit while charging you fees and using every trick in the book to metamorphically swindle you

secondly, Pension managers HATE it when a client of theirs is due to start receiving his/her money, they'll start frustrating such a person by asking for documents here and there hoping you'll die before getting all those documents, its even worse when the owner of the pension is dead and its the family members/next of kin that wants to start taking what's Thiers

Kanyeti:
WHY YOU SHOULD START PENSION EARLY?
There is a general misconception that retirement planning means paying money into a pension which might be the reason why some people start pension planning at 50 years. However, pension planning should be explored as a means of financial security. This means that pensions can be a way of saving for the rainy day or what some people will call investment. Pensions nowadays are not just done to have a comfortable retirement bonus. Pension managers now take advice from pensioners on how to invest their money risky or not risky. Today’s graduates face a working life of around 50 years which is a short time before retirement. Retirement is always a reduction in your income but the time one starts his pension could mean sufficient money to cater for their needs from feeding to health care and the rest. Aiden Mcloughlin of The Independent Trustee Company once said “We have a poor history of starting a pension early….with most people only rushing to start one once the “finish line” is actually in sight”. A Pension Savings Model was run by The Independent Trustee Company which looked at a person who only saved for their pension for 10 years from 25 to 35. If this person left the fund to grow with no further contribution to age 65, the benefit would be larger at 65 than if they had saved from 30 years to 65 years. According to the Director General of The National Pension Commission, Chinelo Anohu-Amazu, 7.01 million workers are registered under the scheme in Nigeria. However, this amounts to just 7.45 percent of the total labour force in the country.
So why do you need to start your pension early?
• INCREASED INCOME AFTER RETIREMENT
Tom Mcphail of Advisers Hargreaves Lansdown said “The important thing is to start saving as soon as you possibly can. Even a modest monthly saving now can make a real difference to your financial freedom in the future. Delay five years and you could slash your eventual payout by as much as 30%”. Starting one’s pension early could increases one’s payout upon retirement. It ensures that even upon retirement, you can still afford the best of feeding, healthcare and so on. The importance of starting early can also be seen in Mcphail’s statement when he said “Even if you don’t want to commit to a pension early on, at least start saving, you can always move the money across to a pension later on.
• INCREASED COST OF LIVING
It is no news that there has been an highly increased cost of living in the country. An early pension plan will provide you with enough money to still take care of yourself if at the time of retirement, cost of living has gone up. According to the National Bureau of Statistics, consumer price index rose just between August and September of this year from 17.6 percent to 17.9 percent. This shows that a high sum of money is needed for retirees who started their pension about 40 years back to have a comfortable life after retirement and starting pension early might just make the difference.
• ALLOWS FOR SAVING AND INVESTMENTS
Investing or saving part of one’s salary is the cornerstone of building retirement plans. If one can start early in life, you will significantly increase the odds of reaching financial independence at a younger age. What better way to save money than a pension plan considering also that payments into a pension qualifies one for tax relief. Pension managers have increasingly been give free hand to pensioners on ways to invest their pension fund to help increase it at retirement.
Despite the fact that a meaningful fund is almost impossible for a young person at the start of their career, the figures show that it is the early payments that could make the difference. It is therefore important for young people to start pension plans in earnest. I would like to end with Mr Mcphail’s statement that even if young people don’t want to commit to a pension early on, at least they should start saving as they can always move the money into a pension later on.
Written by:
OLAKANYE OLUWATOBI

lawrence9999:


Pension system doesn't work in a country like Nigeria. Pension scheme is a scam.

buchilino:


U READ WAT WAS ON MY MIND. AS A PUBLIC SERVANT BASED IN LAGOS, I PAY HOUSE RENT OF 300k ANNUALLY. LET ME NOT EVEN ENTER SCHOOL FEES, FEEDING MY FAMILY, HEALTH, TRANSPORT ETC. YET D SALARY IS NOT EVEN UP TO 80k. WAT DOES ONE EXPECT ME TO SAVE. IT'S ALWAYS EASY 4 PPLE 2 CRITICIZE, UNTIL THEY FIND THEMSELVES IN D SAME SITUATIONS.

bsideboii:
No one is criticizing anybody here. OP suggest we all imbibe a savings culture which many Nigerians lack,as it will in the long run save pple from money mess.More money IJN.

buchilino:


U READ WAT WAS ON MY MIND. AS A PUBLIC SERVANT BASED IN LAGOS, I PAY HOUSE RENT OF 300k ANNUALLY. LET ME NOT EVEN ENTER SCHOOL FEES, FEEDING MY FAMILY, HEALTH, TRANSPORT ETC. YET D SALARY IS NOT EVEN UP TO 80k. WAT DOES ONE EXPECT ME TO SAVE. IT'S ALWAYS EASY 4 PPLE 2 CRITICIZE, UNTIL THEY FIND THEMSELVES IN D SAME SITUATIONS.

buchilino:


U DON'T GET IT. THERE IS NOTHING 2 SAVE. NO REASONABLE PARENT WOULDN'T LIKE 2 SAVE. BUT D REALITY IS DAT CURRENTLY IT'S ALMOST IMPOSSIBLE.

micklplus:


I understand your pain but then, what is required of you is 8% of your Transport, Basic and Housing. The other 10% is to be paid on your behalf by your employer to make a total of 18%

Pension scheme is for the future and future must be taken care of from today.

micklplus:


The 8% from you is deducted at source before you are handed your salary. Except if your organisation hasnt bought into the pension scheme, YES?