Insurance

NIA to educate workers on retirement plan

Mrs. Ilori

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Chuks Udo Okonta

The Nigerian Insurers Association (NIA) in a bid to ensure workers retire well has revealed its plans to organise a workshop to enlighten them on how to prepare for their financial future.

The two-day workshop, scheduled to hold in Lagos from September 17 to September 18, 2019 has the theme, “Preparing for tomorrow today,” and notable speakers had been lined up to address different issues on financial plans.

The Director-General, NIA, Mrs Yetunde Ilori, said insurance remains a means of financial planning and a veritable means for workers to plan for their future.

She observed that many Nigerians did not have plans or prepare for their future after decades of work and this had it attendants consequences.

Ilori said it was cogent for workers to have a change of mind and do the right thing because if they were ready or not, their retirement would come later in life.

A statement from the NIA said the speakers at the workshop would discuss topics such as the importance and necessity of building economic back-ups.
According to the association, transiting into retirement with only the prospect of pension income is hardly prudent and not recommended by pension retirement planning experts.

This session, it added, would explore the possible sources of retirement income and their limitations and present other options for a financially secure retirement.
The topic, “Achieving the retirement dream,” which would help workers to create actions and adopt a long-term view that are prerequisite for a dignified and comfortable retirement would be discussed.

Annuities and programmed withdrawal, which are the only two options permitted to access Retirement Savings Accounts would be examined in details by experts in the insurance and pension industries.

Topics on Wills, estate planning and distribution of assets would be discussed.
The NIA noted that estate planning is a crucial aspect of retirement planning and readiness process, and that it is important for everyone to safeguard their assets for future generation.

Some other areas that would be focused on are how to deal with aging process, where experts will speak on aspects of retirement that are often neglected by potential retirees.

There will also be a new and innovative forum where workshop participants would express their feelings and suggest their solutions to a panel of experts from the insurance, pension, labour, public sector, capital market and other stakeholders.

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