Communique issued at the end of 2025 Inspenonline retirement summit held on Wednesday, May 7, at NECA House, Alausa Ikeja, Lagos
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The stakeholders, leaders of various associations and institutions in the nation’s Insurance and Pension sectors as well as representatives of various Pensioners Associations who attended the 2025 Inspenonline Retirement Summit highlighted the following points as solutions to the Summit theme, ‘Attaining Good Retirement Amid Economic Headwinds.’
1 That long-term financial planning and risk management are crucial for securing a comfortable retirement.
2 That individuals must prioritise early planning and saving for their retirement to ensure financial stability and security in their golden years.
3 That financial planning is essential due to growing complexities retirees face in an era defined by inflationary pressures, market volatility, and shifting demographic patterns.
4 That more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings.
5 That product relevance and accessibility as well as financial literacy and consumer empowerment must also be priotised.
6 That We must ensure that our policies across the insurance, pension, and financial sectors are not working at cross-purposes.
7 That regulation must be enabling, responsive, and focused on long-term value rather than short-term gains.
8 That industry must invest in designing affordable, relevant, and inclusive retirement products, especially for the informal sector, which constitutes a significant portion of our population.
9 That Micro-insurance and digital platforms hold tremendous potential in designing affordable, relevant, and inclusive retirement products.
10 That all levels of government should ensure full compliance with the Contributory Pension Scheme (CPS) as only six states were currently complying.
11 That prompt payment of pension benefits and gratuity to workers should be a priority for all as delayed payments could cause financial hardship and uncertainty for affected employees
12 That stakeholders, operators and regulators should collaborate, innovate and advocate policies and practices that will ensure every Nigerian retiree have the means to survive and the resources to thrive.
13 That with proactive planning, disciplined saving habits, smart investment strategies, and the flexibility to adapt to changing conditions, a financially stable and fulfilling retirement is still an attainable goal.
14 That it is important to remember that no matter how busy you are today, retirement ultimately places full responsibility for your well-being in your own hands because retirement benefits often arrive late and, when they do, rarely reflect the true value of your years of service and dedication.
15 That there is the need for proactive financial planning and the creation of multiple income streams to sustain you after active employment ends.
16 That building a solid retirement plan requires early, intentional action.
17. That rather than viewing retirement as a distant event, it should be seen as a phase that demands preparation, setting specific goals—such as your desired retirement age, preferred lifestyle, and projected financial needs that helps establish a clear direction for saving and investing.
18 That Starting early also harnesses the power of compound interest, allowing your savings to grow substantially over time as early planning gives you the flexibility to adjust to personal or economic changes as they arise.
19 That equally important is considering how you’ll spend your time after retiring as post-retirement income is seldom as stable as a regular salary, so developing alternative income sources—such as investments, small businesses, or side ventures—is essential to maintaining a comfortable lifestyle
20 That it is also important for retirees to recognize that retirement benefits may be delayed or insufficient to cover all living expenses underscoring the need for a well-structured personal financial plan that does not rely solely on pensions or social support systems, but ensures long-term stability and independence.
21 That annuitants of African Alliance Insurance are suffering calling on the appropriate authorities to intervene.
22 That post retirement period is not a time for speculative investments or adventures, every investment decision by retirees must be situated in well informed professional guidance.
