At the point of writing this article,
there is no university or Polytechnics in Nigeria offering pension management
as a course. There is therefore little or no information available on pension matters
in Nigeria. Much has not been written on pension matters in Nigeria except few articles
and reports on pension in newspapers and magazine in Nigeria.
This has created an information gap and according
to Onuoha (1994:136) noted that “information is too important to be left alone
or managed poorly” The world has changed, we are now in the period of hyper
globalization and Nigeria cannot afford to be left behind and the pension
industry should not be an exception
Pension is critical aspect of life and requires and
even deeper understanding , as most retirees rely heavily on their pension
contribution to be able to access the good things of life but unfortunately
they feel unconcerned, about it, the result is that they have scanty or
information at all pertaining their
pension contribution. Even when their employers in conjunction with Pension
Fund Administrators organize forums to educate and enlighten them on pension
issues, they hardly make themselves available; the result is poor turnout and
wastage of man hours as they use the opportunity to go about their other
business, leaving PFAs to talk to few individuals.
In a country with low reading cultures, it leaves
much to be desired in that regards , as people saves for only two treason , to
make lots of money and to cater for
their old age. But where the contributor does not have necessary information,
nor make plans to get such information, it becomes a dismal situation and calls
for a greater awareness in that regards.
The Federal Government of Nigeria has promulgated
the Pension Reform Act 2014, which means a repeal of 2004 Pension Reform Act.
Are the masses interested to get the basic highlights of the act, or will they
continue to play the lessee fairs attitude to issues pertaining to their
pension only to be interested in it during retirement.
In my article on 10 pension mistakes millions of
Nigeria make, it should be noted that one of the greatest mistakes is not
checking their pension pot. And at the end of their working they now discover
that they need these pensions just as fish need water to survive.
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