Premium Pension wins Award-By Nkechi Naeche

These Awards are Proves of Quality Service to Clients – Wilson Ideva

L-R: Executive Director, Business Development & Investment, Premium Pension Limited, Kayode Akande; Managing Director/Chief Executive Officer, Wilson Ideva and Head, Corporate Communications, Paddy Ezeala during a press briefing in Abuja Yesterday.

The Managing Director/Chief Executive Officer, Premium Pension Limited, Wilson Ideva, has attributed the award it won at the just concluded Africa pension awards organised by World Pension Summit ‘Africa Special’ to prove of its first class service delivery to its contributors and retirees in the country.
It would be recalled that Premium pension during the week won the best Pension Fund Administrator in Africa with wide Coverage/Inclusion and the best performing PFA in Africa in the area of Corporate Governance Innovative.
He made this known during a press parley in Abuja, that the firm during the year embarked on projects that have helped promote the industry.
He said the awards will give assurances to Retirement Saving Account (RSA) holders and retirees that the firm is focused and committed to best practices.
The Premium Pension boss added that one of the policies of the firm is to build on laid down structures that will promote first class service delivery to clients.
He said : “We are not building individuals in Premium Pension, we are indeed, building structures. This is the challenge we have in Africa, where you have a super managing director and every other person is subjected to him and when he lives, the whole place collapses.
“I am just first among equals, I see my team members as my mate and every morning, I go to their offices to greet, thank them and to see he challenges they are having, and that gives me first hand view of what is going on.”
He assured that laid down structure of the company and team spirit helps the management tackling challenges immediately they arise.
Speaking further, Executive Director, Business Development & Investment, Kayode Akande, said the awards will enable them to reach out to prospective clients more easier.
His words: “The awards will tell enlightened clients about the institution they are dealing with. Remember, we are warehousing and managing the pension assets of people. People would want to be sure that the pension fund administrator that is managing their funds has got all the credibility.
He added that “It is beautiful that our industry has got credibility, the awards has now assured our clients that their PFA is termed to be the best in term of corporate governance. When you say somebody is good in corporate governance, what it means is that all the necessary structures in managing financial assets have been put in place. This is the level of confidence the awards would give to any customer that understands what they are all about,” he said.

 Culled from Business Today

4 Things to Know Before Taking Money From Retirement Accounts-Sheiresa Ngo

Man holding money | iStock.com/Alen-D

One day you’re enjoying your job and loving life. Things are going well and you have no complaints. Then, seemingly overnight, you’re living your worst nightmare. You’ve been laid off, your unemployment benefits will end soon, and you’ve blown through your emergency savings fund. If you’re in a tight spot and you can’t figure out how to make ends meet, you might be considering requesting a hardship withdrawal from your retirement account. This is often the last resort for those who have cleaned out their savings and run out of other sources of money.

Ed Snyder, a certified financial planner and co-founder of Oaktree Financial Advisors, says that while a hardship withdrawal can be a lifesaver in a time of need, there are still some catches to watch out for. “A 401(k) hardship withdrawal helps bail you out of a really tight spot when you have no other options. However, depending on your income and the amount of the withdrawal, the distribution could put you into a higher tax bracket,” warns Snyder in an interview with The Cheat Sheet.
Here’s what you should know before you withdraw money from your retirement account.

1. Your request could be declined

401 (k) plan | iStock.com

Not all retirement plans offer the option for hardship withdrawals because it’s not a required feature. So make sure to check first and see if you are able to receive a distribution. Also know that a determination will be made regarding whether you really have a significant need. If it is determined that you or your spouse have assets available, you will most likely not be granted a hardship distribution. The IRS uses a vacation home as an example of an available asset that could be liquidated to help cover an unexpected financial emergency.

2. Know what qualifies as hardship

Are you rich or poor? | iStock.com

If your retirement plan does offer the option to take a hardship withdrawal, it will outline the specific requirements to qualify. One of the requirements is that you must have what is referred to by the IRS as an “immediate and heavy financial need.” The IRS automatically considers an employee to be in immediate and heavy financial need if the distribution request is for expenses such as funeral costs or significant medical costs. You’ll also automatically qualify if you need the money to prevent an eviction from or foreclosure on your primary residence. These are known as safe harbor distributions. For further information on what qualifies as a safe harbor distribution, see the IRS publication titled Retirement Topics—Safe Harbor Distributions.

When it comes to 401(k) hardship withdrawals, your family won’t be left out in the cold. Requests can also be made to meet the financial need of a spouse or dependent. In addition, a request can also be made for expenses to assist a non-spouse or non-dependent beneficiary, thanks to the Pension Protection Act of 2006.

3. You’ll have to wait to make future contributions

Hand holding out money | George Marks/Retrofile/Getty Images

If you’re suddenly in the position to contribute to your plan again, tough luck. Know that if you want to make contributions to the plan, you’ll generally be required to wait at least six months after you receive a hardship distribution. That means you lose the value of having your money invested in the markets.

4. You’ll owe taxes–and most likely penalties, too

IRS | Win McNamee/Getty Images

Taxes and penalties are in your future. Unlike a 401(k) loan, a hardship distribution does not have to be repaid. However, you will owe taxes on the distribution because it’s considered income. In addition, if you are less than age 59 ½, you’ll also owe a 10% early withdrawal fee.
Jeff Rose, certified financial planner and founder of personal finance blog Good Financial Cents, says a 401(k) hardship withdrawal should be taken with caution. Depending on the situation, the consequences could outweigh the benefits. He recommends looking at other options first, such as taking out a personal loan. “Using a 401(k) hardship withdrawal should only be done as a last resort. Look for all other options for accessing money before tapping into your 401(k) retirement savings,” Rose says on his blog. “A 401(k) hardship withdrawal reduces the amount of your retirement account permanently since it’s never repaid, you’ll miss out on compounding interest and earnings, and most likely pay both income taxes and penalties on the amount withdrawn, making it an expensive option for gaining access to your money.”

Culled from Money & Career Cheat Sheet

Buhari to address pension liabilities-Omobola Tolu-Kusimo

•President Buhari

President Muhammadu Buhari yesterday assured that his administration will ensure that all inherited outstanding pension liabilities of the Federal Government are addressed despite the scarce resources available to it.
Buhari, who spoke while declaring open the two-day World Pension Summit holding at the Transcorp Hilton Hotel, Abuja, said the National Pension Commission (PenCom) has been asked to step up its enforcement drive to ensure full compliance by the public and private sector institutions in line with the enabling law.
He said the summit with ”Pension Innovations: The African Perspective” as its theme, was a welcome development as it brought together pension professionals around the world to discuss and exchange ideas on strategies on the much needed private sector funding.
He noted that the Contributory Pension Scheme (CPS) has eliminated corruption and stabilised the pension system.
He added that it is globally acknowledged that pension matters occupy a strategic space not only as a vital component of social security, but also as a vehicle for nation building

Culled from Nation

As Pensioners Continue To Lament Over PTAD’s Services- Abdullahi Hamza

Pension Transitional Arrangement Directorate (PTAD) is an organisation responsible for the pension administration of the Defined Benefit Scheme (DBS). It was established to address numerous pensioners’ complaints on issues of non-payment of monthly pension, short payment of pension and gratuity, removal of name on pension payment voucher, non-payment of harmonized pension arrears, and irregular payment of federal pensions and non-receipt of pension after retirement, among others.
This organisation was empowered by Section 30, Sub Section (2a) of the Amended Pension Reform Act, 2004. These relevant laws have served as a guide to the organisation and they have been doing their best to deliver on the aforementioned mandates.
It is rather unfortunate that for the past six months now or there about, the once vibrant and very functional institution has been rendered almost redundant and non-functional. This followed the bitter smearing campaign of calumny against the suspended Director General of PTAD, Mrs. Nellie Mayshak.

Mayshak was suspended as a result of the spurious allegations levelled against her. She was maliciously tagged a fraud and subsequently subjected to public opprobrium, which eventually led to her suspension.
It would be recalled that on March 17, the media were awash with the report of the suspension of the Executive Secretary/Director General of PTAD, Mayshak from office over her alleged culpability in financial fraud. Following the directive by the Minister of Finance, Mrs Kemi Adeosun, a director from the office of the Accountant-General of the Federation was named acting head of the PTAD till this day.
One of such heavy allegations against Mrs. Mayshak was that she pocketed such a mind-blowing sum of N60 million monthly. It is rather unfortunate that even when this allegation has no base, the court of public opinion declared Mayshak guilty as charged. She was subjected to a heavy media campaign, where she was tagged a fraud while a probe panel set up to investigate the allegation levelled against her was still ongoing. Both the mainstream and social media space was choked with huge mudslinging against the suspended DG. This however, formed the basis  of many Nigerians even asking for her head while she is still being investigated.
However, it is over six months now that the probe panel set up to investigate the allegation levelled against Nellie Mayshak and the outcome of the probe panel has not been made public to either nail or vindicate the accused Director General.
It was even pathetic that since the suspension of Mayshak, the organisation has been reduced to a shadow of its old self. In fact, sources informed that the level of incompetence displayed by the acting DG led to an order that he should also step aside thereby leaving the agency in a helpless situation.
This has however, subjected the senior citizens whose payment of pension has been affected by this unnecessary crisis to untold hardship. Majority of them are subjected to a precarious situation, as the progress experienced during the reign of the pioneer DG, Mayshack, has been halted.
Many organisations with pension matter challenges are presently complaining, this is because their problems regarding their Pension challenges was about being sorted before this drama that led to the suspension of Mayshak.
It was reported recently that aggrieved pensioners across the country and their next of kins have continued to decry the suspension of the executive secretary and director general, Pension Transitional Arrangement Directorate (PTAD), Mayshak, months ago.
It was also reported that, pensioners have lamented deterioration in the quality of verification exercise and payment since her suspension from office and have called for her reinstatement as they believe the suspension must have been done in error.
In the view of many pensioners, the suspension of Mayshak is counter-productive as her numerous achievements have been rendered useless, even as the challenges experienced in the pension service in Nigeria has resurfaced again. Issues such as verification exercise are deteriorating and this has jeopardized the welfare of many senior citizens.
For instance, a letter by a pensioner Mr Samuel Ajunwa lauded Mayshak’s prompt payment of pensions, and commended her conduct of verification exercise, and her commitment to pensioners’ welfare. The pensioners however, expressed displeasure over their ill treatment since Mayshak left office and expressed fear that the management of pensions under the defined benefit scheme which Mayshak upheld may not live up to its mandate.
It was also on record that, Mayshak efforts was commended by a retired Commissioner of Police, Chief Samuel Fetipigi who was quoted as saying that the Defined Benefit Pension Scheme being transferred to PTAD and pensioner’s verification exercise under her watch recorded tremendous and commendable success.
Pensioners have expressed disappointment over the agency’s inability to follow the blue print of Mayshak, whom they described as an “outstanding public sector reform expert”, and have made series of complaints about the agency losing the glory and values it was known for while Mayshak was in charge.
Kemi Adeosun will do Nigeria well if she yields to this Save Our Souls (SOS) complaints from the real people who are affected by whatever happens in PTAD. It would be unfair to ignore such a cry.
Culled from Leadership

World Pension Summit: PenCom DG excited at Nigeria’s prospects

The Director-General of the National Pension Commission (PenCom), Mrs Chinelo Anohu-Amazu, said that the World Pension Summit Africa Special that will kick off in Abuja next week will deepen the discussion around ensuring that pension funds are invested in the real sector for visible and measurable impact on the economy, while boosting retirement benefits.
The DG said she is excited by the opportunities that the world summit will present providing solutions to some of Africa’s most pressing pension investment challenges.
Global experts on pension innovation, leaders of thought and key practitioners are expected in Abuja between September 27 and 28 to brainstorm on key elements of developing and structuring a sustainable pension system for Nigeria and other African nations
With the theme “Pension Innovations: The African Perspective”, the summit—-as designed by PenCom in partnership with the Pension and Investments/World Pension Summit, Amsterdam, will focus on innovations in the pension industry in Nigeria and Africa.
The World Pension Summit “Africa Special” is the platform to exchange knowhow, supporting professionals in social security and in all aspects of pensions to gain the expertise. It is also about taking the pragmatic essential steps to professionalise pensions and make them ‘future proof’.
The DG, PenCom said the summit which is well-packaged to attract professionals around the world, is aimed at exchanging expertise between all pension professionals in Africa and to stimulate pension market developments and pension innovation.
In particular, she said this year edition of the Summit would focus on key areas and experiences on relevant topics and developments such as: pension innovations; the dynamics of pension investment (ALM, new asset classes, infrastructure investments); ESG for pension funds & impact investing; financial inclusion covering financial literacy, micro pensions & social security; the impact of new technology on communication; actuarial valuation and their impact on benefits, policy & governance.
In order to stimulate and encourage African scheme owners and funds to work on professionalising retirement practice in Africa, the summit has also planned to host the second edition of the Africa Pension Awards. ‘’The awards ceremony is an integral part of the Summit. It is the ultimate reward for excellence, and a huge stimulus to ensure that Africa’s pensions industry remains innovative’’, the organisers said.
The inaugural Awards in 2015 saw RBA Kenya, NAMFISA Namibia and PenCom Nigeria being honoured for their various roles in the development of the sector on the continent.
And the 2016 Awards is aimed at recognising innovations in risk management and communication strategy for improved customer service delivery, socio-economic impact of contributory pension systems, extension of contributory pension coverage and best corporate governance practices.
The summit will attract many key speakers including, Chris Battaglia, the CEO WorldPensionSummit and Vice President /Group publisher of Pensions & Investments (P&I). Battaglia is of Pensions & Investments (P&I)—the pre-eminent international newspaper of money management, and business insurance. He currently serves as Vice President / Group publisher publication serving executives responsible for risk management, insurance, benefits, and brokerage in the global insurance and reinsurance arena.
Mr.Harry Smorenberg, Founder, World Pension Summit will also present a paper at the summit. He previously worked at Banque Paribas and ABN AMRO and wasa director at two leading strategic consultants. He is a financial services marketing and positioning strategist.
He is a leading contributor to innovation in both the retail and corporate payments and transaction space. He has also been actively involved in developing solutions in financial planning, international pensions and ‘social innovations’.
Another speaker includes Mr.Eric Eggink, the CEO of Eggink Van Manen/ Co-founder World Pension Summit, will also speak the global summit. He started his career as a TV Producer at AVRO TV and hosted a weekly radio program about studied Dutch literature and Communications Management literature.
The DG of Pencom will also share her versed experience in the management of pension with the global audience at the summit. She served on the Pension Reform Committee set up by former President Olusegun Obasanjo, whose work led to the enactment of the Pension Reform Act (PRA) 2004, the first of the two major legislations that have reformed the Nigerian pension sector.
She was honoured with a presidential commendation for her work on the Committee. After a period working as a consultant for non-governmental organizations and the private sector, she commenced her public sector career with the Bureau of Public Enterprises (BPE) and was the pioneer Commission Secretary/Legal Adviser of PenCom.
Experts also said that the summit in Nigeria is timely—especially at a time the country is in economic recession, saying the summit would provide the needed technical-knowhow to address some of the critical issues in the economic sector

Culled from Sun

Living the Good Life: 4 Ways to Avoid Lifestyle Inflation-Sheiresa Ngo

Lifestyle creep has a way of slowly seeping into your finances. Maybe after all of your hard work and dedication, you finally get that raise you’ve been hoping for. Or one evening a friend invites you to dinner at a new upscale restaurant. You may reason that you have extra money to burn or that you don’t want your friend to think you’re being cheap, so you shell out the cash and proceed with spending behaviors that you’ll feel bad about later. If you want to build wealth, you’ll need to stop these behaviors immediately. Over time, lifestyle inflation can completely ruin your finances or prevent you from reaching financial goals like paying off high-interest debt or affording the retirement you want. Here are a few ways to break free of lifestyle inflation.

1. Stop comparing yourself

Friends enjoying a meal | iStock.com/monkeybusinessimages

If you want to avoid financial disaster, you’ll have to stop the comparison game. Just because your friends or neighbors seem to be doing well doesn’t necessarily mean that they really are. They could be living a borrowed lifestyle, courtesy of credit cards and personal loans. Don’t buy into the lie. Unless you want to be broke, start focusing on your own life and making financial choices that are best for you.

2. Save your raises

Stack of money | Chung Sung-Jun/Getty Images

Don’t think of your raises as extra money. Think of a raise as a means to reach your savings goals quicker and a way to strengthen your financial independence. Resist the urge to spend raises or an occasional windfall. Remember that it’s not a matter of if but when a financial emergency will occur. Don’t get so comfortable that you forget to prepare for the future. Lack of preparation will come back to bite you when you least expect it.

3. Be careful who you spend your time with

Friends at a bar | Source: iStock

How can you expect to be financially healthy if you spend the majority of your time with people who are terrible with money? Make sure to limit your time with those who are financially irresponsible or always facing a financial crisis. You’ll either be tempted to spend recklessly or you’ll become someone’s personal ATM. So take time to evaluate your friends (you even have to be careful about some family members, too).

4. Stop treating credit cards like a piggy bank

Credit cards | Damien Meyer/AFP/Getty Images

We can’t say this enough: Stop treating your credit cards like a piggy bank. Don’t forget that all of those purchases must be repaid with interest. You may reason you can just continue to charge and pay the balance back whenever you get to it, but we all know this won’t happen. Do your best to pay off your balance as soon as possible. It’s just too easy to get to a point where your credit card debt becomes unwieldy.

Culled from Money & Career Cheat Sheet:

U.S. public pensions turn to currency as returns sour

Public pension funds are embracing currency hedging to bolster returns that have soured in the past year and to prevent further buffeting from extreme market movements.

With equities and bonds as the main stars of the pension investing world, currency funds, which hedge their assets, have been viewed as an after thought for years. But their track records of stabilising portfolios while adding modestly to returns have caused them to gain traction.

Total inflows to currency managers soared nearly 160 per cent to $13.0 billion in the first seven months of the year from $5.1 billion a year earlier, according to investment data analytics firm, eVestment. That was up from $10.4 billion for all of 2015.

By contrast, global macro hedge funds, which invests in currencies, interest rates and stocks, had outflows of $3.6 billion in the seven-month period amid poor returns, eVestment data showed. They had drawn inflows of more than $9 billion a year earlier.

“In a world of low returns, with movements in currencies generating gains, investing in currency funds has become more attractive,” said Richard Benson, co-head of portfolio investments at Millennium Global Investments in London, which oversees $16 billion in assets.

Public pension systems across the United States (US) are posting their poorest returns since the waning days of the financial crisis due to rock-bottom interest rates and choppy global equity markets. Funds ranging from the $302 billion California Public Employees’ Retirement System, or Calpers, to the $17 billion Kansas Public Employees Retirement System have posted returns below 1 per cent in the last year, far less than targeted levels averaging 7 per cent to 8 percent.

Sluggish global growth and weak inflation have kept bond yields low and will probably continue to do so, driving institutional investors into riskier overseas markets with volatile currencies.

Over the last year, some U.S. public pensions, including the Teachers Retirement System of the State of Illinois, have hired currency specialists for the first time.

Culled from Reuters

Unpaid pension: Retiree slumps after fruitless search for money to buy drugs

A Local Government retiree in Benue State, Agada Ocheme, on Sunday slumped after a fruitless search for money to purchase drugs to treat his ailment.
The News Agency of Nigeria reports that aged Ocheme, who could not secure money to purchase his regular hypertension drugs, slumped at his Makurdi residence and had to be rushed to a hospital.
Speaking to NAN on the incidence, one of his children, who preferred anonymity, said his father had been hypertensive since leaving service in 2014 and had been on drugs for effective management of the ailment.
He said his father served 35 years in the services of the local government system before retirement in August 2014.
The son regretted that since retirement “no kobo has been paid to my father, either as pension or gratuity”.
He attributed the slumping of his father to “fatigue arising from long hours of trekking to solicit for financial assistance to procure the drugs”.
He added: “My father had just returned from his outing when the unfortunate event occurred and we immediately rushed him to a private hospital in Makurdi, where he is being treated.”
He said his father had exhausted his credit limit at the hospital where he had been receiving treatment for the ailment.
According to him, the doctors have refused further treatment until his outstanding debts are cleared.
He said the father developed the ailment shortly after he retired from active service and his entitlements were not paid.
He said: “My father became hypertensive shortly after he retired from active service and his situation worsened when it dawned on him that he it would take a long time before he is paid his entitlements.
“His situation deteriorated in the past few weeks owing to paucity of funds to purchase recommended drugs to abate the ailment.”
The son, who is still a student, lamented his inability to give a helping hand as he still depended on relatives for his needs.
He therefore appealed to the state government to immediately commence payment of arrears of pensions and gratuities to save the lives of retirees.
NAN recalls that sometime ago, Governor Samuel Ortom said he had given approval for the release of N400 million for the settlement of pensions and gratuity of local government and state pensioners.
Ortom had told the national leadership of the Benue State University Alumni Association at the Benue People’s House recently, that N200 million would be paid to pensioners and another N200 million as gratuity to local government retirees.
He had promised that the money would be sourced from the budget support fund of N4.3 billion from the Federal Government.

Culled from Today

Another N42 billion fraud rocks PENCOM, D-G fingered

PENCOM Boss, Anohu Amazu

The Centre for Public Accountability (CPA), has urged President Muhammadu Buhari, to order an immediate investigation into alleged sundry fraudulent practices in the National Pensions Commission, (PENCOM).
The group specifically alleged that about N42billion collected by PENCOM in 2012 cannot be accounted for by the Director General, Mrs. Chinelo Anohu-Amazu.
In a petition addressed to the president and signed by the Executive Director of the Centre, Comrade Olufemi Lawson, CPA said the petition is intended to bring to the attention of the president the long list of infractions, mismanagement and maladministration that is ongoing at the commission under the leadership of Mrs. Chinelo Anohu-Amazu.
A copy of CPA’s petition which was made available to newsmen, read: “Mr. President, as you may be aware, the Pension Reform Act was enacted in 2004 for sustainable management of retirement benefits of citizens who worked within the public or private sectors of the federation. As at today, the accumulated pension assets stand at about N5.4 trillion. From that period to date, we want to assert that the commission has never been in the worst state than it is today.
“We affirm that the commission is bedeviled with multiple infractions, violations of the law and widespread corruption that warrant immediate and urgent attention of Mr. President.”
Raising its first issue on the annual collection, the Centre alleged that the Commission is mismanaging the 0.3 per cent annual fees on pension assets, thereby calling for a thorough investigation into it.
“The commission collects annually, 0.3 per cent on the total pension assets which presently stands at N5.4 trillion. Annually the commission collects about N15billion as fees which it spends without any accountability.
“We challenge the commission to publish how it has expended that annual fund which is regarded as slush fund by insiders. As at December 2015, the  current Director General of PENCOM has collected N42 billion which she cannot account for till date.
“We specifically call on the President to order an immediate investigation into how the N42 billion fees collected by the commission was expended from 2012 to date.
Similarly, the Center alleged that the Commission’s DG is involved in illegal application of regulatory powers, stating that there are obvious cases of harassment and selfish tendencies in the leadership of the commission.
“In addition to not implementing statutory provision as above, records showed that the commission under the current Director General has deployed regulatory powers of the commission for selfish, illegal and family usage.
Pension administrators and custodians are harassed and subjected to unholy surcharges including share takeover among others.
Currently, the families of commission Director Generals are the owners of Premium Pension. May we also inform you, that the commission also took over First Guarantee Pension under flimsy excuses and has refused to obey court orders directing a return of the firm to the owners. For more than five years, the commission held on to the firm and is scheming to sell it to interest known to be close to its Director General.”
While describing the annual World Pension being hosted by PENCOM as a wasteful expenditure, the Centre said the country is set to waste almost a million naira for a jamboree like event at a time the country is in recession.
“Annually, the commission plays host to the World Pension Summit, a body owned by two brothers from the United States. The commission forced pension administrators and custodians to pay participation fees while the commission itself spends almost a billion naira annually to host the annual event. The 2016 edition of that event is scheduled to hold by September 27 to 28   in Transcorp Hilton Abuja.
“In this era of recession, this is not just wasteful but corruption laden and out of tune with the spirit of the era. We call on President Muhammadu Buhari to direct the Director General to stop the summit forthwith as Nigeria and pensioners can ill afford such wasteful and extravagant event meant to enrich a family alleged to be working on behalf of the commission management.”
CPA also highlighted the non-implementation of transfer window by the Commission, stating that, “Nigerians deserve to know why depositors are not allowed to migrate if they so wish. We want to know why billions are spent without such migration being realized.”
Urging the president to urgently beam a searchlight on the activities of the commission, the CPA said, “that sector needs urgent clean up if the world, pensioners and workers are to take the administration seriously.
Among other requests to the president, the Center said, “We also call for an immediate investigation into the activities of PENCOM, under its present leadership, by the Economic and Financial Crimes Commission, EFCC and the Independent Corruption Practices and other related offences related Commission, ICPC.”
All efforts to speak with Emeka Onuora, the Corporate Affairs manager of PENCOM proved futile as his mobile number was not reachable as at press time.

Source:TheIcon.ng

What makes a Retirees-Odunze Reginald

Schuller (1988:112) noted that success without social respect can be an ultimate and dismal failure. But that is not the feelings of con artist as they continually scheme, plan and put in strategies that will bring in money no matter who ever that is involved. They do not even care about the state of such people; at times they deliberately target retirees because of their vulnerability.

What then makes a retiree vulnerable? The issue of vulnerability will be explained as we progresses on the write up.

Most losses during retirement occur as a result of wrong decision, wrong purchase decision, and the lust for the sweet things of life, mainly womanizing. But the most devastating of such losses is the loss as a result of scam, fraud and any other actions targeted on the financial positions of the retirees.

Old age has one problem according to psychologist, it tend to make old people vulnerable to issues of money making, as they have dream idea of trying to achieve what they fail to achieve during their working career. They now want to achieve it     during old age and by so doing enter into one wrong investment decision or the other.

Whatever they have not achieve they tend to believe that retirement will afford them that opportunity, by so doing they enter into wrong hands who will fleece them of their hard earned money. The result is that most of the retirees return back to work in order to survive and enjoy their old age. But what these scammers do not know is that wealth do not bring happiness as it is stated in Ecclesiastics 5 verse 10-11 “ How absurd to think that wealth brings happiness, the more you have, the more people come to help you spend it and  continuing  in Ecclesiastics 5 verse 12, 14, it sates “ But the rich are always worrying  and seldom get a good night sleep” Riches are sometimes hoarded to the harm of the saver, or they are put into risky investment that turn sour and everything is lost”

And continuing in Ecclesiastics 5 verse 19 and 20, “And it is good thing to receive wealth from God and the good health to enjoy it” “To enjoy your work and accept your lot in life- that is indeed a gift from God, people who did this rarely look with sorrow on the past,for God has given them reason for joy”.

And so in making wealth, it is pertinent for us to have that God given joy that gives one happiness- a lasting happiness.

Anything short of that may not augur well especially for con artist as Robert Kiyosaki in his book Rich dad Poor dad, noted that there are so many ways, one can be rich, and he included the following, through inheritance, playing lottery, investing or by being a crook or an outlaw but there is a price, you risk going to jail. Kiyosaki  (1995:351) continuing he stated that ‘A great story must interest , excite and cause people to look into the future and dream a little, there should also be integrity behind the story, because our jails are filled with great story tellers without integrity”.

So what should  you do during old age as it regards investment and business as majority of the retirees are interested in working and making more money , thereby creating wealth.  And according to Walter Updegrave in an article captioned “ Three Little mistakes that can sink your retirement,  which appeared in Yahoo Finance it states that “It’s almost become a cliché. Virtually every survey asking pre-retirees what they plan to do in retirement shows that the overwhelming majority plan to work.

 Indeed, a recent Merrill Lynch survey found that nearly three out of four people over 50 said their ideal retirement would include working. Which is fine. Staying connected to the work world in some way can not only offer financial benefits, it can also keep retirees more active and socially engaged”

But what happens if retiree involve in spurious contract that may be a scam, intended to dispossess him of his wealth?  There is need for the retiree to embark on the services of investment adviser even if he was an investment guru during his career, the reason is that in what concerns you , there may be likelihood of mistake unlike when you hand it over to an independent investment adviser, as it has been the same with lawyers, as they it  find difficult to handle their own cases as doctors are also in the same dilemma in treating their own diseases.

The idea of getting an expert is to safeguard the retirees fund from con artist during old age but that rest squarely on the retiree.

Odunze Reginald is the Lead Consultant, Chareg Consulting, a management and marketing  consultant  a social media and social marketing consultant , you can visit our twitter anchor @dunzreg, find us on Facebook @ Reginald odunze and reginaldodunze.com, at google+ @ Reginald Odunze and at Linkedin@reginald odunze.