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The Nigerian Pension Industry: A journey with definite destination 2 On By Godwin Onoro, Pension Expert In the last publication, a clear path for this awesome and beneficial journey was provided. Being a journey, it is natural that participants would commence theirs at different times. Whilst some participants would have arrived, the retirees and the deceased in this instance, the journey continues for those who are still in employment. For others, students, those waiting to secure employment or start their own business, the journey is yet to commence. In the journey of life, nothing is so certain and reassuring when the outcome of endeavour is already determined. It is akin to watching a repeat play of football match that you already know the outcome. This is exactly the journey of the Nigerian pension industry. ....
Globally, matters pertaining to taking care of retired and aged citizens are of great concern to government. The concerns bother majorly on the non-availability of funds to pay the aged citizens who worked for the government, resulting in huge pension liabilities. The schemes in Nigeria prior to the commencement of the Pension reform were Pay As You Go and Defined Benefit in the public sector and Provident Fund/Nigeria Social Insurance Trust Fund (NSITF) for the private sector. Whilst a few private organisations have some forms of exit benefits, these were not sustainable pension arrangements as they do not provide for savings to cater for the employees’ livelihood during old age. ....