90% Of Nigerian Workers Without Pension Scheme – Operator

About 90 per cent of Nigerian workers are still without pension accounts as their employers fail to register them under the Contributory Pension Scheme(CPS) in the country.

The managing director/CEO, Norrenberger Pensions Limited, Hamisu Bala Idris, while sharing his perspective, at the recently held Norrenberger Retirement Planning forum, in Garki, Abuja recently, noted that, only 10 per cent of the Nigerian population has access to pension schemes.

80 per cent of Nigerian retirees, he said, depend solely on their monthly pension for survival, many of whom live in constant fear of financial crisis based on delayed payments, adding that, this highlights the crucial role pension plays in their livelihoods.
According to him, “in line with our mission to unlock opportunities in the society, we established this event to embolden individuals with the necessary knowledge to maximize the profitability of their pension savings and ultimately secure a comfortable retirement.”

Norrenberger had, earlier through its recently held Retirement Planning forum, educated individuals nearing retirement and retirees for a financially-secured future post-retirement.
Norrenberger is an integrated financial services Group.
The event, specifically designed for individuals aged 50 years and above, provided valuable insights and practical strategies for a secure retirement.

The seminar also featured a robust financial literacy session covering key segments, such as; financial planning, insurance, lifestyle adjustment, legal and estate planning.
Assessing the event, Business Head, Asset Management, Abigail Utomi, expressed her enthusiasm about the initiative and its multiple benefits to the attendees and the wider society.

She emphasised the critical role events of this nature play in piloting financial literacy and security for senior citizens in Nigeria and positively impacting the country’s capital market and economy. ‘We continue to seek ways to deepen the market, grow our reach and expand our contribution to Nigeria’s GDP,’ she said.

in retirement planning and also explored other areas with respect to the profitability of their pension savings.