Insurance and Pension expert, Mrs. Folashade Onanuga, has called on insurance ladies to include Additional Voluntary Contribution(AVC) that can serve as savings to start one’s dream business at retirement.
Speaking at the 2nd Edition of Professional Insurance Ladies Association, (PILA) Senior Ladies Forum sponsored by Cornerstone Insurance Plc, with the theme: “Aging with Grace”, noting that additional voluntary Contribution will ensure that one is able to take care of it’s basic needs.
She however stressed that in an inflation country like Nigeria, relying on pension contributions alone will not be enough resolve expenses of retirees.
Onanuga, who was former director general, Lagos State Pension Commission (LASPEC), said “you will need a lot of money to service your health in old age. Money is critical as old age is lonely these days. You don’t train children as your retirement plans as the children of nowadays are not wired to help their parents. Millennials are self-centered. Hence, to age gracefully, you need resources, unfortunately, the pension scheme is not enough. Inflationary trend has eaten deep into what pension you may be getting. Pension is inadequate for you to enjoy retirement, you need extra financial empowerment. Aging graceful is not to sweat for money, it is when your money should be working for you, it is about having peace of mind.”
“Additional Voluntary Contributions(AVC) can block the gap between income and expenses at retirement. Moreover, always have an emergency fund which must be two to three times your salary. Similarly, don’t put all your investment eggs in one basket, diversify your investments and be intentional about creating liquidity for yourself. Be careful of loans, especially, 5years into your retirement, it makes you poor in old age. Occupy yourself, be doing something, don’t sit idle, eat healthy, eat in moderation and healthy, stay close to house of God and belong to different voluntary groups.”
Earlier, while declaring the forum open, the Chairman of the event, Ms. Prisca Soares, thanked the Association for doing everything possible to improve its members in the field of insurance.
She said the key focus area of PILA are education, training and wellbeing, adding that PILA is doing everything possible to bring its members up to speed in the world of insurance internally and externally.
According to her PILA has continued to promote professionalism, mentoring and wellbeing of its members by following a holistic approach looking at the woman not just as a professional, mother, wife but human who has its own rights.
She said the theme of the event is apathy because most people are reluctant to loose their youth and really don’t want to talk about aging, noting that age or aging is a reality and something “we must learn to accept and embrace.”
“When we talk about aging most time we intend to think of no lookin our age, looking younger than we are but is part of it but it goes beyond that it’s about aging gracefully. Aging gracefully is crucial to a positive retirement life.”
Nkechi Margaret Moore, PILA President, thanked cornerstone Insurance for sponsoring the forum while urging members to keep take retirement issues seriously.
Stephen Alangbo, Managing Director/CEO, Cornerstone Insurance Plc, disclosed that that cornerstone Insurance has revolutionising insurance business in Nigeria.
According to him the contributions of cornerstone insurance to the industry has led to company’s N70 billion total asset, making it one of the biggest in Nigerian insurance industry while N23 billion was recorded in 2022 financial year in premium.
He added that despite the harsh economy, in 2023 the company’s premium income stood at N30 billion.
