The Average business owner does not have a pension account, this is very dangerous. This is also one of the reasons why a lot of business men are in poverty in their old age.
They spend all the money they make from their business during their youth and when they get old and cant work, they struggle
I recently lost my dad; he was a government worker for about 35 years and in that time, he received a pension every month into his pension account.
He retired 3 years ago and for the past 3 years has been living off his pension. Old age had caught up with him, so he didn’t even have the energy to do any additional work so the monthly payment was a great relief.
Additionally when he passed away, he had some responsibilities such as a child in the university who had to be catered for and other house hold expenses. For us the children, the financial burden of taking up these responsibilities would have been overwhelming along with the expensive cost of burial (you know how Nigerian burials are), but we were able to pay for everything from his pensions without having to go into debt during our time of loss.
Having a pension plan is not only important, it is crucial! Not just for yourself but for your family.
Thankfully, we now have the Micro Pension Scheme (MPS) which is available to help traders, business owners and other self-employed people who do not qualify for the Contributory pension scheme (CPS)*, save for their retirement.
What this means is, you no longer have to work for a big company or government to open a pension account.
The best part is that it has flexibility! How?
You have access to 40% of your contribution in case of any emergencies. We know how entrepreneurship can be very unstable, the economy is not smiling (Sapa can strike at any time). So, you can access up to 40% of your contribution as a relief.
The remaining 60% cannot be accessed till you reach 50 years old.
Some of my favourite pension managers are
You can walk into any of their branches or give them a call to signup.
