Experts seek policies to drive insurance, pension growth
Peninscope Professional Warranty has joined voices on the need to give attention to various government policies as they relate to the investment of insurance and pension funds in the country.
According to them, the present situation of the nation calls for urgent action in planning for the future.
This was part of the decision made by the industry experts who gathered at the 2019 Peninscope Public Lecture and Award with the theme: “Securing the Future in the Present: How & Why?’.
Organised to provide an opportunity for professionals and other stakeholders in the Pension and Insurance industry, it is also to rob minds and share experiences on the way forward.
“This goes into the fundamentals of instituting the subject. The present is the basis for the future. How you plan your future in today’s dynamic world would determine what you get or become in the future when it eventually comes,” the company noted.
The Chairman of the event and Group Managing Director/Chief Executive Officer of Regency Alliance Insurance Plc, Biyi Otegbeye, implored participants and the public to leverage all good investment portfolios to secure their future, stressing that those who envisage better retirement should begin to plan it now.
The Managing Director/Chief Executive Officer, UBA Pension Custodians Limited, Bayo Yusuf, who was the Lead Speaker at the event, posited that three major things are required in securing the future. According to him, they include God, relationship and good health.
He canvassed the need to save, stressing that saving should be encouraged when one is economically engaged. According to him, people should cultivate the habit of paying themselves from their earnings.
He implores the public to embrace the contributory pension scheme and those in the informal sector should join a micro pension plan as both platforms were designed to carter for the time people may not have the power to work.
Yusuf also canvassed the need for life and health insurance, according to him, both portfolios help in ensuring a better life at old age.
He also called for investment in bonds, real estate, properties, stressing that the future should be properly planned as it remains the best time to live in.
It stressed that this was also aimed to appreciate companies and individuals for their various contributions towards the development of the industry, as well as launch the sixth edition of PensionScope magazine.
It stated, “Pension and insurance have been the two industries closely related because they are guided by the same principle: security and investment.
Unfortunately, they have been badly hit by missiles emanating from misinformation, corruption, and mismanagement. All these thrive because people have not been properly informed and educated.”
According to the organisation, this has led to a high level of fraud in both the pension and insurance industries.
“Because both beneficiaries and claimants have suffered not only in silence but also in the open, hence the inevitable explosion leading to exposure of various forms of corruption in the industries,” it added.
It also said that Peninscope is made up of professionals in both pension and insurance with over 30 years of experience.
The Principal Partner Peninscope Professional Warranty Limited, Peter Adedeji, stated that there was a need to bridge the invisible gap causing disjoint in a relationship that was supposed to be cordial between the insured/contributors and the insurer/fund administrators but was frequently strained said that Peninscope had a lot of activities to contribute to making the system work.
The lecture would examine various investment options, as well as the effectiveness of regulatory bodies including the National Insurance Commission, the National Pension Commission, the Central Bank of Nigeria, the Security and Exchange Commission, it stated.
The firm also said the Lagos State Governor, Akinwumi Ambode, would be one of the awardees at the event.
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