LagosREST is sweet after labour is a common language with retires, but Nigeria as a case study

disprove this common parlance as lives of most retired old men and women in most cases are not enviable.

It is of general knowledge that before the implementation of the new contributory pension scheme in the country, attaining retirement age became a source of concern because of agony the people were often subjected to.

A critical look at the condition of the retirees led to the introduction of new Pension Reforms Act enacted by the National Assembly in 2004, but not without its attendant challenges.  

The scheme has caused so much furore among Nigerians that one begins to wonder whether all problems of life will be solved with the introduction of the scheme. This, however, should not be misconstrued to mean that pension is not a serious issue. It is big business.

However, experts have opined that in spite of government’s efforts, self-planning ahead of retirement age remains the best option to keep soul and body together after retirement, since regular income is bound to reduce.  

Experts noted that those who kept arguing that the ability of an individual to save part of his earnings would depend on his level of income, really miss a point, stressing that the basic problem was that of general apathy among individuals to imbibe savings culture.

This makes people to save little or nothing without realising the danger inherent in such a practice until they are already old and are unable to do anything to retrace their steps.

Some employees are ignorant of personal pension plans and annuity products, where part of regular income can be saved for the future purpose.

Experts noted that concerted efforts should be made by insurers and other pension fund administrators to educate the populace on the need for adequate planning for old age so that the much awaited golden years do not become traumatic. The importance of pre-retirement seminars and promotion of savings culture cannot be over-emphasised.

Fundamentally, the principle governing the provision of retirement benefits, is that the member should be able to receive a benefit that enables him and his dependants to maintain an adequate standard of living after and poverty, because deductions set aside can be very small. There is hardly any social security arrangement one can boast of in the country today.

It was as a resulting of this fact that pensioners management in Nigeria is in shambles and the