Advance Pension and Pre Retirement Training

Course Details

Advance Pension and Pre-Retirement Training 

Course Description

Newways Consulting in collaboration with the Association of Pension Desk Practitioners of Nigeria Holds Advance Pension and Pre-Retirement Training

The Implementation Hurdles for the Nigerian Employees the Pension Reform Act, 2014 repealed the 2004 Pension Reform Act, No. 2 with the objective of improving the Uniform Contributory Pension Scheme, and the retirement benefits following thereof, for persons in the public and private sectors of the Nigerian economy.

It is necessary to have an informed dialogue on the new pension scheme and its benefits to the workers, the employers and the Nigerian economy, this conference has been designed to give greater insight into the new pension scheme and its various benefits to employers and employees alike, and to the Nigerian economy

Course Objectives

At the end of the training, participants should be able to:

1. Explain the provisions of the Pension Reform Act 2014, the Contributory Pension Scheme, and their implications for employers, employees, and the Nigerian economy.

2. Understand the roles and responsibilities of pension regulatory agencies, Pension Fund Administrators (PFAs), and Pension Fund Custodians (PFCs) in pension management.

3. Identify retirement benefits, understand the operation and management of Retirement Savings Accounts (RSAs), and apply appropriate procedures for accessing retirement benefits.

4. Develop effective pre-retirement and post-retirement plans, including financial literacy, personal financial management, and entrepreneurship strategies for sustainable income after retirement.

5. Evaluate the differences between the old and new pension schemes and understand the implementation of life insurance provisions under the Pension Reform Act 2014.

Course Outline

1: Overview of Pension Reform and the Contributory Pension Scheme

• Overview of the Pension Reform Act 2014 and its key provisions.
• Principles, structure, and operation of the Contributory Pension Scheme.
• Comparison of the old pension scheme and the new contributory system.
• Implications of pension reform for employers, employees, and the Nigerian economy.

2: Pension Administration, Regulatory Framework, and Retirement Benefits

• Roles and responsibilities of the National Pension Commission (PenCom) and other pension stakeholders.
• Functions of Pension Fund Administrators and Pension Fund Custodians.
• Operation, management, and monitoring of Retirement Savings Accounts.
• Retirement benefits, access to pension funds, and implementation of life insurance provisions under the Pension Reform Act 2014.

3: Pre-Retirement Planning and Financial Management

• Principles of effective pre-retirement planning and retirement readiness assessment.
• Financial literacy, budgeting, savings, investment awareness, and personal financial management.
• Understanding financial behaviour and making informed retirement-related decisions.
• Retirement income planning, risk management, and strategies for maintaining financial security.

4: Post-Retirement Strategies and Sustainable Livelihoods

• Developing post-retirement business and entrepreneurship strategies.
• Identifying viable business opportunities and alternative income sources after retirement.
• Managing retirement funds and maintaining financial stability throughout retirement.
• Building a sustainable retirement lifestyle through financial discipline, personal development, and effective resource management.

Course Methodology

The training will adopt a practical, interactive, and participant-centred approach to facilitate knowledge acquisition and the application of pension management and retirement planning principles. The methodology will include:

- Interactive Lectures and Presentations: Facilitator-led sessions on pension legislation, retirement benefits, pension administration, and retirement planning.

- Case Studies and Practical Examples: Examination of real-life pension and retirement scenarios to enhance participants’ understanding of pension administration and retirement-related challenges.

- Group Discussions and Experience Sharing: Collaborative discussions on pension reform, financial management, retirement readiness, and post-retirement opportunities.

- Practical Exercises and Financial Planning Workshops: Activities involving retirement budgeting, savings strategies, retirement income estimation, and personal financial planning.

- Question-and-Answer Sessions: Interactive engagements with facilitators to clarify pension-related issues and address participants’ concerns about retirement benefits and financial security.

- Action Planning: Participants will develop individual pre-retirement or post-retirement action plans tailored to their financial circumstances, career goals, and future aspirations.