The 4 NO’S of Selling and its impact on Pension-Odunze Reginald C

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As the Pension Reform Act 2014 came into play following the amendment of the pension Reform Act 2004.  Before the enactment of the law, the pension environment has been a subject of issues

 And challenges occasioned with misappropriation of fund, failure of the retiree to access his retirement benefit, resulting in death, lack of interest in adhering to the scheme and above all government nonchalant attitude in ensuring that those who perpetrate such vices are brought to book.

The failure of the National Provident Act of 1973 came with different pension acts, which included the pension act of 1990, NSITF Act of 1993, Police and other Agencies Pension Office Establishment Act of 1993, Police Pension Rights or The Inspector General of Police Act 1993.

All these Acts have come to impact negatively, and affect the psyche of the people resulting in the 4NO’S of Selling on pension. The 4NO’S of selling are as follows:

1 No Trust

Of all the 4NO’S of selling, trust is the key thing, pension is a function of trust, and once there is no trust , definitely there will be no pension. Everything dies if there is no trust.

2 No Need

Ignorance of the scheme has made employers and employees to fell and say that they do not need pension, for the employer they feel that they are saving money, for the employee they want to eat their tomorrow today. The employer feels that they are spending a lot, no good roads, no electricity, no good water, and government want to lord pension on them

3 No Help

The worst obstacle to buying pension is that the customer is already using a pension fund administrator, in which case, you cannot have another one, until the National Pension Commission lifts the window of transfer. The lifting of transfer window will remedy this and make the scheme more competitive.

4 No Hurry

Both the employees and the employer do that a lot, they will say that management is yet to decide, or the employee will say he is trying to be cautious.

Odunze Reginald C is the Lead Consultant, Chareg Consulting.

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