NIGERIA Employers Consultative Association, NECA, and Trustfund Pensions Plc, have advised pensioners of the need to do proper planning before venturing into any business to achieve a qualitative life after retirement.

At a one day training seminar in Lagos, organized by NECA in collaboration with Trustfund Pension Plc, pensioners were advised to plan specifically for their retirement by formulating a business plans that could ensure they maintain a healthy living standard.

Managing Director and Chief Executive officer Transformed Thinking, Mr. Joseph Edokpolo speaking on how to generate a business plan, stated that a business plan has to have a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals.

Edokpolo said “It helps in determining if your product and/or service has a sufficient market to support it and whether or not it will be profitable. Provides an estimate of your start-up costs and how much you’ll need to invest or finances, helps to convince investors and lenders to fund your business, define your target market (who your customers are or will be) and how to best reach them through strategic marketing actions or expanding market coverage or reach.

Establishing or reevaluating your competitive position within the marketplace, by conducting a thorough analysis of the competition (finding out where your competitor’s weaknesses are and how you can take advantage of them).”

Other speakers at the event also stressed the need to have their wills drafted by lawyers as well as maintain a healthy lifestyle.

They advised retirees to create a financial plan with a certified financial planner, pay off major debts, significant cash-flow drains, reduce discretionary expenses, live on a fixed income and adjust asset allocation based on your spending patterns

Director of Operations and Services at Trustfund, Mrs. Eno Umoh explained that the training was organized when it was discovered that a lot of our pensioners after they retire rely did not know what to do with their benefits.

“When they get their lump sum and there is no investment their finances dwindle. So we decide to create a forum where the retirees can come to receive pre-retirement training.”

What we have done it to bring in facilitators, people with experience to talk on various topics ranging from financial planning, to healthy living. So basically it is to prepare out customers who will retire in the next two to three years with how to have a better life after retirement.

A lot of people are not aware of the whole provision’s of the new scheme and that is why we organizing this. We have had other trainings like this also but it is targeted at different classes of people. However this is the first we will be having in Lagos and is for people who will be retiring in the next two to three years.” Umoh stated.