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Veritas Glanvills educates NURTW member on benefits of micro pension

By Cynthia Alo

Veritas Glanvills Pension Limited has organised a sensitisation workshop to educate members of the National Union of Road Transport workers, NURTW on the benefits of micro pension.

Speaking at the workshop Managing Director of Veritas Glanvills Pension Limited,   Mr. Godson Ukpevo stressed that enrolling in micro pension is necessary to escape old age poverty.

He said that the lack of saving and investment culture have posed as serious challenge and cause of rising poverty rate in Nigeria.

Ukpevo said: “Retirees from the formal sector have enjoyed the benefits of pension for a very long time, even from the colonial days. Workers in the informal sector on the other hand have been left in the cold except for a few that were able to save and invest in assets that gave them money at old age or have children who are economically viable and willing to assist. Many hitherto self employed persons have had to endure old age poverty after they stopped active work. Some laboured till very old age so that they can fend for themselves and their families.”

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Explaining the importance of the scheme, Ukpevo said that it is profitable for many people to join the scheme which yields higher interest rate from the pool of contributions than personal savings.

He said: “The scheme which is in line with the provision of the Pension Reform Act of 2014, allows  for self employed persons and workers in organizations with less than three employees to register with any of the licensed pension fund administrators and make their contributions towards their retirement.

“These contributions are pulled together and invested for good returns to the contributors but strictly in accordance with the investment guidelines issued from time to time by Pencom.”

He commended the willingness of the union workers in adopting the pension scheme noting that the scheme was specially made for people in the their kind of sector.

Speaking on the effect of the awareness, NURTW President, Alhaji Usman Nojeen Yasin said: “Most civil servants have pensions but drivers do not have, that is why we are commending the micro pension programme because by the time  we are out of work, there will be no pension or gratuity to live on for the drivers.”

He encouraged the members to enroll in the scheme saying, “This scheme is for the benefit of our members who do not look forward to gratuity when they retire, the benefit is indeed enormous. We all know that when we are weak in old age, we cannot continue or even get support from our children. Even when we have investments, it is of importance that our regular cash  meet our daily needs at old age,” he stressed.

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