Parthian Pensions Harps On Financial Literacy, Targets Micro Pension Market

Parthian Pensions Limited has advocated expanding fiscal literacy to heighten and deepen the adoption of pension schemes successful the country.

This is adjacent arsenic the recently approved Pension Fund Administrator (PFA) is focusing connected the micro pension marketplace to grow its lawsuit basal by acquiring caller Retirement Savings Account (RSA) holders.

Speaking astatine the 10th Anniversary/Conference of Nigerian Association of Insurance and Pension Editors (NAIPE) held precocious successful Victoria Island, Lagos, the caput of Operations, Parthian Pensions Limited, Adetunbi Ashaye called connected stakeholders successful Nigeria’s pension assemblage to amended Nigerians connected the value of subscribing to the Contributory Pension Scheme (CPS).

While highlighting immoderate of the developments successful the manufacture that show its imaginable for growth, helium said, radical that are clamouring to exit the scheme, person forgotten truthful soon that it was due to the fact that of the past atrocious experiences that the caller strategy came connected committee to address.

“This is due to the fact that the erstwhile pension strategy was unfunded. Now that it is funded done the contributions of the employees and the employers, it is highly regulated.

“What truly needs to hap is the request to thrust fiscal literacy due to the fact that radical successful Nigeria spot pension arsenic insignificant, thing that is not important,” helium advised.

“The interaction of the strategy connected the system is ensuring that radical person bully retirement; radical person bully beingness aft they person stopped working. In different words, what we request to bash successful the manufacture arsenic operators is to guarantee fiscal literacy. We request to fto radical cognize what is going connected and wherefore they should continually enactment the contributory pension scheme,” helium added.

Saying astir Nigerians spot security and pensions arsenic unnecessary, helium noted that, “their interest is that, if they cannot supply for their contiguous needs, which is food, structure and clothing, wherefore should they save? And it inactive boils down to a Micro Pension Plan.

“What should beryllium happening successful the manufacture present is to simplify, digitise micro pension plans, and guarantee diversification successful antithetic ways truthful that we tin scope retired to everybody.”

With pension assets projected to scope N29 trillion astatine the extremity of the year, helium said, “the pension manufacture show successful the archetypal quarter, 2025 shows N79 cardinal was paid for Programme Withdrawal and N54 cardinal for Annuity.

“There is besides the certification of plus classifications, and we request transparency, which is what PenCom is doing; radical are looking and seeing however the funds are growing.”

Meanwhile, helium said, his PFA volition leverage connected the opportunities provided by micro pension program to enrich its lawsuit basal and bring much radical who are not presently covered nether the regular strategy into the pension information net.

“Though we are 1 of the precocious entrants into the industry, that doesn’t mean that we don’t person what it takes to excel.

“So, we are technology-driven arsenic we leverage exertion for effectual work transportation to our contributors. This is effective, and it’s going to thrust radical and companies towards us.

“In different instance, we are going to flood micro pension abstraction which inactive remains untapped. About 70 to 80 cardinal radical are successful that space. So, we are not conscionable coming into the concern to cannibalise RSA holders; we are coming to bring connected committee caller RSAs and illustration a caller course,” helium assured.

Saying its prospective contributors should expect simplicity and little complexity successful onboarding, helium added that, “they tin onboard from the comfortableness of their homes. We attraction astir you (our customers) and we volition ever cheque connected you. There is simply a quality look to each work we render. We volition thrust towards fiscal literacy. We are the pensions managers of choice, trust, and we volition get that actualised.”