People & Money

Wills Compulsory to Access Pension Contributions, Cordros Wealth Manager Warns

 

Nigeria’s contributory pension scheme (CPS), in which employees and employers pay a certain percentage of the employees’ monthly earnings to a retirement savings account (RSA), was almost non-existent until 2004 when the Nigerian government created the pension reform policy in 2004.

The policy mandates employees and employers to contribute to every employee’s retirement savings.  

The reform also transferred the management of pension funds from the government to the private sector, the so-called Pension Funds Managers.

In October 2019, Nigeria’s pension asset grew by N228 billions with asset value rising to N9.81 trillion, according to the Pension Commission of Nigeria. 

The accrued pension savings have become a significant asset for millions of Nigerians.   

 

In a presentation to the 1984 set of Government College Ibadan on strategies to preserve and grow personal wealth, Jolade Oladipo of Cordros Asset Management said active Estate Planning is an essential component of wealth and investment management. According to the Private Wealth Management expert, the key principles of Estate Planning are providing asset protection for one’s beneficiaries, minimizing estate and income tax consequences and ensuring that one’s assets will provide the income and resources upon which to live.

She stressed the importance of having properly written wills to preserve personal and family wealth.  According to her, contributions into pension funds can be accessed by successors only if the contributor has a legally valid will in which the intended beneficiaries are named before passing away.

The Chairman of Government College, Ibadan Old Boys Association 1984 Class, Sola Imoyo urged members to embrace estate planning as part of their wealth and investment management strategy. He said that given the many legal implications will now have, ” we cannot afford to have our parents’ attitudes to written wills”. He mentioned that business such as www.carrotng.com has simplified writing legally binding wills.

Jolade shared key Cordros Asset Management products which could help members of the Government College Ibadan Old Boys Association 1984 Class manage and grow their wealth. She told members of the association, “Among others, Wills & Estate Planning solution protects your loved ones. A testament to a life well-lived is your loved ones. There’s no better assurance than knowing your loved ones will be well catered for and your assets well distributed according to your wishes”.

She explained further that Cordros Retirement Planning solution helps prepare for life after retirement, explaining how wealth advisors at Cordros help their clients prepare for life after retirement. “With the customised retirement solution, we put into consideration your current situation and network and plan your deserved post-retirement lifestyle”, she added.

Other bespoke plans in the Cordros wealth stable include College & Education Planning, Insurance Planning, Real Estate Management, Tax Planning, Retirement and Succession Planning. The business also offers Investment Management services and products such as Mutual Funds, Eurobonds, and Liquidity Management. The products guarantee investors fixed returns while meeting the goals of capital preservation and appreciation. 

Cordros can also offer clients the opportunity to invest in “carefully selected” foreign equities guided by the professional expertise of experienced portfolio managers.

The quarterly meeting of the Government College, Ibadan Old Boys Association 1984 Set took place on Saturday, July 18, 2020 via Zoom.

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