‘Retire right’

Chief Executive Officer of NBC Ghana Trust, Mr. William Asiedu Yeboah, has urged workers – especially those in the informal sector – to retire right by investing in pension schemes to enable them enjoy their retirement life.

Speaking on a wide array of issues about pensions and retirement, Mr. Yeboah said: “Our traditional norms such as funerals, engagements, and outdoorings, among others increase the retirement resources needed by each of us; hence the need to invest now for a better future”.

Mr. Yeboah added that there is a need to save for retirement because every working individual will retire one day, and this should not come as a surprise. It is important for workers to plan their retirement well, enjoy their old age and minimise the burden on their children and other family-members.

“Retirement is something we all need to consider and start planning for as soon as we start our working life. The little we invest today toward our retirement can change our lifestyle; therefore everyone must take pensions seriously,” he pointed out.

The NBC CEO further urged industry players to venture into the informal sector, educate our fellow citizens on pension benefits, the various products or services and enrol them for a secured future.

The informal sector workers constitute about 80% of the working population, and pension administrators have not been able to enrol most of them into any retirement package. This, according to Mr. Yeboah, provides an opportunity for private sector pension administrators.

Touching on the operations of pension administrators, Mr. Yeboah stated that NBC Ghana Trust has the most robust operating system in the industry.

He explained: “We have invested so much into building a very robust system that can be used to manage huge data in the country. With the growing number of clients, it is important we invest in building this kind of system so we can serve our customers better”.

Mr. Yeboah added that all pension administrators have similar products and services; however, “what distinguishes us from the rest is our operating system and the technical support we receive from our partners”.

According to him, the company will keep investing in its systems with trending technology to ensure clients are satisfied.

NBC Ghana Trust Limited is part of the NBC Group, a leading force in the African Employee Benefits and Retirement Industry. NBC Group provides a comprehensive range of products and services including retirement fund administration, consulting, and actuarial services to over 140 registered pension and provident funds with more than 600,000 members.