The Niger Delta Development Commission, NDDC, has advised its staff to take advantage of pension schemes and other financial planning options available to employees to secure their future after retirement.
Speaking during a Commission-wide Staff Interactive Session with Pension Managers/Client Information Update at the NDDC Headquarters in Port Harcourt, the Director of Administration and Human Resources, Sir Kelechi Nwelue, stated that the programme was approved by the Managing Director, Dr Samuel Ogbuku, to sensitise and enlighten staff on pension schemes and enable them to make informed decisions about their retirement savings.
Nwelue explained that the session was particularly important for newly employed staff, who needed to understand the roles of various Pension Fund Administrators and make informed choices about the administrator to manage their pension contributions.
He noted that pension administrators manage deductions from employees’ salaries, alongside contributions from their employers, describing the funds as long-term savings intended to provide financial security for employees after retirement.
The Director urged staff to carefully consider the information provided by the pension administrators and make decisions that would safeguard their financial future.
He further stated that the participating pension administrators had the opportunity to explain their products and services to staff, stressing that employees were at liberty to choose the administrator they considered most suitable for managing their pension funds.
Also speaking, a Director in the Directorate of Administration and Human Resources, Mr James Fole, said the interactive session was designed to deepen staff knowledge of pension and insurance matters and enable them to take advantage of the laws guiding pension and insurance schemes, as well as other financial instruments that could improve their financial wellbeing, particularly in retirement.
Fole emphasised the importance of equipping staff with relevant financial knowledge while they were still in active service, noting that adequate preparation was essential to ensure financial stability in retirement.
He observed that some retirees experience financial difficulties shortly before or after retirement because they had not adequately planned for their post-service years.
“That is not what the Managing Director, Executive Management and the entire management want for our staff. We want to see a situation where retirees enjoy a reasonable level of comfort, knowing that the Commission has contributed to their future. That is what this programme hopes to deliver,” he said.
Several pension and insurance companies participated in the interactive session.
