Dipo Tepede.POeT

Hi Dipo,
U write -up is instructive and points out why there is the need to create alternative sources of income and plan for ones own retirement apart from the so-called nest egg.

A stock-brokerage firm has a similar policy where a certain amount is paid in monthly and is used to purchase stocks which can be built up over time. Quite okay if the issue of stock selection is not left wholly to the hands of brokers (who more often than not advise people to buy safe blue-chip stocks).

However you may need to correct some wrong assumptions made in your write-up. On retirement, a certain lump sum, maybe not more than 40% is paid to the pensioner and the rest paid in installments. On another note, voluntary contributions over and above the statutory requirement (for which your employer does not have to match) can be collected with the appropriate interest/capital gains after a period of 5 years tax-free. If the redemption is made before the five-years then, the appropriate tax is paid. Note also that pension payments are tax-free or tax-deductible, so they are taken from your gross pay before the rest is taxed and not the other way round. I had discussions on this with someone from the ARM PFA and also read something similar in the business section run by IBTC on ThisDay on Sundays.

All the same, people should learn to MYB (Mind Your Business) and leverage on available opportunities. Nothing wrong in starting off a business part-time and later venturing fully into it later on.

dear dipo, you know, i never stopped wondering until today why you were still working for someone. it just hit me now that you had stopped. i commend your decision but it is the only way to go. tahnks for another slammer.

balogun

Hello Dipo,

I have always known that the pension scheme is just no good.
When my dad was still alive just thinking of the time he had to wait to pick up his pension was really heart broken yet they would owe them for like six (6) months and to think about all the energy he put in to serve the ministry .
Anyway that taught us a great lesson never to work for ANYONE;So we grew up with the enterpreneur,s mentality.

In recent time i read in the papers of a certain governor from the eastern part who delibrately delayed the payment of his predecissor cos when he was in power he wasnt paying the pensioners their cash as at when due.If only pple would learn from this act.Like my pastor would say whenever you are in power we shd endevor to do the rite thing and make a positive impact cos we would not be there forever.

Thank you so much for bring the reality of the implementation to our knowledge so that we would know' who we are working for and what they stand for' .

Cheers

u hit it right on.this info is worth so much.he who has ears let him hear.
thanks dipo for this masterpiece.

Dipo,
This is another eye opener. I'm begining to see life in new dimension.
I hope and pray that people will learn from this.
Once again thanks for this well packaged information.
Cheers

Good morning Dipo,
You are spot on! So sad that the structures (family, economic, academic etc) on ground in Naija does not encourage the pursuit of one's passion.
Without dabbling into the theology of creation, the insights revealed in this post about creation are mind-blowing and thought provoking.
I have never looked at pension from this perspective. What a revelation that was and tbh, this is a must read for all employees.

More power to your elbow!

Luv u!