Report on the Member's Seminar (staff), 29th November 2018
Executive Summary
The Board of Trustees and Management of the Parliamentary Pension Scheme developed an education programme to prepare members of the Scheme for a happy and fulfilled life in retirement. The objective of the training was to enhance member’s knowledge on how to effectively plan to sustain quality life during retirement. The two day session was organised for staff of the Parliamentary Commission at Imperial Royale Hotel on 29th and 30th November 2018. The topics comprised Implications and Challenges of Retirement, How to Prepare for Retirement, The myth, the fact and illusion of financial independence, Gaining Financial Independence in Retirement, Retirement Benefits Schemes: The case of the Parliamentary Pension Scheme, Estate Planning, Realities of Health, Living for a Better Health and Experiential Presentations.
The Chief Operations Manager, Parliamentary Pension Scheme, provided the welcome remarks while the opening remarks were provided by the Chairperson, Board of Trustees.
The presenters underscored the need to set up various retirement strategies to ensure they ably cope with the financial, social and health implications during this phase of life. The legal expert expressed the concept and benefits of estate planning.
Among the recommendations was to avert problems by reconciling gross habits with net income.
1.0 Introduction
The Parliamentary Pension Scheme organised a two day seminar which was held on 29th and 30th November 2018, at Imperial Royale Hotel in Kampala. The purpose of the session was to enhance members’ knowledge on effective retirement planning and to share real life experiences during retirement.
1.1 Methodology
The seminar took the form of formal presentations with provisions for interactive discussions and sharing real life experiences. The topics presented were as follows:
• Implications and Challenges of Retirement
• Experiential Presentations
• How to prepare for retirement
• The myth, the fact and illusion of financial independence
• Gaining financial independence in retirement
• Retirement Benefits Scheme: The case of the Parliamentary Pension Scheme
• Estate planning
• Realities of health
• Living for a better future
1.3 Objectives
• Sensitize members on retirement planning;
• Appreciate real life challenges and opportunities during retirement;
• Improve understanding of the Parliamentary Pension Scheme operations;
• Improve health and wellbeing of members through sharing health facts.
2.0 Proceedings of the activity
2.1 Welcome Remarks by the Chief Operations Manager
The Chief Operations Manager, Ms. Nightingale Mirembe Ssenoga welcomed members and facilitators to the seminar and thanked them for honouring the invitation.
She expressed disappointment that most of the members invited snubbed such workshops which needed to be prioritized. She cautioned that when members reach retirement they lament and yearn for such information when it’s already too late. She appealed to members not to waste such opportunities and thanked those who sacrificed their time to attend. She indicated that most people invited were more concerned with facilitation which was a very bad mind set. Members observed a moment of silence in honour of the members lost in the previous month. She indicated that the program for the event was based on the challenges faced in retirement. She noted that most people were not enjoying retirement and pointed out that for one to address this challenge he/she must work towards financial independence. She wished members a fruitful session.
2.2. Opening Remarks, Chairperson Board of Trustees
Hon. Remigio Achia welcomed members and thanked them for attending the session. He emphasized that the sessions were being organized on a continuous basis to equip members with knowledge on planning for retirement.
He underscored the importance of members attending such sessions. He however noted that the Scheme had registered poor attendance from the onset which he attributed to members not taking retirement planning as a key aspect of life. He alluded that most members were still in denial and don’t think they would retire given their current status in society. He observed fair attendance of ladies as compared to men. He explained that Members of Parliament had enormous demands from the populace making it difficult to plan for retirement.
He advised members to;
• Put money to the rightful use by avoiding unnecessary pressures which require spending.
• Invest in what they were comfortable doing in retirement.
• Venture into a business holistically understood.
• Understand strategies of growing their enterprise by having an investment plan.
• Be strategic in location to attract a good number of customers.
• Work hard to warrant confidence during time of exit.
• Be frugal in terms of spending to save for future demands.
• Avoid taking one third of savings from the Scheme at exit to enable a sizable monthly pension.
He shared his plans to teach economics at university and spend time on farming during retirement. Additionally, he owns property in Kampala which he intends to use to generate rental income. He stressed that now was time to start thinking of how to get out of the traditional job. He wished members fruitful deliberations and success in their retirement journey.
2.3 Highlights of Presentations
2.3.1, Implications and Challenges of Retirement- Edgar Mwesigye, Uganda Management Institute.
Dr. Edgar Mwesigye a consultant at the Uganda Management Institute delivered the presentation on implications and challenges of retirement.
He informed members that over the past few years the number of retired individual’s had significantly increased. Although many people looked forward to this milestone, a big percentage of them were ill prepared to deal with the financial, social and psychological realities. He explained that retirement as a life transition process was stressful by nature and was a move from a more familiar to less familiar or totally unfamiliar situation. This was worsened by the uncertainty of expenditure needs, inflation, and poor health as one ages. He indicated that the poor quality of retirement experience could affect the well-being of individuals and pushes retirees to engage in maladaptive coping behaviours such as increased alcohol use and smoking that decrease mental health.
He highlighted that the challenges of retirement may be classified as individual, community, economic, social and health related such as;
• Inadequate necessities such as food, clothing, housing, pension and a sense of insecurity.
• Emotional, spiritual and economic problems leading to reduced quality of living.
• Feelings of hopelessness, pessimism, lack of recognition and inability.
• Fear of being unwanted due to loss of friends, social and recreational life which tends to be centred on work.
• Lack of financial advisers.
• Discrimination by health care providers specifically on medical insurance.
• Erosion of reference points of one’s life such as death of a spouse, family members, and friends which continually reminds retired individuals of their own vulnerability and mortality.
• The impact of financial challenges/obligations that will ultimately determine an individual’s independence.
• Breakdown of social bonds with work associates. This separates one from being part of an organization thereby impairing ones self-identity and radically changing his/her daily activities.
• Perceived decline in societal value. In addition, for many the pre-retirement reward of “free time” becomes a burden. As a reaction to free time, some retired individuals develop a sense of uselessness, a loss of self- worth and feelings of depression. Such feelings have caused some retired individuals to socially isolate themselves, abuse alcohol, experiment with hard drugs and participate in high risk behaviour.
He concluded by cautioning members that in today’s era, less than 10% of Ugandans can afford to retire comfortably. More than 90% of fund members worry about having insufficient funds during retirement. Pension contributions start in late 30’s of age instead of 23 due to unemployment.
2.3.2 Experiential Presenter 1- Alex Ojambo, Nile Hotel Jinja
Mr. Alex Ojambo a retired Procurement and Logistics Manager formally working with Nile Breweries Limited in Jinja presented his experience as a retiree.
He informed members that he retired at the age of 55 years. He encouraged all to work knowing that any time they would leave the job. He stressed the importance of working very hard when one is still young and energetic. He implored members to accept change during retirement for mental satisfaction and stress control. He encouraged all to check their spending habits since nobody has ever become rich by spending unnecessarily. He indicated that there were only three legal ways of getting rich;
1. Inheritance
2. Marrying into a rich family
3. Working for it
He therefore encouraged members to consider three things to attain financial health as follows;
1. Earn
2. Manage
3. Invest
He urged members to develop the economy through creation of income generating opportunities for employment of young people and a good retirement for the entrepreneur. He shared that his current business ventures include student hostel, hotel services, transport and logistics. He regrettably informed members that during employment he was so obsessed with the job and had no time for family and friends which cost him connection to social ties. He warned that loneliness at retirement was a reality and called upon members to prioritize keeping strong bonds with family, friends and the community. He appreciated giving back to the community by being an active Rotarian, paying fees for orphans, and mentored a number of people. He was however disillusioned that he had seen many people ignore him. His worst experience was lending a substantial amount of his retirement funds to a friend who suddenly passed on. The funds could not be recovered.
Members were advised to;
Start investing with the little they have.
Avoid lending money to people without clear path of recovery.
Engage in community activities to keep busy.
Diversify in business.
Avoid situations that tempt unnecessary spending.
Keep strong ties with family and community.
Take on risks to emerge successful entrepreneurs.
Live simple life, avoid spending what you don’t have and have financial discipline.
It takes individual commitment to avoid going out of money.
Accord enough time for the family and community.
Take business risks.
2.2.3 How to Prepare for Retirement- Edgar Mwesigye, Uganda Management Institute
Dr. Edgar Mwesigye gave a presentation on how to prepare for retirement. He informed members that there was time to get employed, time to stay in employment and time to retire. He indicated that people should worry about retirement due to lack of social protection and public measures to provide income security to the population of the country. The elderly poor were one of Africa’s most vulnerable groups, although pension systems determine the living standards of millions of citizens and play a decisive role in the economy. In Africa pension was considered a secondary issue with very low coverage between 5-10% per country. Majority of beneficiaries were civil servants or highly paid staff in corporate employment.
He noted that members were not prepared for retirement due to lack of knowledge and understanding, over reliance on others (government, employers, parents),short termism in outlook – era of “instant gratification”, poor savings culture – living for “now”, as well as lack of trust. He guided that effective retirement planning needs contemplation on what age one should retire, how much time was left before one retired, the annual income target, one’s current investment worth and when one plans to die. He highlighted the sources of retirement income as employment income, pension Schemes and personal retirement savings and investments. Other sources were children, extended family, Agriculture, Marriage, Inheritance and “Corruption”. He however warned that pension Scheme contributions were not sufficient and encouraged members to get started on other investment ventures with clear goals set to ensure clarity, alignment with values, focus, discipline, motivation and imagination.
He explained that the process of developing a retirement plan includes a) establishing retirement goals b) considering ones financial position, identifying and evaluating alternative plans that could help achieve goals c) evaluating and revising retirement plans. He mentioned that the common retirement mistakes people made were not participating in a retirement plans, not contributing early/enough, improper asset calculation and miscalculating needs. He warned that “knowing is not enough, we must apply, willing is not enough we must do, it always seems impossible until it’s done”. Timely planning for retirement would enable one take care of longevity issues, the rocketing medical costs, have peace of mind, comfort of being independent, and reduced dependence on children.
He concluded by asking members to contemplate about the Chinese proverb “The best time to plant a tree was 20 years ago. The second best time is now”.
Members were advised to;
• Develop retirement plans with clear retirement goals set.
• Start implementing the plan immediately with the little they had.
• Manage change effectively by creating a sense of urgency, build a support team, regularly review goals, have short term wins, avoid giving up, create new culture and schedule as well as decide what to give up.
• Avoid fear/procrastination.
• Embrace good habits and have passion.
• Establish retirement planning options which are consistent with the objectives set and risk tolerance.
• Earn at least 75% of salary as supplementary income before retirement.
2.3.4 The Myth, facts and illusions of financial independence- Eva Ssewagudde, Stanbic Bank
The presentation on the myth, the fact and illusion of financial independence was delivered by Ms. Eva Ssewagudde.
The presenter alluded to the aspects of a balanced life which include being socially, economically, physically, mentally and spiritually fulfilled. She stressed that financial independence means the ability to have enough money to meet ones needs. She relayed that it was essential to reconcile gross habits with one’s net income, financially prioritize and avoid unnecessary expenditure. She indicated that members could prioritize retirement planning by narrowing their objectives, focusing on goals that matter, be prepared for conflict, take on part-time ventures, choose carefully, involve family members, start now, keep spending on course and be prepared for change.
She guided that with a drop in income, members could consider the following;
- Let the creditors aware of the financial situation.
- Talk to family and friends about the stress, options and the changes to be made.
- Let the children know there was less money coming through.
- Cut out or postpone some activities.
- Get members of the family who can contribute to the living costs.
- Take charge and don’t panic or ignore the situation and
- Seek professional help or support.
Gaining Financial Independence in Retirement
Ms. Ssewagudde emphasized the need to prepare for retirement financially, psychologically, emotionally and socially. Members required critical thought of why besides age were they retiring, what they planned to do with the time they had, was mini retirement possible? If so what form could it take? Psychological preparation required having the right mind-set through taking care of the law of attraction where positive attracts positive, mediation, physical and mental health, affirmation, fuelling the mind, surround oneself with uplifting like-minded people, pursue their passion, explore financial boosters and opportunities and keeping busy.
She echoed that the challenges of retirement include financial challenges, longevity of retirees, volatility in investment and market returns, inflation, taxation, leaving legacies to loved ones and time. Such challenges however could be combated by slow withdrawal of pension or investments, looking for sources of guaranteed income and using time appropriately. She encouraged members to adopt a savings culture saving through increasing the contribution to the pension fund, saving with an investment company, purchasing an insurance policy, opening a saving or investment account, and diversifying investments. She asked members to paint a picture of what sort of retirement they required taking note of the critical expenses that come by such as health care for oneself self and dependants, housing, transportation, food and sundry items, insurance (personal, medical, funeral, education among others),cash contributions and entertainment. Others include personal care products, alcohol, reading, education, communication costs, clubs, tobacco and other miscellaneous expenses. Members were challenged to list all the costs they anticipated to take care of and come up with plans to ensure financial sustainability.
Members were advised to;
• Be flexible, avoid living large and take time to make a life changing moment.
• List all costs expected during retirement and plan for them.
• Consider strategies such as savings, knowing the retirement needs, contribute to the employers retirement savings plan, learn about the employers pension plan, learn basic investment principles, don’t touch retirement savings, ask the employer to start a plan, put money into an individual retirement account, find out about your social security benefits and ask questions about all that is related to planning.
• Plan as a team in case one had a spouse.
• Come up with an expenditure budget before retirement and stick to it.
• Take on self-improvement options such as going back to school for additional qualifications, learning additional skills, reading more, learning a new language, joining a club, self-improvement on line, coach and mentor others, start a business e.g home gardening, farming, events management, tailoring, attend events and network to better oneself and adopt healthy habits and a healthy mind-set
• Increase financial security through options such as working part time, undertake income generating activities such as selling crafts, driving a school bus or van or truck, getting a housemate, working at a school shop or supermarket, baking or cooking, making jam, yoghurt or ice creams, using your home to generate income e.g sublet or hire out.
• Seek financial counselling and continuous sensitization to build ventures explored.
• Create time for your own self and make daily plans.
• Account for your time through self-reflection on the contributions made.
• Plan to achieve your goals and become a better person.
• Plan your donations and grants and learn to cut out costs.
• Take note of the business location in line with the customer demands.
• Do not allow education to waste.
• Walk the talk and pay the bills as the head of the family.
• Maintain wealth by ensuring they earn, manage the earnings and invest.
• Always count on the positives and avoid negativities.
• Plan for retirement by starting now to avoid begging.
• Ensure a balanced life mentally, socially and physically and financially.
Day 2
2.3.5 Retirement Benefits Scheme: the Case of the Parliamentary Pension Scheme- Edward Basheka, Parliamentary Pension Scheme.
Mr. Edward Basheka, the Benefits Administration Manager alluded that the Scheme was formed to address the enormous challenges former Members of Parliament face after retirement from the house.
He informed members that many retirees became destitute due to lack of retirement plans. Retirement comes with a number of challenges such as increased health care costs, sustainability of operational costs as well as the emerging effects of the HIV prevalence.
He explained what the Parliamentary Pension Scheme was, it’s Governance and Management structures, the Scheme design, duties of a Member and how Members could access their Scheme credit. He enlightened Members on the benefits formula used to determine ones Scheme credit and benefits Members could access from the Scheme such as payment medical treatment, mortgage and loans. He however indicated that the biggest challenge the Scheme was facing was that of Members failing to update their information. This had caused difficulties in accessing benefits when Member’s passed on. He emphasized the urgent need for every Member to nominate beneficiaries to avoid such challenges.
Members were advised to;
a) Come up with retirement plans which included savings, investments, health insurance among others;
b) Attend Annual General Meetings , seminars and help desk sessions organised by the Scheme for Members;
c) Fully update their files to avoid contentions in case a Member passed on;
d) Adjust their lifestyle by being real;
e) Teach their dependants how to manage finances and make better financial decisions;
f) Prepare wills and indicate desired course of direction on the fate of benefits upon death to rule out misuse.
2.3.6 Estate planning- Angura James, Parliamentary Commission
Mr. Angura James session focused on the concept and benefits of estate planning.
The presentation focused on the following topics;
a) Definition of an estate
b) Definition of planning
c) What is entailed in the planning process?
d) Meaning of testate and intestate succession
e) The possible ways of providing for the care/estate planning
f) What is a valid will?
g) Who can make a will
h) Privileged and Unprivileged wills
i) Amendment of wills
j) Revocation of wills
k) Powers of attorney and what are they intended for
l) The meaning of estate planning
m) Who should carry out estate planning
n) How is estate planning done?
o) What’s better: a will or a trust?
p) How does a trust work?
q) What’s the difference between a trust and a living trust?
r) An executor and the specific duties
Members were advised to plan estates early enough to avoid unnecessary circumstances that may prevent their beneficiaries from enjoyment.
2.3.7 Experiential Presentation 2, Mr. Joseph Areu, Pensioner
Mr. Joseph Areu informed members that he has been a retiree for four years now having previously worked with the World Bank and other financial agencies.
He is currently an independent financial advisor and spends time professionally advising people how to manage their investments. He is an active and passionate investor who invests in shares, bonds, treasury bills, unit trusts and capital markets. He encouraged members to passionately invest urging them to put money where it will work for them while in retirement. He shared that he started planning for his retirement early enough and ensured that by the time of his exit from formal employment 70 – 80% of his earnings was from investment income. To ably cope, he adjusted his consumption through change of budget. He guided members to invest first and spend later.
He underscored that key considerations of investment should guarantee the three aspects of Growth, Income and Safety. He analysed some sources of investment income as follows;
- Government Bonds will give regular income/coupons every six months. These have very low risk.
- Unit trusts may not pay regularly but anytime one needs money he/she can access it
- Annuities from insurance companies such as prudential, ICEA, Britam have a given lump sum. They calculate how much one will be paid per month which will be consistent income.
- Real estate, buying and selling land / houses was good. However, there may be challenges in accessing quick cash in case one wanted to sell.
- Buying shares from companies guarantees excellent growth. Returns are based on the prevailing market conditions.
- Treasury bills, fixed deposits and unit trusts are liquid assets that are conveniently hustle free investments.
Members were advised to;
• Ensure they preserve value, succession, and hard currencies in United States dollars for safety.
• Take on the pillars of financial hygiene which include borrowing wisely, investing regularly, and paying regularly.
• Diversify investments and avoid putting all the resources in one investment basket.
• When investing, never allow a rate of return with less than 7% given the risks on the market.
• Prioritize investing by putting aside money for an investment vehicle periodically with the objective of earning 70% of investment income by the time one retires.
• Have purpose of why you are investing, to achieve growth, safety and income.
• Make sure the assets invested in are easily sellable.
• Watch out for and mitigate investment risks.
2.3.8 Health and Lifestyle for a better future – Dr. David Ndawula
The content of Dr David Ndawula’s presentation covered the definition of retirement, brief history about retirement, some retirement facts, stages of life, the physical changes one goes through as they age, the plight of older persons in Uganda, the importance of planning for retirement and the principles of health living.
The presentation demonstrated trends and the resultant effects of changes in lifespan, technology, lifestyle, climate and financial markets. For example, the increasing lifespan of the average African translated into increasing “older person populations” and this dictated the need for huge amounts of resources way beyond the retirement age of 55. It was, therefore, important for Uganda to improve income security, health service delivery and provide a much more enabling environment for the elderly. However, such plans for the country may not materialize and hence the need to individually plan for retirement. The discussion dwelt on principles of healthy living eating right, exercising, good posture, living a balanced life, dealing with stress, having enough rest and regular medical check-ups.
He urged Members to note the following:
• Body changes start to take effect the moment one clocks 30 years. Everyone must, therefore, be well prepared for the changes.
• As one grows older costs go up. Given the prevailing life style, older people are increasingly experiencing non-communicable diseases that could be avoided through better living.
• Uganda retirement benefits providers are still at infancy stage.
• Individuals should strive to survive with or without government provision. They need to remember that government provision can only be sustained to a certain extent. The biggest reason for being in this situation is ignorance. There is need to remodel and redesign oneself.
• Avoid inactivity as it causes faster deterioration. One important way of pushing dementia away is to keep proactive.
• Whereas it’s ok to work hard, it’s important to realize that the body needs to rest to avoid burn out or fatigue by working out and finding time for yourself. Members should always watch out for signs of mental illness.
• Eating in abundance of micro nutrients, vegetables and fruits, plant based oils, foods rich in fibre, drinking plenty of water, exercising and regularly checking weight.
• Avoid what’s unnecessary and learn to say no; learn to modify and adapt to situations and live a balanced life.
• Maintain a happy family, happy relationships and a stress free life. Setting a precedence of how one would want to be remembered is key. People look up to people not because of the money they have but the effects that you are part of their lives. The only thing that does not walk away after ones death is one’s character.
• Individual priorities should be considered using the guidance of the 7 Fs which include friends, faith, family, fitness, fun, firm/work, finances. This should be an assessment tool of how one is doing in life
• Be aware of the dangers of smoking, alcohol consumption, drugs and disease
• Make time for exercise at three days in a week, this helps blood circulation, improves metabolism, keeps the joints flexible and reduces stress.
• Members should have health insurance cover arrangements for their health needs after retirement.
3.0. Issues that emerged from the discussions
a) Financial contributions for social functions: Members required guidance on how to deal with the pressure of spending on social functions like weddings: it was explained that spending on weddings after retirement was a personal decision but was not advisable if one was struggling to make ends meet. The choice to give was upon oneself and about satisfaction. Members were advised to “learn to say no” to some of the demands intended to please others people.
b) Living happily in retirement: Advice was required on how one could retire happily and maintain the lifestyle as was during employment: It was stressed that remaining in formal employment was for the risk averse. Unfortunately very few Ugandans were risk takers however, If one is an entrepreneur, he can do anything to make money. Avoid situations that lead to giving out money and have financial discipline.
c) Loneliness in retirement: Members wanted to know how retiree’s dealt with the lonely life: It was explained that loneliness was a reality in retirement, children grow and leave, and peers will be very few. Time could be offered to the family and community to keep one engaged. One could also do voluntary service, read inspirational books to keep busy and focused.
d) Beneficiaries of pension benefits: Inquiry was made on what happens when a members who had nominated a beneficiary dies then others not nominated come to claim benefits? It was explained that pension benefits were separate from the estate of the deceased. Benefits are paid to the nominated person and any other person proved to be a dependant. The Trustees however have the fiduciary duty to execute fairness in the distribution of benefits.
e) Voluntary Pension Contributions: Can one voluntarily increase on monthly contributions to pension? It was clarified that currently the law does not allow voluntary contributions. This can however be advocated for during the amendments to the PPS Act.
f) Relevancy of will in pension benefits: What happens if there is a will which clearly apportions ones benefits? It was explained that the will should be in agreement with the nominations but can still be contested given that the will is part of the estate of the deceased.
g) Insurance: Members required guidance on the increasing insurance brokers seeking market for their services. They were advised to seek support in identifying good insurance products. Insurance products were often personal and customized in line with one’s future needs. It was crucial for members to consider taking up the education policy for those producing after 36 years of age.
h) Powers of Attorney: Can the heir be granted powers of Attorney if they are not Ugandans? It was clarified that a person is the executor of a will if he/she is appointed by the Administrator General and needs to act personally in the interest of the deceased. He /she implements the wishes of the deceased and must report to court on the status of implementation. He/she first has to get the property registered in his/her names as the executor to give powers of attorney to another person.
i) Tax obligations: Are there tax liabilities on beneficiaries of Trusts in our laws? There are tax liabilities on a trust at a rate of 30% under the Income Tax Act.
j) Operations of a Trust: To what extent is one in control if he/she ventured into Trusts: one can lose control of a trust especially in areas that have been assigned by Trustees. A trust can be amended to take care of a person’s wishes in the trust instrument.
k) Choice of a company instead of a Trust: How about using a company as a vehicle of planning for a will or succession: The response was that decision making in companies was done by Directors/Shareholders. There are certain things the company may not be able to do. These are run under memorandum and articles of association. Companies most of the time are looked at in terms of business. It’s rarely considered purely for social purposes. It depends on its reason of existence.
3.1 Post Training Feedback from the participants
Feedback from the participants was obtained from the evaluation of the training as follows;
o More training was required on being financially independent.
o A topic on communication after retirement should be considered.
o The choice of presenters was very good.
o Better mobilization of attendees should be emphasized through timely invitation and reminders.
o The trainers could come up with affordable references of books or materials that can be purchased by the participants.
o More ideas on investments should be shared.
o More experiential sessions should be arranged specifically from pensioners.
o There was need for personal interactions with experts.
o The choice of topics was very relevant to persons nearing retirement.
o The time and number of days allocated for each training should be increased.
o More sensitization was required on how to start on a project and manage it.
4.0 Closing Remarks
The Chief Operations Manager thanked members for attending and participating in the sessions. She hoped that members had received tremendous value for time in line with the objectives of the training. She appealed to members to be good ambassadors to their colleagues by sharing the knowledge received as well as encourage them to attend such subsequent training opportunities. The session was closed at 2.00 pm.
5.0 Conclusion
The seminar was a success and members appreciated the information shared during the interactions. They requested the Scheme to continuously sensitize members to correct mistakes before it’s too late. Members pledged to relay the importance of such sessions to their colleagues and continue seeking more information in regard to retirement planning.