Pension schemes are failing and gradually turning to Tension schemes.

It’s not only in Nigeria or Africa. This subject actually flashed through my mind yesterday after helping and elderly citizen with printing of documents and stuffs pertaining to his pension and arrears that as accrued over the years for serving not the Nigerian government this time, but the American government. Although he looks okay on the outside, smiling and glowing, but the contents of his mails and conversations over the months with the people that are responsible for paying his pension and entitlements sounds more like a tug of war rather than just a ask and yea shall be given situation, he made no secrets of it although he was beaming all over. The father of my brother’s wife seems to be caught up in the same situation after serving the British government most of his life, getting his pension seems to be more rigorous than the real work he did to earn the status of a pensioner under the crown. It’s happening the world over and not only in Nigeria, the pension schemes of this world are failing either private or public and obviously no Babylonian principle can savage the situation because it is not a dilly doll factor that can be re-enacted like a stage play.

Lecturers are going on strike in Nigeria on issues of arrears and pensions, The Daily Champion Newspaper reported the death of one University lecturer in Calabar during a peaceful protest preceding their proposed 3days warning strike …Read story>>.

Another story on the pages of This Day… newspaper informs about the inability of the Federal Airports Authority of Nigeria (FAAN), to pay over N664 million arrears for the past 23 months. Other stories include how the US government needed to cough out $85bn to rescue almighty American International Group Inc (AIG) from bankruptcy …Read more>>.


* Hawaii pension system investments fall

* Pension schemes face ₤70bn shortfall

(UK’s defined benefit pension schemes face a ₤70bn funding shortfall after plunging ₤7bn further into deficit)

* British Airways pension deficit

(The British Airways (LSE: BAY.Lnews) pension schemes have a £1.74bn hole in them, the trustees announced this morning in the their annual update)

The funding position of the New Airways Pensions Scheme at 31 March, 2008 was 83%, equating to a deficit of £1.5bn.

The Airways Pension Scheme finding position at the same date was 96.5%, corresponding to a deficit of £240m.

Now we all know that it is not only the Nigerian airways or Nigerian Army that is having problems with paying the pension of its retirees, it is a global thing and the situation is not getting better because there is no way any pension scheme in this world will be able to pay the number of retirees that will be available in the world by the year 2025. What are your plans? Are you planning to get employed by the various ministries where you do nothing throughout your career and wait till your old age to get pensions that will never come? Are you planning to join the long queue of retired men and women that keep dropping off like a pack of card when lining up to collect their pension checks that comes once in two years? Are you planning to become one of those old men that will be caught in the shades of tree, queuing inn queering situations to revalidate their names in the master list of pensioners? It is true that they served their motherland to the best of their abilities, but there is a BUT…

Working is good, in fact it is the leeway into developing yourself and creating that which you want from the resources you have accrued over time which are now embedded inside of you, your learn the vital lessons of business provided you are not working at Alausa Secretariat et al.. and this gives you an edge and prepares you for the moment you will break away from the chain of employment, but are you planning to put your hard earned money and resources into schemes that as failed over time, they give it different names and sweeten it with different layers of coating and sweet words, they even tell you that you can retire before you are 30yrs old if you give them your money, but come to think of it, AIG is going bankrupt and you are still taking your funds to IB…. There is a Yoruba adage that says
Atéwo éni kin tan ni jé
“you can never be swindled by what you do with the palms of your hands because you will always see it and know whether it’s working or wobbling”, why not invest in yourself, nurture and watch it grow with the palms of your hand, start something your future could depend on, determine the your future by starting something you can always call your own rather than wait for that fund manager to determine what you get.

I know the question in the mind of many is “where do I get enough money to start my own business?” I think the right person to answer your question will be Leke Alder, although not everyone is going to start his/her business with N17:50k like he did, and even the DRAGON’S DEN millionaires are not yielding to the unrealizable but great business plans been submitted by teeming number of fortune hunters coming on the programme, but you can start something for yourself, money doesn’t determine how far your can reach or how rich you get, your Self-worth and Network determines your Net-Worth. You can take a cue from THE PHILOSOPHY OF UNDER ACHIEVEMENT in realizing your goal by making God’s word a standard for your life.

I was just like you before now and I can show you how to get better, it’s in your bible, those books and in the life of exemplary people living around you, great men of valor who lived in the face of impossibilities and made it possible. Their lives are epistles, some read it and left it on papers, while others did and re-printed it in the heart of men with the things they say and their actions. You can share in it or even become a part of it, in actual fact, something is about to happen and I will be glad if you can come join me. It is called THE PLATFORM and it’s happening here in Lagos, organized by Covenant Christian Center which is pastured by Poju Oyemade (not talk say Na me tell you but Bishop Oyedepo will be there). If you live in Lagos, here is a golden opportunity to unlock the secrets of entrepreneurship and if you live elsewhere, I bet you the journey is worth it. It’s taking place on the Island and it’s happening on 1st of October, 2008. If you need more information on the Platform, drop a comment and I will get back to you with all necessary information.

As for me, I will be at the venue a day before the event (from advice lol…J). It’s a scheme so don’t get it twisted.

Continue reading

About the author


He's the editor of this planet
The inventor of a rare strain of Eba
Computer enthusiast losan, Wordsmith lale, Rapper loru
He's the favourite invaluable son of Ipaja
The 3rd son of Iya Toyin and
The grandson of a barren woman

Add comment

By Babaolowo