Access Pensions unveils personalised financial planning services

Access Pensions said it would be offering its customers personalised financial planning to ensure its customer transition to a comfortable retirement.

The Managing Director of Access Pensions, Dave Uduanu, revealed this, saying the financial future of its customers was a priority and that with its in-house expertise, they could get additional service.

He said this at meetings with some of its high-net-worth individual clients in Abuja at the weekend.

Uduanu said: “Many individuals enter retirement without proper preparation. It is crucial to start planning for retirement as early as possible, ideally beginning to consider post-retirement plans around the age of 40. Neglecting to assess your cash flow, lifestyle and expected post-retirement expenses can lead to challenges in sustaining yourself during retirement.

“When discussing retirement and pension, it is essential to address three critical concerns before retiring: housing, children’s education, and healthcare. While healthcare falls outside the purview of our industry, it remains a crucial aspect to consider in retirement planning.”

He added that the personalised financial service was to ensure that retirement funds serve the intended purpose and that they are not depleted by rent, school fees or healthcare expenses.

He also added that the housing needs of individuals could be addressed through Retirement saving Account (RSA) mortgage equity support, while comprehensive financial planning tackles education concerns.

During the event, other partners of Access Pensions were able to showcase complimentary services that can boost the financial well-being of the clients. As part of the Access Corporation ecosystem, clients can access a diverse range of services. Partnership with other institutions such as Coronation Insurance and Coronation Trustees extends beyond pensions, encompassing their overall financial well-being. Access Pensions also offers its customers, wealth advisory and financial planning as part of its value-added services.

The Regional Head of the Corporate Team, Access Pensions, Uchenna Edeh, identified three distinct stages of retirement, each with its characteristics. The initial stage is characterised by ample resources, followed by a stage where resources begin to deplete, leaving the retiree reliant on retirement funds. Finally, in the last stage, expenses tend to increase significantly, often driven by healthcare expenditures.