Jack’s Japa Empowerment - Diaspora Handbook

177. PENSION Many people are preoccupied on everyday survival—paying bills, sending money home, and keeping up with expenses—while forgetting that retirement will eventually arrive. Pensions may seem distant, but they are one of the most crucial financial tools you can use to ensure your future. In a culture like the United Kingdom, where the system encourages forethought, disregarding your pension can put you at risk in your later years. The UK has both state and private pensions. If you have paid National Insurance contributions for a sufficient number of years, you will be eligible for the state pension. This is a basic safety net, but it is rarely adequate to support a decent retirement. This is where workplace and private pensions come in. When you are employed, many companies automatically enrol you in pension schemes where both you and your employer contribute. These contributions may feel like deductions now, but they are seeds for your future. Nigerians frequently make t...