ayokatu:
@ sagamite knowledge is not far fetch... This is an act passed into law through the pension reform act of 2004 and it operating well in nigeria presently. I don't work with insurance company but I have the full knowledge relating to pension matters.

dustydee:
....
My personal opinion: I think IBTC pensions is the best of the lot. Stopped contributing about 7 years ago and my about 80k contributions (Worked in a private firm for 6 months) is now worth about 150k

Toyins:

1) Check with your HR your money may not be going to ARM or ur HR is not using your correct RSA PIN
2) Are you sure your employer is paying your Pension to ARM

Yomieluv: Presently my mum is having issues with her pension,she retired like 2 years ago,she's hasn't received any money,worse still,the pension official demanded for 100000 for bribe to process it,aside the countless recharge card she sends to them..

Little wonder people steal blindly when in service,or you are doomed when you are retired.

umar745: kai! Stop it. Except the lawyer would work for absolutely free she doesn't need him. I've done what she wants to do b4 and I didn't need or use a lawyer. Lawyers would just charge avoidable fees

yetseyi: I m concered abt d ARM wch my mum uses but I must say the ARM pple are customer friendly.
Mumsie gets an alert on her fone evry mnth once dedUctn is made in her salary, and they also write ur current acc balance. A statement is sent her every 3 months showing d amt, interest and everything.She's informed abt aw much she has.

Gentlebabs: @AZWealth, I carefully went through ur post and found d contents therein misleading. In a layman's language, the pension scheme has been privatized and retirees can always go to Pencom to to seek advice or redress as the case may be. It is not often the best when your claims are reportive and you are not a direct victim of the said deception. The government adoppted the contributory pension scheme, which started in Chile so as to alleviate the sufferings of her citizens/retirees. All complaints/ enquiries should be directed to Pencom. You can google their website, therein lies all you need to know about the new pension scheme. I humbly reque you stop misleading people on heresies. For your information, Pencom serves to regulate, monitor and melt out punitive measures to any of thw 24 PFA or 4 PFC's who errs...

Imo obot: Honestly, there is an urgent need to review the PENSION SCHEME policies in Nigeria especially TRUSTFUND. I work with one of the new generation Banks as a contract staff, i was shock when i got my account statement and realized that i have just N25,000 and some fractions after working for close to 4 years. Imagine! Very annoying.

Moses247: ok thanks re u on whatsapp? Give ur number abeg?

powerblaze:

Who said it'll be free? The lawyer is very understanding.. He helped us in despicable ways really..

Anyway, twas just a help plan to a concerned woman, not to you( with due respect)..

The.Man:

Its better if I add u on facebook. Or better still on bb

brojero:

Just wondering.. 80k at 2006 prices vs 150k at 2013 prices. Are you really better off, given the rate of inflation?

Yomieluv:
Presently my mum is having issues with her pension,she retired like 2 years ago,she's hasn't received any money,worse still,the pension official demanded for 100000 for bribe to process it,aside the countless recharge card she sends to them..

Little wonder people steal blindly when in service,or you are doomed when you are retired.

Bimboscoo:
Much as pension scheme sounds so good, it's the business of some people who have absolute control over your own hard earned money. For Christ sake, why not use your money to build a rental apartment in a low cost area and have full control of your pension by yourselve. Have you ever asked yourselves where the mechanics and bricklayers collect thier pension from? These people collect thier pension from the houses they built when they where in active service. They are the landlords while the office workers are the tenants. Think about it.

Azwealth:
HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.
Your post is misleading and void of facts. The Pension Reform Act 2014 as amended is about the best policy adopted by the government to cater for the retirement of all citizens, including the private sector. You lack the working of the PRO 2014
It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

Omexonomy:
Presently, i know more than six people who are having such problem.

jamace:
^^^My bros, in Nigeria things are always beautiful on paper but on ground it will be the opposite. Apart from complaints above, are you not aware of how persons in charge of the funds are looting it?

I have always kicked against PENCOM and the PFAs because, govt has sold its employees to heartless capitalists who have no welfare concerns for the pensioners. I would have love the govt adopt the payoff system for its employees instead of PENCOM.

Rejoice5000:
Saving money 4 children children that thing tire me,how they are cutting my salary for this pension of a thing, one will be getting alert but to withdraw the money 4 where. till Rapture day.

TheMan3:
I know what this guy is talking about. When my dad passed away, Letter of administration took me 1 yr and six months to process. And thats just one of the documents. Its not funny at all. After submitted all the docunents with the PFA. I waited for about eight months no response. Whenever I go to the pfa they will say "be patient, these things take time".I went to Abuja myself to PENCOM. only to find out they did not submit my ddocuments to PENCOM all these while and they were even still collrcting monthly contributions from them employer "federal govt". REQUIREMENTS TO PROCESS DEATH BENEFITS UNDER THE PRA 2014. Medical Certificate of Death/Cause of Death; Certificate of Registration of Death (if available); Police Report (if death is by accident); Letter of Administration or Will submitted to Probate; and Declaration of Wish/Evidence of Nomination of NOK ,Means of identification of NOK (Drivers license, National ID and International Passport). However, if the letter of Administration took time, is it the fault of the PFA or PENCOM? If your Dad died under the new scheme, you are entitled to 3 years of his monthly salary as the insurance benefits, asides the amount in the RSA and the ACCRUED RIGHTS which he qualify for; if he started working for government before you 2004.

The PFA is ARM pensions, former First Alliance.

Yomieluv:
Presently my mum is having issues with her pension,she retired like 2 years ago,she's hasn't received any money,worse still,the pension official demanded for 100000 for bribe to process it,aside the countless recharge card she sends to them..

Little wonder people steal blindly when in service,or you are doomed when you are retired.

Imoobot:
Honestly, there is an urgent need to review the PENSION SCHEME policies in Nigeria especially TRUSTFUND. I work with one of the new generation Banks as a contract staff, i was shock when i got my account statement and realized that i have just N25,000 and some fractions after working for close to 4 years. Imagine! Very annoying.

omiobo:
Walahi many things are wrong with this nation. In my unorganised coy where I work,the damagers are withdrawing a certain percentage from our salary for pension but they refused to pay it into our RSA. The last time I had alert last was last year. It is a private org. We have done all we could but no damn result. Infact I will like to stop this nonsense called PFA.