How Pension Managers Are Cheating Nigerians - Investment (7)

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Pension Managers Please Come In. / The Absurd Ways Pension Managers Cheat Nigerians part2. / I Want To Withdraw From My Pension Fund Account! (2) (3) (4)

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Re: How Pension Managers Are Cheating Nigerians by TheMan3: 2:15pm On Feb 22, 2015

Babalakin:
When will this country ever get things right?..my dad ,a police officer passed away around June 2011,we have only accessed his RSA contribution while we are still expecting his accrued rights and group life assurance benefits.i completed d documentation around may last year with first guarantee pensions after which pencom placed us on batch 34.as at August last year when we received his outstanding contribution,pencom was paying batch 27.surprisingly,when I called customer care at pencom I was informed they were just processing batch 29 for d next payment.that means from August last year to date they have only paid 2 batches.one wonders how long it will take before it finally gets to batch 34..please I was thinking d accrued rights and group life will b paid simultaneously, do I need to go to d office of d head of civil service to process d group life?..I've been to d police head quater at Ikeja to make a complaint, they referred me to my dad's PFA and didn't mention anything about d office of d head of civil service. Thanks for ur kind replies

With respect of group life for police, I don't think head of civil service is in charge. I heard police pulled out from head of civil service last year to handle their group life by them self. What Im not sure is if it applies to those from 2011.

We are planning on leading a protest to the ministry of finance to tell them to release the money for the group life insurance. For Gods sake, families should not have to wait this long to get paid . How do they expect people affected to survive?

Re: How Pension Managers Are Cheating Nigerians by Babalakin(m): 6:44pm On Feb 22, 2015

TheMan3:

With respect of group life for police, I don't think head of civil service is in charge. I heard police pulled out from head of civil service last year to handle their group life by them self. What Im not sure is if it applies to those from 2011.

We are planning on leading a protest to the ministry of finance to tell them to release the money for the group life insurance. For Gods sake, families should not have to wait this long to get paid . How do they expect people affected to survive?

.my chief,let me know when you fix a date for the protest March.

Re: How Pension Managers Are Cheating Nigerians by yetseyi(f): 9:13am On Feb 23, 2015

Gentlebabs:
. 1. a) Application Form This is the duly completed and signed application form which clearly states the client is applying for the Employee portion of the contributions in his/her RSA. b) The RSA holder’s signature on the application must be the same as that on our records. 2. Passport Photograph One passport photograph of the applicant is required. 3. a) Birth Certificate/Age Declaration It is required that the client provides his/her birth certificate. b) In the absence of a birth certificate, an age declaration from the Court will suffice. PLEASE NOTE THAT the age on the means of ID and birth certificate must be same as on our records. 4. Letter of Appointment a) The official letter of appointment is required b) In the absence of a letter of appointment, a copy of the official gazette with the client’s name listed will suffice. 5. Retirement/Disengagement letter The retirement/disengagement letter (which should be on the letter head of the employer) must state the effective date of retirement. 6. Last Payslip The pay slip must be within 3 months of the client’s retirement (for example, where a client retired 31 Dec 2008, the payslip to be submitted should be either Oct, Nov or Dec 2008). 7. Retiree Severance Payslip (Right sized employees of the Federal Government only) a) This is required for disengaged retirees ONLY b) This must be issued by the Office of the Accountant General of the Federation (OAGF

okay thanks

Re: How Pension Managers Are Cheating Nigerians by Davidawulla: 4:00pm On May 20, 2015

Please I want to know what's the proceedure or steps to withdraw the 25 percent from the RSA saving in IBTC pension managers.THANX for your contribution...

Re: How Pension Managers Are Cheating Nigerians by manie(m): 7:28pm On May 20, 2015

umar745:
About the letter of administration, you can fast track it by paying for an independent newspaper advert. It cost about 10k or so. I was told the reason why it takes long is because they publish the adverts in batches, so until a batch is filled there is nothing they can do. Did mine at F.C.T high court

People should be advised on the need to have a will, if you have a will you do not need a letter of administration. People who die intestate using subject their loved ones left behind to unnecessary stress.

Re: How Pension Managers Are Cheating Nigerians by foluguyy(m): 12:48pm On Jul 14, 2015

Pls can anyone with Pencom Approval issues
My mom was a Late teacher since 2007 and I have submitted the necessary documents as a Deceased case to her PFA (IBTC) to get her entitlement. I was told to be patient again for Pencom payment Approval. I even disturb IBTC b4 they could send it to PenCom last week for approval...
I want to know, how long lld it take Pencom to send approval and is there need to follow up at Pencom's office again for quick approval?

1 Like

Re: How Pension Managers Are Cheating Nigerians by Moses247(m): 5:16pm On Jul 17, 2015

two weeks@ foluguy

Re: How Pension Managers Are Cheating Nigerians by Moses247(m): 7:46am On Jul 21, 2015

@Foluguy email me let me give u some tips on how i was able to get of my late father's death benefit.
ijawboymoses@gmail.com

Re: How Pension Managers Are Cheating Nigerians by Lionhearted: 2:48pm On Jul 30, 2015

Too bad some were experiencing unnecessary delay accessing their pension.

My mum retired last year January. When the PFA want to start doing their footdragging we simply published it in one of the national dailies with full details.

Both the Pencom and PFA called within a day. By July she got it.

PFAs hates publicity. Utilise that to your benefit.

4 Likes 1 Share

Re: How Pension Managers Are Cheating Nigerians by congi(m): 4:38pm On Jul 30, 2015

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".

The PFA is ARM pensions, former First Alliance.

That ARM.... I regret opening my RSA with them. Transfer NSITF fund to ARM has taken 5 years and yet to be done as I write.

Re: How Pension Managers Are Cheating Nigerians by TheMan3: 8:20am On Aug 18, 2015

foluguyy:
Pls can anyone with Pencom Approval issues
My mom was a Late teacher since 2007 and I have submitted the necessary documents as a Deceased case to her PFA (IBTC) to get her entitlement. I was told to be patient again for Pencom payment Approval. I even disturb IBTC b4 they could send it to PenCom last week for approval...
I want to know, how long lld it take Pencom to send approval and is there need to follow up at Pencom's office again for quick approval?

Bro I feel your pain. What I did was to go to pencom myself and followed it up personally.

Or call pencom to verify if they have actually received it. They will ask for the pin, if they have received it, they will tell you the batch number.

1 Like

Re: How Pension Managers Are Cheating Nigerians by TheMan3: 8:20am On Aug 18, 2015

foluguyy:
Pls can anyone with Pencom Approval issues
My mom was a Late teacher since 2007 and I have submitted the necessary documents as a Deceased case to her PFA (IBTC) to get her entitlement. I was told to be patient again for Pencom payment Approval. I even disturb IBTC b4 they could send it to PenCom last week for approval...
I want to know, how long lld it take Pencom to send approval and is there need to follow up at Pencom's office again for quick approval?

Re: How Pension Managers Are Cheating Nigerians by TheMan3: 12:14pm On Aug 18, 2015

foluguyy:
Pls can anyone with Pencom Approval issues
My mom was a Late teacher since 2007 and I have submitted the necessary documents as a Deceased case to her PFA (IBTC) to get her entitlement. I was told to be patient again for Pencom payment Approval. I even disturb IBTC b4 they could send it to PenCom last week for approval...
I want to know, how long lld it take Pencom to send approval and is there need to follow up at Pencom's office again for quick approval?

Call pencom to verify if they have submitted it. They will ask for your pin and tell you the batch its on. If it's not yet submitted, I suggest you go to pencom your self, that's what I did.

By the wash have you also submitted the documents in head of service for group life? That's another one

Re: How Pension Managers Are Cheating Nigerians by kennedy67(m): 3:55am On Aug 19, 2015

Cool

Re: How Pension Managers Are Cheating Nigerians by xana101: 3:23pm On Aug 19, 2015

My problem with pension is 'why can't i get my whole money in bulk' they'll spread ur own money over years. give the person an option of taking the whole sum or by bit. Buhari should look into it

2 Likes 1 Share

Re: How Pension Managers Are Cheating Nigerians by generalfab: 7:40pm On Aug 23, 2015

please does anybody know about legacy pensions and how long it takes them to pay deceased next of kin entitlement

Re: How Pension Managers Are Cheating Nigerians by Olalekan27: 1:03am On Apr 30, 2016

Moses247:
u dnt need to hire a Lawyer before the LOA could be Granted. In my own case d customary court told me to bring a letter 4rm d Family stating dat de re aware of d Motion. And also the family head or any Male member of d Family will also appear in d Court b4 de will granted d Letter for Me. Since My Uncle Who is the Next of Kin To My Late father is so wicked to d extend of Draging My Late father's document wit We D Children. Shows he has sometin in Mind. So We Bounce Him. Bleep NEXT OF KIN. D customary court Letter granted d LOA. Jst within 2weeks. Of summission I no spend much o. D follow week i summited it to d Bank. De jst open a new account for Me last month and Tranfer d remaining balance in to my account dis week on tuesday. Ahaha we re Smiling Bro. 529k no be beans. Also de have Close my late's father acct since d owner is no More. Now am abt to Process d death benefit wit Premium Pension Limited. Na so d tin Go....lol. Please dnt hire a lawyer o. Becos if u do? Hmmmm ready beta money 4hand o. Lol ;DYes u dnt need to hire a Lawyer before the LOA could be Granted. In my own case d customary court told me to bring a letter 4rm d Family stating dat de re aware of d Motion. And also the family head or any Male member of d Family will also appear in d Court b4 de will granted d Letter for Me. Since My Uncle Who is the Next of Kin To My Late father is so wicked to d extend of Draging My Late father's document wit We D Children. So We Bounce Him. Bleep NEXT OF KIN. D customary court Letter grant d LOA. Jst within 2weeks. I no spend much o. D follow week i summited it to d Bank. De jst open a new account for Me last month and Tranfer d remaining balance in to my account dis week on tuesday. Ahaha we re Smiling Bro. 529k no be beans. Also de have Close my late's father acct since d owner is no More. Now am abt to Process d death benefit wit Premium Pension Limited. Na so d tin Go....lol. Please dnt hire a lawyer o. Becos if u do? Hmmmm ready beta money 4hand o. Lol ;DYes u dnt need to hire a Lawyer before the LOA could be Granted. In my own case d customary court told me to bring a letter 4rm d Family stating dat de re aware of d Motion. And also the family head or any Male member of d Family will also appear in d Court b4 de will granted d Letter for Me. Since My Uncle Who is the Next of Kin To My Late father is so wicked to d extend of Draging My Late father's document wit We D Children. So We Bounce Him. Bleep NEXT OF KIN. D customary court Letter grant d LOA. Jst within 2weeks. I no spend much o. D follow week i summited it to d Bank. De jst open a new account for Me last month and Tranfer d remaining balance in to my account dis week on tuesday. Ahaha we re Smiling Bro. 529k no be beans. Also de have Close my late's father acct since d owner is no More. Now am abt to Process d death benefit wit Premium Pension Limited. Na so d tin Go....lol. Please dnt hire a lawyer o. Becos if u do? Hmmmm ready beta money 4hand o. Lol

pls what are the things I need to do to get letter of administration from customary court, someone said is high court that o issue

Re: How Pension Managers Are Cheating Nigerians by Moses247(m): 5:00am On Apr 30, 2016

Yea goto high court. but be ready for there delay in grant the Letter of Administration. as for d requirements go with the deceased death certificate, ur two passport DAT is if u re d one applying for it. with some little cash for publication n stuff like dat. shikena these re d starting points.

Re: How Pension Managers Are Cheating Nigerians by Sunnypar(m): 10:56am On Apr 30, 2016

Those pfa are crook. Thanks. I will try this.

Lionhearted:
Too bad some were experiencing unnecessary delay accessing their pension.

My mum retired last year January. When the PFA want to start doing their footdragging we simply published it in one of the national dailies with full details.

Both the Pencom and PFA called within a day. By July she got it.

PFAs hates publicity. Utilise that to your benefit.

Re: How Pension Managers Are Cheating Nigerians by Amazingg: 2:52pm On Jun 30, 2016

This thread is an eye-opener for me. My dad retired November 2015 and his PFA is ARM Pensions. This is the 7th month and they keep telling us that PENCOM has not remitted the money to them. Please is there a way one can confirm their claims about this?

Re: How Pension Managers Are Cheating Nigerians by motocamara: 1:20pm On Mar 22, 2017

So many beneficiaries of the Contributory Pension are deliberately underpaid, and if you don't make moves to get your ull benefit, some official might divert money that rightfully belongs to you. To find out if you have been underpaid as a beneficiary of the Contributory Pension Scheme, check the statement of account of the Retirement Savings Account to which you are the beneficiary under details. If your PFA refuses to give you your statement of account, contact us. 08100606316.

But if you are able to get hold of your statement of account, check for the amounts written for both Employer and Employee. If they are different, you have been underpaid. If you meet pension officials, some will use all sorts of strategies to see that you don't get the money- to deceive you. But not to worry. Just contact us on 0810 0606 316 (text messages only). We will help you recover your money in due course.

Be aware to prevent being cheated!

Re: How Pension Managers Are Cheating Nigerians by xana101: 8:37am On Apr 04, 2017

Pension is a big ponzi
You contributes part of ur salary for years, u get retired or laid off. U have not gotten anything yet to do and u ask them to give u ur money, they only gives u 25 percent and d remaining 75 percent comes when u are 50 years old And the remaining 75 percent would be divided by 10 years, that makes d money even more useless. Imagine I get someone who is 40 years old to loan me 5 million Naira and I'll start d repayment when he gets to 50 years And d money would be spread over 10 years. what a big ponzi.

1 Like 1 Share

Re: How Pension Managers Are Cheating Nigerians by OfficialSam(m): 6:41pm On Nov 27, 2017

Moses247:
@Foluguy email me let me give u some tips on how i was able to get of my late father's death benefit.
ijawboymoses@gmail.com

Pls, i will need ur help too. I'm passing thru a very tough time accessing my late mum's benefit. I'm done with all d documentations. The pfa is Premium pension limited. pls reply. Thanks!

Re: How Pension Managers Are Cheating Nigerians by OfficialSam(m): 7:00pm On Nov 27, 2017

Gentlebabs:
OFFICE IF THE HEAD OF SERVICE:

Radio House, Herbert Macaulay Way (South)

Area 10, P.M.B. 247, Garki - Abuja

E-mail: info@nigeria.gov.ng

Pls Sir, i need ur help & advice. I'm passing thru hell just to access my late mum's benefit. I finished d documentation about six months ago & I'm still yet to get her contributory pension, let alone d accrued rights & insurance benefit. Pls reply. Thanks!

Re: How Pension Managers Are Cheating Nigerians by OfficialSam(m): 7:01pm On Nov 27, 2017

Re: How Pension Managers Are Cheating Nigerians by Udohephraim17(m): 8:26pm On Nov 27, 2017

OfficialSam:

Pls Sir, i need ur help & advice. I'm passing thru hell just to access my late mum's benefit. I finished d documentation about six months ago & I'm still yet to get her contributory pension, let alone d accrued rights & insurance benefit. Pls reply. Thanks!

I'll make some enquiries and get back to you.

Re: How Pension Managers Are Cheating Nigerians by Moses247(m): 11:55pm On Nov 27, 2017

OfficialSam:

Pls, i will need ur help too. I'm passing thru a very tough time accessing my late mum's benefit. I'm done with all d documentations. The pfa is Premium pension limited. pls reply. Thanks!

Same premium pension oo. very terrible guys. but God pas dem I Don collect everything sha. what is still holding urs??

Re: How Pension Managers Are Cheating Nigerians by OfficialSam(m): 4:59pm On Nov 29, 2017

Moses247:

Same premium pension oo. very terrible guys. but God pas dem I Don collect everything sha. what is still holding urs??

Nothing bro. I submitted the documents about six months back. I have not collected a dime. Pls we nid to talk. Can i have ur mobile contact?

Re: How Pension Managers Are Cheating Nigerians by OfficialSam(m): 5:02pm On Nov 29, 2017

Udohephraim17:

I'll make some enquiries and get back to you.

Thanks! I'm waiting!!

Re: How Pension Managers Are Cheating Nigerians by OfficialSam(m): 5:02pm On Nov 29, 2017

Udohephraim17:

I'll make some enquiries and get back to you.

Thanks! I'm waiting!!

Re: How Pension Managers Are Cheating Nigerians by bellville: 9:50pm On Nov 29, 2017

Sagamite:

Shut up!

You are an exploitative conman.

Someone should come and by annuity after retirement? What sense does that make in Nigeria?

coupled with the fact that when the person dies, certain deductions would be made from the fund leaving the beneficiaries with peanut. I have seen this happen. No to annuity

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