I worked for a couple of years in 3 companies, 2 of which where pensionable. I have left paid employment for about 3 years and want to find out if I can access my pension. Someone told me I have to be 50 before I will get it or that if I aPply now( after being out of work for a few years), I'll only get a certain percentage.

How true is this? If it isn't, what can I do to get my pension.

Godmother:
I worked for a couple of years in 3 companies, 2 of which where pensionable. I have left paid employment for about 3 years and want to find out if I can access my pension. Someone told me I have to be 50 before I will get it or that if I aPply now( after being out of work for a few years), I'll only get a certain percentage.

How true is this? If it isn't, what can I do to get my pension.

First were your employers contributing to the pension scheme, were they remitting part of your salary to the scheme? Do you know your PFA? Do you know your PEN? Do you receive statements of accounts from your PFA?

The scheme is a contributory scheme so the funds are not automatically credited to you if your employers did not do so. If you have your PEN just go to your PFA with a copy of your last salary payslip and letter of resignation. However if I remember correctly you can only access 25% now.

u can access 25% now, nd d rest wen ur 50

If you do not have urgent and pressing need I would advise you leave the pension there for now. By my calculations the pension fund returns are quite encouraging and consistent. Hang in there it shall be well

NairaQuest:
If you do not have urgent and pressing need I would advise you leave the pension there for now. By my calculations the pension fund returns are quite encouraging and consistent. Hang in there it shall be well

d returns are only supposed to beat inflation rate over a period of time

ednut1:
d returns are only supposed to beat inflation rate over a period of time

The rate of inflation in Nigeria is about 8.5% and most of the pension funds are returning more than that. I was wondering what they invest in after my calc

NairaQuest:


The rate of inflation in Nigeria is about 8.5% and most of the pension funds are returning more than that. I was wondering what they invest in after my calc

the pencom law allows for 25% max in equity, so they make losses some times, my pension managers average returns from 2006 to date is 11.57% and average inflation over same period is 10.47% , but dose guys mk so much on our money

LordReed:


First were your employers contributing to the pension scheme, were they remitting part of your salary to the scheme? Do you know your PFA? Do you know your PEN? Do you receive statements of accounts from your PFA?

The scheme is a contributory scheme so the funds are not automatically credited to you if your employers did not do so. If you have your PEN just go to your PFA with a copy of your last salary payslip and letter of resignation. However if I remember correctly you can only access 25% now.

Thanks LordReed.

Yes my employers were contributing and also remitting a portion of my salary, I know my PFAs and PENs and receive monthly statements. My last job didn't use payslips and I don't have a copy of my resignation letter. Will these affect me or is there another way I can get it.

Godmother:


Thanks LordReed.

Yes my employers were contributing and also remitting a portion of my salary, I know my PFAs and PENs and receive monthly statements. My last job didn't use payslips and I don't have a copy of my resignation letter. Will these affect me or is there another way I can get it.

Yes you need those to show you are no longer employed. Can you have your last employer give you a reference and just create a payslip for you?

LordReed:


Yes you need those to show you are no longer employed. Can you have your last employer give you a reference and just create a payslip for you?

Ok, will try this. Thanx