LaurelP:


Hi,
Pls what's the right percentage dat shud be deducted for pension from an employee? For instance if am earning 45k, wat shud be my pension contribution and wat shud d employer contribute?

dhardline:


If i retire at 60years after working for 30years and live to 100years will the PFA's keep paying me for the next 40years?

If you answer yes to this then you are indirectly tellin me the PFA will pay me far more than the

Period i worked and how much will i be paid monthly for that 40years?

Oga this is simple logic,its not rocket science.

You say its designed to last the life time of the pensioner because the average life expectancy of

a nigerian is 52.what then happens to those who refuse to die even at 100?

micklplus:


Like I stated earlier, the pension industry is closely regulated by national pension commission and pfas get approval for every and anything.

The payment template is structured by Pencom and until otherwise stated, there isn't much pfas can do.

The primary aim of the pension scheme is for contributors to set aside funds for when they not active any longer and pension account isn't a conventional account when contributors can draw down at will

micklplus:


You are wrong. With Pencom regulations, Pension Adminstration in Nigeria is not only strong but almost strictly regulated. Most Pfas pay their retirees on the 16th of every month.

The oldies fail to retire as a result of their greed

ayandee:
I've always asked why anyone would consider an annuity. I prefer the programmed withdrawal from PFA over annuity. If a retiree dies, his beneficiaries receive in full the balance of whatever is left from the PFA. With annuity, the beneficiaries receive less as some deductions are usually made by insurance companies. Avoid annuity as much as possible.

maxiuc:
Where is my father he should come oo this thread is for him

dovelike:
I don't think pension is very strong in Nigeria. That's why most of the seniors refuse to retire. They are scared of dying of hunger because the govt. don't really pay attention to pensioners. Therefore,decreasing job opportunity for the new graduates and eligible youths in Nigeria.

Creating job opportunities can start with retiring those old men from the office and taking good care of them,then we will be able to occupy those spaces.

zazzi:
I think you are a learner on Pension matters. Have u heard of LOA that is letter of administration? Do PFAs pay named beneficiaries without LOA? What is the cost of getting a LOA and for how long? Wise up!!!

micklplus:


You are the one that def doesnt know how the scheme works. Why do you think Nigeria Army opted out of the mess? It is a scam and people nw realise it. Do you think alot of people would not have gone a different direction if it is not mandatory?
I dont know why you are bringing the subject of insurance here when we have not digressed from the so-called penscam....



You have a wrong orientation about pension scheme and I think you are making a mistake of thinking pension is insurance.

Read the article again and get more information about pension administration in NIGERIA.

Cheers

micklplus:


You have a wrong orientation about pension scheme and I think you are making a mistake of thinking pension is insurance.

Read the article again and get more information about pension administration in NIGERIA.

Cheers

micklplus:


Employers are compelled to contribute 10% while employees are to contribute 8%.

Making 18% in total

sirscripture:



That is wrong.
Employers are compelled to pay a minimum of 7.5% while employees are to contribute 7.5% also, totalling 15%. This is the standard and i dont know where you got your own calculator from...

sirscripture:




You are the one that def doesnt know how the scheme works. Why do you think Nigeria Army opted out of the mess? It is a scam and people nw realise it. Do you think alot of people would not have gone a different direction if it is not mandatory?
I dont know why you are bringing the subject of insurance here when we have not digressed from the so-called penscam....

ayandee:
Letter of administration is only needed where the deceased retiree did not make a will. If you're approaching retirement, common sense dictates that you should have a will. It makes things easier for your beneficiaries when approaching the PFA. I maintain that programmed withdrawal is better than an annuity.

doncholino:


PFA 's are sweet-coated marketers when they prospect for clients. they deliberately overblow service expectations and promises they don't keep. but when a Senior retires, entitlements are delayed with unending bauracractic processes

ayandee:
Letter of administration is only needed where the deceased retiree did not make a will. If you're approaching retirement, common sense dictates that you should have a will. It makes things easier for your beneficiaries when approaching the PFA. I maintain that programmed withdrawal is better than an annuity.

UjSizzle:
You know before all these, PenCom needs to find a way to nab employers who fail to deduct pension from the employee gross emolument, and those who deduct and fail to remit to the PFC.
I don't get the point of passing the Pension Act if there won't be a follow-up to ensure its administered. Pay attention to employers and enforce like taxes are administered in Nigeria! We have so many people who exploit others, it's unfair.


But before this masses need education. How many people know that they're entitled in the contributory pension scheme to have an 8% deduction from their gross emolument, and 10% employer contribution?
How many are aware that this fund should be remitted within 7days to the PFCs?
And that the Act (amended 2014) empowers PenCom to file criminal charges against employers who default?

micklplus:


You have a wrong orientation about pension scheme and I think you are making a mistake of thinking pension is insurance.

Read the article again and get more information about pension administration in NIGERIA.

Cheers

harveyspec:


I have been working with my present firm since 2013 & there hasn't been any pension scheme, now the company wants to start

Am I entitled to ask for arrears?(the 10%, that the company ought to have been contributing since the date of my employment)

Can I write a petition to Pencom?

CC:realwvn

micklplus:



It might be a lil difficult if your company hasn't been deducting from your salary since 2013. Can you confirm if your company had deducted pension contributions from your salary?

If your company had deducted, you can write Pencom, your arrears would be paid and infact, Interest Penalty would also be paid.

Would you be willing to pay your own part of the arrears of 8% assuming your company hasn't been deducting from your salary since 2013?

harveyspec:


They haven't been making deductions, it wasn't even stated in my terms of employment

Yes, I'm willing, now that they want to start, I don't mind paying 16% (8% for the present & 8% for the arrears)

but you know the issue is threat of being sacked!!!

Sunnypar:
Those PFa are thieves

Prettyugly:
"What happens in the event of death?

If one is on the Contributory Pension Scheme (CPS) and dies either in active service or after retirement, the next-of-kin as provided by the deceased to the PFA will be contacted to provide relevant documents for processing the contributions. The contributions will be paid to the named beneficiary in the WILL of the Letter of Administration. "

What happens if the person was not on Contributory Pension Scheme?

zazzi:
Honestly speaking, what percentage of Nigerian workers write Wills before they die? We live in africa where people equate the writing of Wills to wanting their death. Besides, do lawyers write and lodge Wills with probate registry for free? Be sincere with your self.

kkoffo:


Please share your experience with us why do you say so.