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Re: 10 Things You Need To Know About Pension In Nigeria by micklplus(m): 7:03pm On Aug 27, 2015 |
LaurelP: Employers are compelled to contribute 10% while employees are to contribute 8%. Making 18% in total |
Re: 10 Things You Need To Know About Pension In Nigeria by micklplus(m): 7:09pm On Aug 27, 2015 |
dhardline: There's a ratio of calculation. There is a template calculator that is used. On the average, what's the age of death? How many people die at 100? |
Re: 10 Things You Need To Know About Pension In Nigeria by Jonwesley(m): 7:24pm On Aug 27, 2015 |
micklplus: Okay, thanks all the same. I will wait till then. |
Re: 10 Things You Need To Know About Pension In Nigeria by tobechukwuka(m): 8:38pm On Aug 27, 2015 |
@Mr. OP from where did you get this misleading information you shared here? I disputed on some of your analysis here. Why do you said that programmed withdrawal pays retiree that are under it for a life time while annuity pay for a period of 10years and no entitlement for the beneficiary of the retiree after his/her demise? PenCom Advises Retirees on Annuity Option. National Pension Commission (Pencom) has advised retirees who are not comfortable with the programmed withdrawal that they maintain with Pension Fund Administrators (PFAs) to switch over annuity. The commission advised them to use the balance on such accounts to buy life annuity products from insurance companies as a way of ensuring that they get pension for life. Many retirees under contributory pension who may have opted for programmed withdrawal as a way of drawing their pension without giving the necessary thought to it have been complaining to PenCom. The Director - General of the commission, Mr. Muhammad Ahmed gave this advice in an interview with THISDAY, pointing out that the law allows retirees to even use the balance of their programmed withdrawal to buy life annuity products. Pensioners have been worried that such payouts under programmed withdrawals usually last between 15 and 20 years, wondering what would be their fate should they outlive the paytouts. According to the director-general, retirees can move from programmed withdrawal to annuity, but added that the law does not allow them to do otherwise. If you dont want programmed withdrawal, you go for annuity, and even if you chose programmed withdrawal the law provides that you can switch over to annuity. The only thing is that you can cannot switch over from annuity to programmed withrawal, Ahmed warned. He also reminded both retirees and the working people that the choice to move from programmed withdrawal to life annuity is theirs to make. If you have a programmed withdrawal and you dont feel happy with it, you can take the whole balance and buy an annuity and then fold my arms because i know that the insurance company will give me Nx amount of money for the rest of my life. So the options are there and it is that of the employee, the director-general said. For more inquiries contact me or if you want to invest in insurance company which has a 100percent dividends of benefits more better than having your money for a fixed deposit in the bank. |
Re: 10 Things You Need To Know About Pension In Nigeria by igbanbajo(m): 9:53pm On Aug 27, 2015 |
Bookmarked. |
Re: 10 Things You Need To Know About Pension In Nigeria by Nobody: 10:19pm On Aug 27, 2015 |
micklplus:If there was no room for greed, the "oldies " won't be. |
Re: 10 Things You Need To Know About Pension In Nigeria by zazzi: 6:27am On Aug 28, 2015 |
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!!! ayandee: |
Re: 10 Things You Need To Know About Pension In Nigeria by spiralwedge(m): 6:37am On Aug 28, 2015 |
maxiuc: I dey here my son.. my son maxiuc, when you go send me my monthly chop money? and the recharge cards? |
Re: 10 Things You Need To Know About Pension In Nigeria by exactly77(m): 8:29am On Aug 28, 2015 |
Good info. thanks for sharing. |
Re: 10 Things You Need To Know About Pension In Nigeria by doncholino(m): 9:13am On Aug 28, 2015 |
dovelike: 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 1 Like |
Re: 10 Things You Need To Know About Pension In Nigeria by ayandee: 3:21pm On Aug 28, 2015 |
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. zazzi: |
Re: 10 Things You Need To Know About Pension In Nigeria by sirscripture: 3:30pm On Aug 28, 2015 |
micklplus: |
Re: 10 Things You Need To Know About Pension In Nigeria by sirscripture: 3:32pm On Aug 28, 2015 |
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.... |
Re: 10 Things You Need To Know About Pension In Nigeria by sirscripture: 3:41pm On Aug 28, 2015 |
micklplus: 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... |
Re: 10 Things You Need To Know About Pension In Nigeria by micklplus(m): 4:30pm On Aug 28, 2015 |
sirscripture: Get Knowledge Bro. There is no gain wallowing in ignorance. Please, don't argue because you feel you should. Always argue for knowledge sake. Cheers 1 Like |
Re: 10 Things You Need To Know About Pension In Nigeria by micklplus(m): 4:32pm On Aug 28, 2015 |
sirscripture: While it is obvious you don't know what you are talking about, it is equally amusing at how blind you argue. Do you know whats called closed PFA? Like I said, get knowledge bro. Cheers |
Re: 10 Things You Need To Know About Pension In Nigeria by micklplus(m): 4:34pm On Aug 28, 2015 |
ayandee: You are a sensible person. People should be opened to knowledge. it doesn't kill. Be blessed bro. Cheers |
Re: 10 Things You Need To Know About Pension In Nigeria by micklplus(m): 4:38pm On Aug 28, 2015 |
doncholino: Most times, contributors/employers are at fault yet , they blame PFAs for all their issues. what should PFAs do when documentations are messed up as a result of error from contributors/employers despite several advices/orientation given to them by the PFAs? A messed up documentations would delay processing even in America! |
Re: 10 Things You Need To Know About Pension In Nigeria by zazzi: 5:06am On Sep 01, 2015 |
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. ayandee: |
Re: 10 Things You Need To Know About Pension In Nigeria by Sunnypar(m): 11:24am On Sep 01, 2015 |
UjSizzle:8% of total emoluments where there is no basic pay. If there is basic pay, 8% of basic pay. |
Re: 10 Things You Need To Know About Pension In Nigeria by harveyspec: 11:38am On Sep 21, 2015 |
micklplus: 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 |
Re: 10 Things You Need To Know About Pension In Nigeria by micklplus(m): 5:01pm On Sep 21, 2015 |
harveyspec: 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? 2 Likes |
Re: 10 Things You Need To Know About Pension In Nigeria by harveyspec: 8:50pm On Sep 21, 2015 |
micklplus: 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!!! |
Re: 10 Things You Need To Know About Pension In Nigeria by micklplus(m): 4:56am On Sep 22, 2015 |
harveyspec: Before the reformed pension act 2014, the contributory scheme is 7.5% from employee and employer making 15%. From what I have seen around, most people wait till they leave the company before they demand for their pension arrears. In that case, issue of victimisation won't come up. |
Re: 10 Things You Need To Know About Pension In Nigeria by kkoffo(m): 2:42pm On Jan 11, 2016 |
Please do PFA pay all the balance to the next of kin on the LOA when processing death benefits or instalments. 1 Like |
Re: 10 Things You Need To Know About Pension In Nigeria by Prettyugly: 1:21pm On Jan 15, 2016 |
"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? 1 Like |
Re: 10 Things You Need To Know About Pension In Nigeria by Sunnypar(m): 1:19pm On Jan 18, 2016 |
Those PFa are thieves |
Re: 10 Things You Need To Know About Pension In Nigeria by kkoffo(m): 2:41pm On Jan 20, 2016 |
Sunnypar: Please share your experience with us why do you say so. |
Re: 10 Things You Need To Know About Pension In Nigeria by Sunnypar(m): 7:21pm On Jan 27, 2016 |
Prettyugly:The state the documents. Thank you. |
Re: 10 Things You Need To Know About Pension In Nigeria by Sunnypar(m): 7:23pm On Jan 27, 2016 |
zazzi:Thumbs up. |
Re: 10 Things You Need To Know About Pension In Nigeria by Sunnypar(m): 7:24pm On Jan 27, 2016 |
kkoffo:They would collect 10% of the total sum of money plus management fees. You are not ft with nothing. If you don't know your way around.... Sorry. Letter of administration first before they even listen to you. But when they come for the pension advert, they lick your behind. |
Re: 10 Things You Need To Know About Pension In Nigeria by biabalu: 5:37am On Aug 17, 2016 |
Good Morning. I have a question. I went to the government civil servant building after my Dad's death and was told that I as the beneficiary would not be entitled to any pension 5 years after my father's retirement. He retired in 1993 and passed away last year. I was wondering if someone here could confirm this for me and if this is true, provide the source to the government pension fund website where it states this. I have been researching this for the past few days but can not find any information on this. Can someone help me. Thank you. |
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