Personally, I have never liked the modus operandi of this PFA of a thing.
You prolly start working in your mid 20s and you have to wait till 65 before you can get the money that was continuously deducted from your salary, and I seriously doubt this lump sum I am reading here cos none of the PFAs promised to pay lump sum, just some peanuts monthly that will be paid to you after retirement to keep body and soul together.

I remembered asking some of the PFAs that came to my work place to give presentation on why they should be chosen as the preferred PFA: "How am I sure that you people will still exist by the time I am 65" and what if I retire way before 65, which is very likely for people in the private sector? They were all just mumbling words.

A preffered way will be to be able to access 75% of your contribution every 3 years... That is the only way I will believe this thing is for real.

There is a thread on the FP some time ago about how next of kin were finding it difficult to get the payment once the beneficiary is late. I am yet to see anyone that has been paid by these PFAs after retiring let alone the next of kin.

For now, I just see this Pension Fund of a thing as a way of taking money from the masses for all this pen robbers to continue living their ostentatious lives.

The whole Pension Fund thing needs to be seriously reviewed.

Adesiji77:

http://www.punchng.com/news/workers-to-access-25-pension-savings-for-mortgage-to-forfeit-lump-sum-payment-at-retirement/ lalasticlala

nice and good owo ti de

Who is getting the house since the majority of workers under pension scheme have less than 6m.

ARM pensions, here i come.




Meanwhile, PMB is working

mouaue:

Very touching



https://www.youtube.com/watch?v=HcdIH0N0fXU

Very touching. ***cleaning tears***

dataseller24:
kk

this guy with this number is a scam... Don't ever try to fall his fake data. his names is James Akinola on the GTB account he wul ask you to pay into.

The whole Pension Fund thing needs to be seriously reviewed.

easyaccess123:
Seems like dis guideline was meant to self the interest of some selected few.

Tank u.dis is absolutely rubbish, those commenting positively on dis seems nt 2 understand d English above.hw many civil servants n private organization staff hv up 2 that amount in their RSA, in fact dis is nt going 2 favour d common man,its only made for some few high ranking personnel in d civil service who can afford to buy an apartment of their choice even without RSA.so,u can all see that this will NT favour those that need it the most.

This thieves have come again o! So what now happens to our housing fund they have collecting witout permission. Kai! The government is slowly turning into lucifer. Gives u with one hand and collects with the other hand.

25% = forfeiting ur 50% lump sum. So who takes the 25 on top. I sha hope this is Optional.
I can't keep funding bunch of thieves anytime they bring a new scheme.

[color=#006600][/color][font=Lucida Sans Unicode][/font]good

balo:
Personally, I have never liked the modus operandi of this PFA of a thing.
You prolly start working in your mid 20s and you have to wait till 65 before you can get the money that was continuously deducted from your salary, and I seriously doubt this lump sum I am reading here cos none of the PFAs promised to pay lump sum, just some peanuts monthly that will be paid to you after retirement to keep body and soul together.

I remembered asking some of the PFAs that came to my work place to give presentation on why they should be chosen as the preferred PFA: "How am I sure that you people will still exist by the time I am 65" and what if I retire way before 65, which is very likely for people in the private sector? They were all just mumbling words.


The whole Pension Fund thing needs to be seriously reviewed.

Once you hit the age of 50years,u Ave access to your pension as long as ure retired.

u can also access up to 25% of your retirementvsavings if you show that you haven't been able to secure a new job, 4months after resigning from your old pensionable job(this is especially for those who decide to relocate abroad or for any other reason)

That said this new innovation is crappy, why should Pencom decide what I use my 25% for, why not give me the 25% to do as I deem fit, they already deduct from my salary funds for mortgage, so why should this 25% be channeled again to housing.

And why is my lump sum at retirement at risk, Wat happens if I pay up before retirement

tjskii:

Once you hit the age of 50years,u Ave access to your pension as long as ure retired.
u can also access up to 25% of your retirementvsavings if you show that you haven't been able to secure a new job, 4months after resigning from your old pensionable job(this is especially for those who decide to relocate abroad or for any other reason)

@Bolded,
I don't believe statement above is correct, I resigned from my position in a Federal establishment about 2yrs ago, but my PFA denied me access to any fund. They said, I can only access 25% of my RSA only if I was sacked, retrenched or made redundant

Papa con hia o!

The entire program is a scam. Why should a retired man not get 100% of his pension fund to establish himself?

DahtzFestjayz:
Explain further!

If you have up to 6m in your RSA and you've worked for min of 10yrs, then you are entitle to 25 percent, which will be appr 1.5M depending on your RSA bal that is if your organization has been remitting your pension consistently for the said period (10yrs).

Now, most people use their lumpsum to build a house(shelter) then open a biz. If you've gotten/acquired a house before your retirement what's left? Pension money primarily is meant to sustain a retiree so that is why the remaining will be used for programmed monthly withdrawal for the retiree's upkeep not for investment .

My own opinion.

Una no well. if I utilize 25% of my pension I contributed to build house, then I still pay back d money then I still forfeit my lump sum after 35 years of stress to be collecting peanut from PFA as pension. Am I mad? Don't worry I rather use staff co-operative loan to build my house n still get my lump pension.

Crooks

Geelong:


@Bolded,
I don't believe statement above is correct, I resigned from my position in a Federal establishment about 2yrs ago, but my PFA denied me access to any fund. They said, I can only access 25% of my RSA only if I was sacked, retrenched or made redundant

It's a new development, a circular was passed around to that effect bout 4months ago, go back to your PFA and see what they have to say now

balo:
Personally, I have never liked the modus operandi of this PFA of a thing.
You prolly start working in your mid 20s and you have to wait till 65 before you can get the money that was continuously deducted from your salary, and I seriously doubt this lump sum I am reading here cos none of the PFAs promised to pay lump sum, just some peanuts monthly that will be paid to you after retirement to keep body and soul together.

I remembered asking some of the PFAs that came to my work place to give presentation on why they should be chosen as the preferred PFA: "How am I sure that you people will still exist by the time I am 65" and what if I retire way before 65, which is very likely for people in the private sector? They were all just mumbling words.

A preffered way will be to be able to access 75% of your contribution every 3 years... That is the only way I will believe this thing is for real.

There is a thread on the FP some time ago about how next of kin were finding it difficult to get the payment once the beneficiary is late. I am yet to see anyone that has been paid by these PFAs after retiring let alone the next of kin.

For now, I just see this Pension Fund of a thing as a way of taking money from the masses for all this pen robbers to continue living their ostentatious lives.

The whole Pension Fund thing needs to be seriously reviewed.

Please don't be naive. Google PENCOM site and read about pension reform act PRA.

A retiree can request for his lump sum when he/she attains the age of 50 yrs after retirement. After getting the lump sum, the retiree can also opt for Programmed withdrawal immediately if he/she so wishes.

After some yrs(not really certain sha) the retiree can re-apply for another lump sum if his/her RSA bal is at least 3-4 m (not so sure abt the min amt but I remember seeing that)

Then for the security of the money, the PFA is not allowed to have custody of the funds, it's the pension fund custodian PFC which are some banks that have the license to take custody of the money. So there's no way a PFA will run away with money they cannot even touch. Since the organizations pays the pensions funds deducted directly to the PFC and only notify the PFA.

That's the little I can say. Pls refer to PenCom site for more details.

tjskii:


It's a new development, a circular was passed around to that effect bout 4months ago, go back to your PFA and see what they have to say now

Geelong is very correct. A colleague resigned last month because he is relocating abroad with his family. He went to apply for his funds and was told PENCOM won't approve his payment because its resignation. Its either he is sacked, retrenched or been made redundant that's when he would be paid. So no payment for you if its resignation.

vitality22:

Geelong is very correct. A colleague resigned last month because he is relocating abroad with his family. He went to apply for his funds and was told PENCOM won't approve his payment because its resignation. Its either he is sacked, retrenched or been made redundant that's when he would be paid. So no payment for you if its resignation.

Really, I will have to confirm this

Don't believe all these govt stories until you read the fine prints aka additional information.
That's how Okonjo lweala came up with 1 million houses for civil servants.
The mortgage company sent me a text that I had qualified and asked me to visit them. When they explained the additional information, I didnt step legs into their office again.
Thank God I have built my own house in abuja where I am living now.
Will hopefully build another before retiring. But no mortgage, no lies, no fraud. I can't get involved.