I have collected the money thanks to a very reliable lawyer(Barr., Okobi).

Please how do I access my RSA money as I have been out of work for a long while.

esey:
Please how do I access my RSA money as I have been out of work for a long while.

You employment letter, valid means of identification and your last pay slip.

julyb:
A friend of mine is planning to collect his pension benefits .he said he want to ask the company stop paying his monthly pension to his present PFA.so he can go and access the current amount in his account.he plans to register with a new PFA afterwards.pls what are his chances and the processes involved

That's serious oooo

However, that might be a little difficult for him to handle afterwards and I doubt if he would be able to push his plan through!

To access your pension account, you need more than cessation of pension remittance in your RSA, you need other particulars like your termination/resignation of appointment letter and the PFA would likewise write to your alleged ex-employer to seek further clarifications on your remittance among other things.

With these, you can see that your friend only want to create an issue for himself.

GoldenDr:

You employment letter, valid means of identification and your last pay slip.

Can't receive pm's so mention me with your request here!

Drop ur contact so i can call u

momentarylapse:


Can't receive pm's so mention me with your request here!

Good morning Bro. Happy Sunday! I just switched companies and I am required to provide the RSA pin of my existing Arm pension account for proper documentation with HR. The thing is I can't seem to get a hold of it. I have sent several mails to ARM but no response and I have to present it by Monday in order not to miss any payments. Please can u help me with the contact of someone I can call to get my pin.

Thanks for your kind assistance. Other peeps with useful information are free to contribute too

Kollyman:
I have heard people complaining about the quality of service renders by their Pension Fund Administrators (PFAs) the truth is that the PFAs don't exist in isolation, they have rules, guidelines and the PRA 2004 & 2014(as amended ) guiding their modes of operations. I want to seize this opportunity to say that the guides stated above are not inhumane but the interpretations by various PFAs creates the bottle neck that makes clients (RSA holders) suffers.

The truth is that most of the guidelines are available for the public consumptions but due to our attitudes to reading things we felt would not add an immediately value to our lives, we allow it slip through our hands.

I can confidently tell you that "if your PFA knows that you know where to run to when they give bad service, they wouldn't try mess with you". I remember those days when we have some customers walk-in through our door, we quickly assign the best hand to attend to them. This is due to the fact that if we misbehave in anyway as an organisation, we would be in for a serious trouble.

I have worked in various departments of one of the biggest PFAs in the country and I am privilledged to have access to some vital informations which could be useful to RSA holders.

Please note:

1. This thread is not meant to promote/demote any PFA
2. It is not meant to market any PFA or insurance products
3. Any service/advise given on this thread is without any cost /fee
4. Do not disclose your pension information to anybody
5. Other pension gurus in the house are also free to contribute

If your issues cannot be solved on this thread, I can likewise provide you with contact details of some top officials of some of the big PFAs in the country to enable you escalate to a higher authority within the organisation.

Please feel free to ask any questions with regards to your pensions.

Martty7:
Good morning Bro. Happy Sunday! I just switched companies and I am required to provide the RSA pin of my existing Arm pension account for proper documentation with HR. The thing is I can't seem to get a hold of it. I have sent several mails to ARM but no response and I have to present it by Monday in order not to miss any payments. Please can u help me with the contact of someone I can call to get my pin.

Thanks for your kind assistance. Other peeps with useful information are free to contribute too

Hello sir,

I sincerely apologise for the late response, I was off nairaland for a while.


However, please see the numbers below, I hope they are still useful:

info@armpension.com
0708 063 5200

08033816959

08083805226

08034293628,08133261820

08076675018

drop ur mail

Martty7:
Good morning Bro. Happy Sunday! I just switched companies and I am required to provide the RSA pin of my existing Arm pension account for proper documentation with HR. The thing is I can't seem to get a hold of it. I have sent several mails to ARM but no response and I have to present it by Monday in order not to miss any payments. Please can u help me with the contact of someone I can call to get my pin.

Thanks for your kind assistance. Other peeps with useful information are free to contribute too

WHAT YOU NEED TO KNOW ABOUT THE NEW PENSION MULTI-FUND STRUCTURE


The National Pension Commission (“PenCom”) recently published/released the Amended Regulation on Investment of Pension Fund Assets for the Pension Industry. The new investment guideline introduces a multi-fund structure, which would replace the “one size fits all” structure that puts all active contributors into one Retirement Savings Account (“RSA”) Fund without consideration for age or risk profile of such contributors.

What is the multi-fund structure?

The Multi-Fund structure is a framework that aims to align the age and risk profile of RSA holders by dividing the RSA Fund into four distinct Funds. The current RSA Fund will be sub-divided into three separate Funds, while the RSA Retirees Fund would be the 4th Fund.

What is the difference between the 4 Funds?

The respective funds differ based on their overall exposure to variable income instruments such as equities (that is, Ordinary Shares) and the age profile of the members.

Fund Type


Exposure to Variable Investment Instruments

Fund I

20% to 75% return on Portfolio which is strictly based on request but not accessible to Retiree and active contributors of 50 years and above.


Fund II

10% to 55% return on Portfolio which is a default for active contributors of 49 years and below

Fund III


5% to 20% return on Portfolio which is default for active contributors of 50 years and above


Fund IV


0% to 10% return on Portfolio which is strictly for Retirees


What are variable income instruments?

Variable income instruments are investments that generate income or returns that cannot be pre-determined from the date the investments were made. In addition, the prices of such instruments fluctuate daily. Instruments in this category include Ordinary Shares, Collective Investment Schemes (“CIS”) such as Mutual Funds, Real Estate Investment Trust; Infrastructure Funds and Private Equity Funds.

Such investments have potentials to generate high returns over the long term but could be risky owing to uncertainty and fluctuations in market prices and returns.

What has age and risk profile got to do with how my pension funds are invested?

In investing money, everyone has a limit to the amount of risk that they can take and the amount of uncertainty they can handle. This is known as risk tolerance. Typically, younger people tend to have more capacity for risk because they still have time to recover from loses (if any). Once a person is nearing retirement, it is advisable that they limit the amount of risks they take and reduce exposure to uncertainty as they would start drawing down on their pensions within a short period.

Consequently, the allowable exposures to variable income instruments have been designed such that Fund I has the highest allowable limit, followed by Fund II, III and IV respectively. This reduces the risk and uncertainty of contributors in line with their ages.

Can I decide which Fund Type to be assigned to?

On the day of commencement, a default mechanism shall apply. According to the default mechanism, all active contributors that are 49 years and below would be placed in Fund II while active contributors that are 50 years and above would be placed in Fund III. Subsequently, an active contributor can make a request to his PFA to move between Funds subject to certain restrictions. An active contributor of 49 years and below can opt for Fund I, while an active contributor in Fund III may elect to be assigned to Fund II. However an active contributor in Fund III is not allowed to opt for Fund I while an active contributor in Fund II is not allowed to opt for Fund III. Fund III is strictly for active contributors above 50 years. To be assigned to any fund based on the preceding, an RSA holder must make a formal request to his/her PFA.

How often can I move between Fund types?

An active contributor may switch from one Fund type to another Fund type within a PFA, once in 12 months without paying any fees (subject to a formal application).



Any additional requests for switches among Funds within a 12 month period by the active Contributor shall attract a fee, of an amount not less than a minimum value, to be determined by PenCom from time to time.



When will the 12 month period start counting, will it be from the date of commencement or from the date of my first switch?

PenCom will provide details on the 12 months period in the operational framework that would guide the transition to the Multi-Fund structure.

Are there any benefits in this multi-fund structure?

Of course there are. The new structure allows RSA holders more control over how their pension funds are invested based on their risk tolerance. For instance, an RSA holder in Fund III owing to the default classification based on age, may have more tolerance for risks and uncertainty and could opt to be assigned to Fund II.

Can I be assigned immediately?

No, PenCom is yet to provide the operational framework to guide the transition to the Multi-Fund structure. Once the framework is released, there will be proper guidance regarding when contributors can be assigned based on the default age classification. Contributors will subsequently have the option to be assigned to a Fund of their choice depending on their risk tolerance.

Who takes the ultimate switch responsibility between the contributor and the PFA?

Whilst the contributor has the right to switch between funds depending on his or her preference, the PFA will be responsible for effecting the switch upon receipt of a formal request from the contributor. The PFA is also in a position to provide financial advice to contributors to assist in assessing risk and making an informed decision.

What are the impacts on my pension balance when my PFA moves into the multi-fund structure?

The balance in your RSA will not change due to the movement to the multi-fund structure because the entire balance would be moved to the appropriate fund without charges. However subsequent growths in your balance would depend on contributions such as the mandatory monthly contributions, voluntary contributions as well as returns generated by the PFA on that particular fund.

What is/are the requirement(s) for switching from one fund type to another?

In order to switch from one fund type to another, a formal request must be submitted by the contributor to his or her PFA.

Do I need to seek an advice from external financial advisor or my PFA before taking a decision to switch?

Whilst you are at liberty to seek advice from external financial advisers, we would make information available on the fund performance and indices to enable you take an informed decision.

If my date of birth is wrongly captured, which Fund Type will my PFA profile me?

You still have the opportunity to check and update your records with your PFA before the commencement of the transition.

Will I be able to move back to the preferred fund free of charge after my date of birth correction (especially when my date of birth was wrongly captured by my PFA)?

Yes, you will be able to move free of charge given that a contributor has the option to move for free once within 12 months. However, you still have the opportunity to check and update your records with your PFA before the commencement of the transition.

Can I split my voluntary contribution in a separate Fund Type while my mandatory goes into another Fund Type?

Every RSA holder is entitled to only one Pin for all types of contributions. Consequently, your voluntary contribution will be in the same Fund as your mandatory contribution.

Will the RSA and VC funds have separate fund price or the same?

The RSA and VC will have the same fund price because they will be invested in the same fund the contributor selects.

How will the Fund Prices under the Multi-Fund Structure be determined at the point of crossing over to the new structure and what would happen to the Old Fund Price and units?

PenCom would provide guidance to how the fund price and units would be treated in the operating framework that would guide the transition.

What are the multi-funds options for Approved Existing Schemes?

Approved Existing Schemes are governed by the Board of Trustees who have the right to structure the portfolios in the best interest of the beneficiaries subject to PenCom’s approval. Consequently, the BOTs of contributory AESs can amend their agreements and restructure them along the lines of the Multi-Fund structure.



What impacts does Multi-Fund structure have on my future pension assets at the point of retirement?

The Multi-Fund structure provides more alignment between your retirement goals, risk appetite and age. Consequently, there will be a better chance for your pension assets to meet your expectations when you retire.



Once an RSA holder makes a withdrawal such as 25% and then becomes unemployed, can he request that his funds be moved to another fund structure since no contributions are entering his RSA?

The regulation does not restrict movements due to withdrawal of 25%. As long as the individual is below 50 years, the option is to switch between Fund I and Fund II.

Is it possible for a client below 50 years to move to fund III?

No, Fund III is strictly for active contributors of 50 years and above.

If I decide to switch from Fund II to Fund I, can I switch back to Fund II?

Yes, but it will be at a cost if you intend to switch back to Fund I within 12 months.

Will I have access to the financial reports of other funds?

The annual financial reports of the RSA Funds of all PFAs are published once a year in at least 2 national dailies. In addition, the fund prices would be published daily on the websites of the PFAs.

With the new multi-fund structure, can I be given the option to choose which specific variable income instruments my funds can be invested in?

No, the regulation only allows contributors to select a Fund, but the PFAs would continue to have the responsibility of selecting the specific instruments that the Funds would be invested in.

Kollyman:


That's serious oooo

However, that might be a little difficult for him to handle afterwards and I doubt if he would be able to push his plan through!

To access your pension account, you need more than cessation of pension remittance in your RSA, you need other particulars like your termination/resignation of appointment letter and the PFA would likewise write to your alleged ex-employer to seek further clarifications on your remittance among other things.

With these, you can see that your friend only want to create an issue for himself.

please I want to ask why is it very easy to have remittance to RSA but when someone retires it's very hard to get even their 25%. I have people that have waited three months even after their bond arrived but nothing yet

Sammyfabulous:
please I want to ask why is it very easy to have remittance to RSA but when someone retires it's very hard to get even their 25%. I have people that have waited three months even after their bond arrived but nothing yet

Hello,

Sorry I just discovered that you sent me a mail, I wouldn't know if events have not overtaken if?

Please let me know, I am still here to help.

@Kollyman and other TAs,
Please clarify withdrawal of AVC (Additional Voluntary Contribution).
If I am contributing 100,000 every month, say from January 2016 to December 2017. After 2 years, how much can I withdraw by January 2018. Is it 50% of N2.4M or 50% of 100,000 contributed January 2016 only.

KR

Cool

fergusen:
Hi Kollyman, I just found this helpful thread via nairaland search.
I would be very grateful to get a reply as soon as you can.

Story:

A federal worker in a Federal Medical Center in the country was enrolled in the contributory pension stuff with Trustfundpensions.

The worker is no more (dead, 2years+). The family of the deceased has submitted every document (concluded documentation) needed to claim benefits @ Trustfundpensions since August 2019.
The state branch of Trustfundpensions where the family is based also informed them that the documents have been forwarded to their HQ.

This is 8months now and 'nothing nothing' from Trustfundpensions. No payment.

Is this normal?
8 months wait and yet no show.

Who can the family petition?

Thanks in anticipation for your reply.

8 month is such a long time to wait.

However, two things might have happened:

1. Trustfund might be waiting for PenCom to remit the deceased's accrued pension right (subject to when the deceased joined the government's service) and group life assurance benefits. I can confirm to you that these two often take forever to get remitted most especially now that the government is broke. Trustfund might not pay the estates of the deceased the little amount you currently have in the deceased's pension account (monthly contribution) as the big money is yet to come. However, you have the right to demand from the PFA the RSA statement of the deceased to check the remittances and the narrations to ascertain if the two above mentioned benefits have not even been remitted.

To solve this, first confirm from the deceased former office if they had informed and sent necessary documents to relevant quarters notifying them of the demise. If you had confirmed and the money is yet to be paid, you can write PenCom for an explanation. Just make sure you have made necessary confirmations from the appropriate quarters and quoting them in your letter to PenCom.

2. Trustfund might be foot-dragging in the processing of the application. Though the company as a whole might not be interested in withholding the money but a lackadaisical employee might not be doing what he/she is expected to do on time. Understand that it takes a lengthy time to sometimes verify some of the documents submitted (LOA, death certificate etc) but 8 months is such a long time.

Kindly send Trustfund an email demanding for the status of the application, their response will determine your next line of actions.

Please do not pay anybody whether in Trustfund, PenCom or any kangaroo organisation to process the application, the most complex document to obtain with regards to the documentation is the LOA which you have obtained.

Kindly revert if you need further clarifications.

I hope you find this useful.

Best regards.

Great

Can you reach out via mail. Let me assist by helping you ascertain the status. However, i will only like to respond to the direct estate beneficiary or the Rep. Am sure we would not have delayed this long and not provide you detail correspondence as it refer. Apologies

Ok

fergusen:
@ Kollyman


According to Trustfundpensions, they are awaiting the FGN bond. And that is the cause of the delay.

So one has to just wait?


Thanks again.

You can write Pencom to seek an update.

Kollyman:
I have heard people complaining about the quality of service renders by their Pension Fund Administrators (PFAs) the truth is that the PFAs don't exist in isolation, they have rules, guidelines and the PRA 2004 & 2014(as amended ) guiding their modes of operations. I want to seize this opportunity to say that the guides stated above are not inhumane but the interpretations by various PFAs creates the bottle neck that makes clients (RSA holders) suffers.

The truth is that most of the guidelines are available for the public consumptions but due to our attitudes to reading things we felt would not add an immediately value to our lives, we allow it slip through our hands.

I can confidently tell you that "if your PFA knows that you know where to run to when they give bad service, they wouldn't try mess with you". I remember those days when we have some customers walk-in through our door, we quickly assign the best hand to attend to them. This is due to the fact that if we misbehave in anyway as an organisation, we would be in for a serious trouble.

I have worked in various departments of one of the biggest PFAs in the country and I am privilledged to have access to some vital informations which could be useful to RSA holders.

Please note:

1. This thread is not meant to promote/demote any PFA
2. It is not meant to market any PFA or insurance products
3. Any service/advise given on this thread is without any cost /fee
4. Do not disclose your pension information to anybody
5. Other pension gurus in the house are also free to contribute

If your issues cannot be solved on this thread, I can likewise provide you with contact details of some top officials of some of the big PFAs in the country to enable you escalate to a higher authority within the organisation.

Please feel free to ask any questions with regards to your pensions.

Still having issues withdrawing your pension benefit

Reach us @ Custodian Insurance +2438035148583
We will get it done within 2 to 3 weeks
as far as your bond is ready (for federal and state retirees)

We can get your funds out from any PFA

Industrial Court declares 25 percent lump-sum payment to retiree above 50yrs by Pension Administrator unlawful



Abuja---His Lordship, Hon. Justice Oyebiola Oyewumi of the National Industrial Court, Abuja Judicial Division has declared that retiree Mr. Maroof Giwa is entitled to at least 50% lump sum of his pension considering his age, and the life expectancy of male Nigerian as projected by WHO, ordered Arm Pension Managers to pay within 14 days.



The Court held that 25% lump sum calculated by the Arm Pension Managers as claimant’s pension is unlawful that the said withdrawal as clearly stated in the Pension Reform Act is in respect of a retiree who voluntarily retired at age 50 and not applicable to Maroof.



From facts, the claimant- Maroof Giwa had submitted that he approached Arm Pension Managers to apply for pension and withdrawal benefits but the PFA offered to pay 25% of his total retirement savings which he rejected and demanded 50% of the total sum.



The claimant claimed that the computation of the lump sum/benefits by the defendant done on the basis 25% not known to the law that he cannot be treated like a retiree who retired voluntarily that he’s 60 years and above and would want to withdraw 50% or 75% of his total pension.



In defence, the 1st defendant- Arm Pension Managers submitted that claimant has no right and his statement of fact discloses no reasonable cause of action against it, averred that the claimant is not entitled to any claims.



Learned 1st defendant’s counsel M. Abdulraheem Esq submitted that the template as provided by the 2nd defendant-National Pensions Commission only guarantees a minimum 25% lump sum payable and receiving a higher percentage lump sum (to the maximum of 50%) is dependent on several variables.



He submitted that to allow the claimant argument as per his claims will amount to tinkering with an Act of the National Assembly and it will allow not only the claimant but any other RSA holder determine what should be paid to him or her thereby usurping the powers of the 2nd defendant as stipulated by law that the withdrawal of lump sum is an option predicated on the condition that the residue in the RSA would be sufficient to procure funds withdrawals or annuity.



National Pensions Commission Counsel E.O Awa Esq. with C.C Odega Esq. argued that the Act did not make provision for a lump sum of 50%, 65%, 75% or 25% except 25% lump sum on request to any employee that retires before the age of 50 years or disengages from employment.



Delivering Judgment, the presiding Judge, Hon. Justice Oyewumi held that the age category of the claimant 60 years and above was not in the contemplation of Section 7(2) of the Act that specifically made provision for a 50-year-old retiree to withdraw 25% lump sum.



“This in view of the unambiguous provision of Section 7(1) of the Act, which entitles the claimant to utilize the amount credited to his RSA account by the withdrawal of a lump sum from the total amount credited to his account. The only proviso here is that the balance after the withdrawal of the lump sum shall be enough to procure annuity for life for the retiree.



“A community reading of Section 173 of the Constitution, Section 7(1) of the Act as well as clauses 4.0 and 5.1.1 of the regulation, clearly evinces that there is no specific amount or percentage stipulated as a lump sum that a retiree of claimant’s age(60 years and above) can withdraw.



“Secondly, the amount to be withdrawn by a retiree of claimant’s age is to be calculated in view of his life expectancy, his right to his pension shall not be altered or withheld to his disadvantage and finally the quarterly withdrawal has to be at his discretion, i.e. he has to opt for it and not at the whims and caprices of the 1st defendant to determine what and how he could withdraw same.



“The W.H.O in 2018, puts the life expectancy of a male Nigerian at 54.7 years, which is approximate to 55 years. This said, the claimant, in this case, has lived beyond the projection of W.H.O. of a life expectancy of a male Nigerian. This in my view displays the inadequacy of man and human frailty, in other words, no one can actually determine when a man will die, except his maker.

https://www.nicnadr.gov.ng/news/968/extra-industrial-court-declares-25-percent-lump-sum-payment-to-retiree-above-50yrs-by-pension-administrator-unlawful

Kollyman:


Hello sir,

I sincerely apologise for the late response, I was off nairaland for a while.


However, please see the numbers below, I hope they are still useful:

info@armpension.com
0708 063 5200

08033816959

08083805226

08034293628,08133261820

08076675018

Are you a representative of arm pension?
Their customer service is the worst i have seen and i now have to cone to nairaland to look for arm pension representative to talk with. How bad can it be.
This is after writing emails and calling all their customer care numbers to no avail. Again.. this is too low for such a name and i would never recommend arm to anyone.