Omexonomy: Then go and reside there. You talk as if they did not went through all this nonesense.

AHHHHHH, I didn't "went" through o.

Olorun maje (God forbid) make I "went" through "nonesense".

logica: Interestingly, these same f00ls will sit in their offices and talk about the corrupt government all day long.

The people are as bad and are as wicked as their leaders.

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

With this story, i am wasting no time in changing my pension managers to Stanbic IBTC pensions. At least i have an insider there and i can hold them. @op, thanks for the eye opener.

Presently, I am a victim of this ADMINISTRATION LETTER. I just lost my husband and wanted to get the pension deductions. The process is like passing through the needles eyes. I met a law firm who demanded N100,000 before they will start processing the letter . I have to give up even when i know i needed the money to pay the children's bills. STANBIC IBTC

Please, if anybody know how to assist me, I'll be ever grateful.

lonelydora: And I use ARM PenSions. Will soon switch to IBTC like many of my colleagues.

Stanbic IBTC is good! One of the best PFA in Nigeria. Remembered when my dad retired then, he was paid 30% of his money after a few months... And the fraction payment started immediately the next month and always on the stipulated date. He was also getting interest on the remaining part monthly..

But..

He died a year and half ago, and my senior bro (next of kin) has been trying to get the remaining part..just that blo*dy Letter of Administration delay!

That's why Multinationals have decided to create their own PFA departments.

emmysenior:

St*pid! Woe betide you for supporting disgusting evils.

The PFAs are rogues, they pay you half of ur gratuity and keep the other half, from which they will be paying 1/3% of ur salary as pension for just 15 yrs and later you go through hell to get the other half of ur gratuity back and that will be the end of you receiving any money from the govt through them.

Imagine someone getting 60k as salary and the same person start getting 19k as monthly pension?

That's absurd and you a paid a55 lick supporting it. Such a huge shame.

What are you expecting to be collecting?

N60K for doing no work?

simplynola: Its not the government that will save cuz they are all part of the system. Labour leaders are the cause of everything, they are all betrayals and thieves. They accepted all these conditions before pushing to the employees. After collecting bribes in huge amount, you will now see them coming out with muscles and worn out veins claiming they are in support of the masses. Even the money deducted from some salaries in the name of union dues are uncalled for and unjustifiable. Only to see them brandishing plate numbers like NLC 1, TUC 1, Comrade 2 etc. Now they want to go on solidarity strike with ASUU, you know how much that will fetch them? but you will think they are really doing it for the sake of Nigerian students. Thieves!

WHAT??

The country is sick.

ayokatu: Like I have posted earlier. I see this avenue as forum in which we can help our self get what we want. If anyone have a retired person that is not satisfy with the services of any PFA can opt for ANNUITY in an insurance company as it is been stated in the pencom reform act of 2004. Anyone can contact me for details 08036579282

Shut up!

You are an exploitative conman.

Someone should come and by annuity after retirement? What sense does that make in Nigeria?

About the letter of administration, you can fast track it by paying for an independent newspaper advert. It cost about 10k or so. I was told the reason why it takes long is because they publish the adverts in batches, so until a batch is filled there is nothing they can do. Did mine at F.C.T high court

Seriously, there are lot of things that need attention in this country, deparment of public complaint is just there bearing the name and people just receiving salary for doing almost nothing , the judiciary that ought to help the common man is bloody corrupt, labour leaders and civil servant do nothing but sit and expecting monthly allocation so that they will share it among themselves, go to most local govt secretariat and you will hear arguing about football club matches or women and at the end of the month they will receive their monthy salary.

Things are not just right.

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

I totally concour with u.
look at Nigeria airways that was privatized in 2003 by President Oluseguns Administration, they haven't been paid their full area's till date...(2013) 10 years after.
how do they expect this people to feed?
yet dey keep buying bullet proof vehicles worth millions of naira,
with their entorage as large as 3 plain cabins...
haba!
what do u expect would happen when u cheat the old feeble nd hungry?
nd yet president GEJ'S administration isnt doing anything about this...
God help us.
GEJ pls pay our pensioners their rightfull dues..
Thats even if u get to read this..

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

I totally concour with u.
look at Nigeria airways that was privatized in 2003 by President Oluseguns Administration, they haven't been paid their full area's till date...(2013) 10 years after.
how do they expect this people to feed?
yet dey keep buying bullet proof vehicles worth millions of naira,
with their entorage as large as 3 plain cabins...
haba!
what do u expect would happen when u cheat the old feeble nd hungry?
nd yet president GEJ'S administration isnt doing anything about this...
God help us.
GEJ pls pay our pensioners their rightfull dues..
Thats even if u get to read this..

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

I totally concour with u.
look at Nigeria airways that was privatized in 2003 by President Oluseguns Administration, they haven't been paid their full area's till date...(2013) 10 years after.
how do they expect this people to feed?
yet dey keep buying bullet proof vehicles worth millions of naira,
with their entorage as large as 3 plain cabins...
haba!
what do u expect would happen when u cheat the old feeble nd hungry?
nd yet president GEJ'S administration isnt doing anything about this...
God help us.
GEJ pls pay our pensioners their rightfull dues..
Thats even if u get to read this..

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

I totally concour with u.
look at Nigeria airways that was privatized in 2003 by President Oluseguns Administration, they haven't been paid their full area's till date...(2013) 10 years after.
how do they expect this people to feed?
yet dey keep buying bullet proof vehicles worth millions of naira,
with their entorage as large as 3 plain cabins...
haba!
what do u expect would happen when u cheat the old feeble nd hungry?
nd yet president GEJ'S administration isnt doing anything about this...
God help us.
GEJ pls pay our pensioners their rightfull dues..
Thats even if u get to read this..

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

I totally concour with u.
look at Nigeria airways that was privatized in 2003 by President Oluseguns Administration, they haven't been paid their full area's till date...(2013) 10 years after.
how do they expect this people to feed?
yet dey keep buying bullet proof vehicles worth millions of naira,
with their entorage as large as 3 plain cabins...
haba!
what do u expect would happen when u cheat the old feeble nd hungry?
nd yet president GEJ'S administration isnt doing anything about this...
God help us.
GEJ pls pay our pensioners their rightfull dues..
Thats even if u get to read this..

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

I totally concour with u.
look at Nigeria airways that was privatized in 2003 by President Oluseguns Administration, they haven't been paid their full area's till date...(2013) 10 years after.
how do they expect this people to feed?
yet dey keep buying bullet proof vehicles worth millions of naira,
with their entorage as large as 3 plain cabins...
haba!
what do u expect would happen when u cheat the old feeble nd hungry?
nd yet president GEJ'S administration isnt doing anything about this...
God help us.
GEJ pls pay our pensioners their rightfull dues..
Thats even if u get to read this..

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

I totally concour with u.
look at Nigeria airways that was privatized in 2003 by President Oluseguns Administration, they haven't been paid their full area's till date...(2013) 10 years after.
how do they expect this people to feed?
yet dey keep buying bullet proof vehicles worth millions of naira,
with their entorage as large as 3 plain cabins...
haba!
what do u expect would happen when u cheat the old feeble nd hungry?
nd yet president GEJ'S administration isnt doing anything about this...
God help us.
GEJ pls pay our pensioners their rightfull dues..
Thats even if u get to read this..

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

I totally concour with u.
look at Nigeria airways that was privatized in 2003 by President Oluseguns Administration, they haven't been paid their full area's till date...(2013) 10 years after.
how do they expect this people to feed?
yet dey keep buying bullet proof vehicles worth millions of naira,
with their entorage as large as 3 plain cabins...
haba!
what do u expect would happen when u cheat the old feeble nd hungry?
nd yet president GEJ'S administration isnt doing anything about this...
God help us.
GEJ pls pay our pensioners their rightfull dues..
Thats even if u get to read this..

In Nigeria, every trained child is d pension 2d parent. NOTing works here.

Handsomeemmy: Seriously, there are lot of things that need attention in this country, deparment of public complaint is just there bearing the name and people just receiving salary for doing almost nothing , the judiciary that ought to help the common man is bloody corrupt, labour leaders and civil servant do nothing but sit and expecting monthly allocation so that they will share it among themselves, go to most local govt secretariat and you will hear arguing about football club matches or women and at the end of the month they will receive their monthy salary.

Things are not just right.

So one even EXISTS?

E no go better for fucktards like Jonathan!

The system in nigeria is very corrupt. imagine my family that have not collected my late dad's benefits over a decade ago.he was an assistant director with a federal ministry. getting the letter of administration was a nightmare.we were always told come back tomorrow etc and mum is very busy as she is in the military.I think not only these agency are guilty but our leaders also as they con naive with these thieving agencies .thank God mum is a devoted woman imagine those whose wives who had no job as at d time their husbands passed on. aw will they survive. the fear of God is total gone from our leaders

Ask dem if you can pay for an independent advert. Got mine in Abuja. I didn't bribe anybody

davide470:
Stanbic IBTC is good! One of the best PFA in Nigeria. Remembered when my dad retired then, he was paid 30% of his money after a few months... And the fraction payment started immediately the next month and always on the stipulated date. He was also getting interest on the remaining part monthly..

But..

He died a year and half ago, and my senior bro (next of kin) has been trying to get the remaining part..just that blo*dy Letter of Administration delay!

That's why Multinationals have decided to create their own PFA departments.

Similar to issues faced with many Insurance companies. They do seem reluctant to handover the funds when the time comes. Hopefully things change over time as people become more aware of their rights and the fact that they own the money.



http://www.hairbraidingnetwork.com/blog

Yababoy(m): Before I make my comments, let me say I don't work for a Pension related organization but I am a bit aware of Pension practices globally and at home. I don't want to categorically disagree with ur observations as to what the Pension managers are doing so I'll ask u to support ur posts wit the names of the organizations. Also, if we have issues with these coys as with other Nigeria coys deres an organization to seek redress from and it's called PENCOM. The motive behind the Pension regime we have now is beautiful and ull know this if uve ever researched on how things were before the Pension Reform Act of 2004.

I really dont get your point here, but if u mean seeking redress from PENCOM, I can assure you, it will take eternity!

Sagamite(m): So one even EXISTS?

E no go better for fucktards like Jonathan!

It does exist man...OMBUDSMAN or so....doing nothing!

Sagamite(m): So one even EXISTS?

E no go better for fucktards like Jonathan!

It does exist man...OMBUDSMAN or so....just there doing nothing, but earning salaries....crazy country!

Is it complusary to have a pension account? Cos i can save my money all by myself.

You don't need a law firm, just go to the Probate Registry of any state high court. Tell dem u want to pay for an independent advert to fast track the process. After the advert elapses you then come to answer some questions. Basically its not as tedious as pple make it seem. I got mine in abuja and I didn't break a sweat I also didn't bribe anybody. And I can't stress this enough, you don't need a lawyer

Imanda: Presently, I am a victim of this ADMINISTRATION LETTER. I just lost my husband and wanted to get the pension deductions. The process is like passing through the needles eyes. I met a law firm who demanded N100,000 before they will start processing the letter . I have to give up even when i know i needed the money to pay the children's bills. STANBIC IBTC

Please, if anybody know how to assist me, I'll be ever grateful.

Omexonomy: Presently, i know more than six people who are having such problem.

my mother inclusive. especially that one directed by a Ghanian woman in Lagos. and PENCOM in abuja is silent about this. I think they re settling them in Abuja so they can send their children to school abroad. God of Heaven will fight for the pensioners and their shall be judgement in every family cheating Nigerian pensioners

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.


What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

@op i beg to say you are wrong. I have a relative that retired november 2012 and by february 2012, the pension was coming in. During this period, i was exposed to the processes involved.

A lot of documentation was involved though but its just for verification. Bottom line is that half of your pension savings is given as a lump sum and the remaining is paid monthly in equal installments for an agreed amount of years. If one dies before the said number of years, the rest of the money is paid to the next of kin. If one outlives the number of years, the payment stops after the agreed number of years.

Alternatevely, the pension company transfers your contributions to an insurance company which does basically same thing above except that your monthly payment is slightly reduced and they keep paying you till you pass on.

The LETTER OF ADMINISTRATION is a legal thing and is usually required to absolve the payers of liabilities. A shortcut is to educate your loved ones to prepare a valid will stating all these things clearly.

From the comments so far It seems the stress is when the retiree is dead nd next of kin needs 2 collect d admin letter.

My mum works with LASG nd is due 2 retire soon. ARM pensions. Pls what documents are needed to facilitate d payment.

omiobo:
Average? Every nigerian is corrupt including you.

the situation is very bad, but there are stil people who av decided not to stoop low. Yes, they are few, but they exist. And they are our hope. Otherwise, we can just conlcude that Nigeria is beyond redemption

Imanda: Presently, I am a victim of this ADMINISTRATION LETTER. I just lost my husband and wanted to get the pension deductions. The process is like passing through the needles eyes. I met a law firm who demanded N100,000 before they will start processing the letter . I have to give up even when i know i needed the money to pay the children's bills. STANBIC IBTC

Please, if anybody know how to assist me, I'll be ever grateful.

so sorry, that is what i am saying and that is why i created this thread

I am a victim of this pension managers' trouble . Stanbic Ibtc asked for letter of administration and I have being on it for over 4 months. It's so annoying. I wonder if that is what is obtainable in other countries.

A bit of enlightenment about Letter of Administration. It is a correct process to demand for letter of administration when the deceased died intestate (ie. without a Will). If the deceased died testate (leaving a Will behind) there will be no need for a letter of administration in which case the beneficiary may be asked to get a copy of the Will from the probate section of the court.

The Letter of Administration is mainly issued by a section of the Ministry of Justice. The essence of the letter is to show authority to administer the estate of the deceased who died intestate. Normally, if relevant documents are presented, it should not take more than 2 weeks to procure this.
It is a big surprise that people say it takes them close to one year to get this letter.

When I was in the Law School I did my internship at the Administrator General's Office of the Ministry of Justice and witnessed a very rapid dispatch of this letter.

Presently, in practice, I have helped a lot of people secure this letter within one month.

You can send me mail on eliasanchor@gmail.com

if any of you or someone you know is in any of these pension companies that is notorius for eating people's money, you better leave now before it is too late. Pension companies like PAL, PREMIUM AND Stanbic IBTC are good. The people using it get 0ver 100K deposited into their pension accounts yearly. So it is ridiculous for me to hear that a working class person has a total of 25K after 4 years . That is ridiculous. Such people should better register with another pension ASAP. Or else when your mates are retiring and getting millions, you go dey there dey grind teeth

[quote
author=umar745]You don't need a law firm, just go to the Probate
Registry of any state high court. Tell dem u want to pay for an
independent advert to fast track the process. After the advert elapses
you then come to answer some questions. And I can't stress this enough, you don't need a
lawyer [/quote]
can sumone shed more light on this

Azwealth: HOW PENSION MANAGERS ARE CHEATING NIGERIANS

Nigerians need to wake from their slumber. This is necessary in respect to the issue of pension managers who collect forms on behalf of workers with the promise of a better retirement.

These pension funds are usually deducted from the workers salary but usually hard to collect when it is needed or at the retirement age. These pension managers request for many documents and lay down difficult processes before releasing the money to the owners.

It is usually even worse when the worker is dead and his next of kin wants to collect the money. He has to go through tedious processes and peradventure he scales through, there is still one obstacle to stop him-"THE ADMINISTRATIVE DOCUMENT". This is usually issued by the court of law and may take a year to get or even more.

What's even worse? The so-called lawyers will demand for 25% of the money to be collected and some other court officials will request for bribe to process the document faster. Before you know it, you have spent more than you are expecting.

Take for example, a colleague of mine who has #245000 with one of these pension managers died recently. As expected, his next of kin decided to claim his entitlement but was faced with series of obstacles which stopped him.

The most painful aspect is that when this funds are deducted, there are usually no clauses but when it's time to get your money, these clauses are their to stop you. The government should please intervene in this matter because this is a means used by the rich to cheat the poor masses.

This is a wake-up call to all workers to ensure that their years of labour do not end in vain.

@OP i sincerely beg to differ, just like the guy above said, my mother retired on 3rd November 2012, from the services of Federal Medical Centre Yenagoa. To be frank with you she was paid about 47% of all her money on December 23rd 2012, infact she was even paid a backlog for the month of november 2012. That PFA is lovely. Their staff are just very nice set of people. They make you feel at home when you get to their office for complaints and their response is suberb. As long as your documents are complete. The PFA is FIRST GUARANTEE PENSION, they are inside FIRST BANK branch

Whats the name of your Pension Manager. Already ARM is a no go area. IBTC look ok. What about Trustfund Pensions