olajay5:

Bros, the best way to live is to learn and seek knowledge always. "A man starts dying the very day he stopped learning". The issue of Maina and the fraud perpetrated was based on the old system under which the Civil Servants’ pension entitlements was kept by the government. Though the Maina saga was just discovered now but the fraud has being going on a very long time ago.

However, the Pencom Act was enacted during the OBJ's tenure in 2004. I maintained, this is one of the best policy any Nigerian government has ever made. The Act effectively "privatised" the pension system so that it is in the hands of respectable companies (mostly banks and/or their subsidiaries). With the Pencom Act, it is difficult for anybody to defraud you of your pension fund. With your comment above, I guess you are NOT working in a structured corporate environment. If you do, you would have had dealings with your PFA to know the status of your pension account. Please read about the PENSION ACT. It is available on the internet but the problem is most Nigerians will NEVER read and they act in absolute ignorance.

As stated earlier, it is the responsibility of the employer to deduct the pension from your salary (usually 7.5% of your basic, housing and transport to be contributed by the employee and same by the employer. Though some employers contribute more than 7.5% but that is the minimum) and remit to your PFA NOT LATER THAN 7 days after payment of salaries. It is your responsility to check your payroll to see how much was deducted and check your online PFA account or monthly statement to be sure that the amount remitted is at least X2 of what was deducted from your salary.

chairman we know how d system works in reality. 4get about all those paper stories about perfection with d Pension Act 2004. I think its u dat need 2 embrace reality n stop talking about knowledge as if others are iliterates. For ur info,i work with a tax office n i encounter pension issues more than u can imagine. Most organisations dont remit any pension after 7 days as u are claiming,but they mostly do that after about 3-6 months of doing business with d fund. Stop deceiving ursef n misleading others. Sorry bro,but may b u re stil living in d world of fantassy

Eazee-e:


chairman we know how d system works in reality. 4get about all those paper stories about perfection with d Pension Act 2004. I think its u dat need 2 embrace reality n stop talking about knowledge as if others are iliterates. For ur info,i work with a tax office n i encounter pension issues more than u can imagine. Most organisations dont remit any pension after 7 days as u are claiming,but they mostly do that after about 3-6 months of doing business with d fund. Stop deceiving ursef n misleading others. Sorry bro,but may b u re stil living in d world of fantassy

Eazee-e:


Rubbish. Whether PENCOM,PFA,PFC or whatever u call it is nothing but a scam 2 enrich few govt officials. What can u say about d thief that was asked 2 pay peanut 4rom what he stole by d court? Or where is mr Maina? Whether one regulate while d others collect & account,what we re saying is they all are feeding fat on civil servant money in d name of pension. How can u deduct 4rom sombody's salary 4 over 35 yrs & only giv peanuts 2 lucky few after retirement. How about those that leave their job b4 d 35 yrs & are not up to 60? May b u dont know what pensioners are passing thru under d current system. Or are u saying those lecturers dont know about PENSION Act 2004? Just like NHIS, Pension contribution is a scam under d present system

From your first comment on this topic, it shows you know next to nothing on the operation of the Pension Act. Where you work may not matter but what you do. As a person that claims to work in "tax office", what were you expected to do when you see willful default of an organization on an existing Law? I want to presume you know the concept of “willful default” and the penalties. Have you ever written any report on those willful defaults? The fact that "most" organizations don't remit on time does not says the Law is not a good one. Some people will always default, then it become the responsibility of somebody like you since you work in a tax office to write the defaulting organizations and probably report to PENCOM to ensure complaint.

Unfortunately, some organization will use its employee to cheat on the employees and nobody will raise any issue. It is the responsibility of the employees of such organizations to write a anonymous letter to PENCOM to intervene and penalize the defaulting organization but people will keep quiet while an employer is toying with their future. The PENCOM cannot come and seat in your office to monitor when you remit except when a formal complaint is made about default.

I agreed NO Law is perfect but there can always be improvement. In fact as we write a Bill, the Pension Reform Bill 2013, to repeal the Pension Reform Act 2004 and enact the Pension Reform Act 2013 is undergoing legislative processes at the National Assembly.

Sorry if you think I live in a “fantasy” world but this is exactly what is applicable where I work. In fact a colleague received a memo (query) for delaying NHIS remittance. So it’s NO fantasy friend but reality.

olajay5:




From your first comment on this topic, it shows you know next to nothing on the operation of the Pension Act. Where you work may not matter but what you do. As a person that claims to work in "tax office", what were you expected to do when you see willful default of an organization on an existing Law? I want to presume you know the concept of “willful default” and the penalties. Have you ever written any report on those willful defaults? The fact that "most" organizations don't remit on time does not says the Law is not a good one. Some people will always default, then it become the responsibility of somebody like you since you work in a tax office to write the defaulting organizations and probably report to PENCOM to ensure complaint.

Unfortunately, some organization will use its employee to cheat on the employees and nobody will raise any issue. It is the responsibility of the employees of such organizations to write a anonymous letter to PENCOM to intervene and penalize the defaulting organization but people will keep quiet while an employer is toying with their future. The PENCOM cannot come and seat in your office to monitor when you remit except when a formal complaint is made about default.

I agreed NO Law is perfect but there can always be improvement. In fact as we write a Bill, the Pension Reform Bill 2013, to repeal the Pension Reform Act 2004 and enact the Pension Reform Act 2013 is undergoing legislative processes at the National Assembly.

Sorry if you think I live in a “fantasy” world but this is exactly what is applicable where I work. In fact a colleague received a memo (query) for delaying NHIS remittance. So it’s NO fantasy friend but reality.

sorry bro, but it seems u re ignorant of how things operate in nigeria. May b u re 1 of those new graduates that belief life outside is d same with what u read on paper. Since u choose 2 b ignorant,then let me educate u that its not my duty 2 report any organisation 2 anybody on a/c of not remittance of pension. My only duty is 2 draw d attention of dis organisations 2 d fraudulent practice observed n advice on what d law said on that. Its ur type that thinks its d responsibilty of auditors 2 detect n prevent fraud in ur companies. U seem 2 b talking more about knowledge but u seem 2 b lacking on that. I thought u said earlier that d present pension system is designed 2 address all d gaps in d old system n that remission is done within 7 days? U re kidding me

@ olajay5

u mean ur colleague was given a querry 4 delaying NHIS remittance? Pls tell me more on how u & ur employer deduct n remit ur NHIS contribution

Eazee-e:


sorry bro, but it seems u re ignorant of how things operate in nigeria. May b u re 1 of those new graduates that belief life outside is d same with what u read on paper. Since u choose 2 b ignorant,then let me educate u that its not my duty 2 report any organisation 2 anybody on a/c of not remittance of pension. My only duty is 2 draw d attention of dis organisations 2 d fraudulent practice observed n advice on what d law said on that. Its ur type that thinks its d responsibilty of auditors 2 detect n prevent fraud in ur companies. U seem 2 b talking more about knowledge but u seem 2 b lacking on that. I thought u said earlier that d present pension system is designed 2 address all d gaps in d old system n that remission is done within 7 days? U re kidding me

It's obvious that ur ignorance to no bound. I really wish to know where u work because ur claim of working in a "Tax Office" does not correspond with what u wrote here. Anyway, like I said earlier, it all depends on what u do in ur office. After all there are clerks and office assistants in all offices. U are probably one of those "Oldies" abound in government agencies that are NOT in tune with current happenings but think they know everything. So all u do when u see fraudulent practice is to advice d organisation? It doesn't feature in ur report? U simply don't know what u are doing.

If u think I am a new graduate, no problem but from ur state of ignorance, u probably learnt nothing since u left school. I told u what operate in my organisation and u claimed I don't know how things operate in Nigeria. My organisation is in Nigeria and we do what the law stipulates.

Sorry I never said d Act is perfect but better than what was in practice before its enactment. I'm sure u are NOT aware that the Act is undergoing amendments at d National Assembly. Any good Law will continue to be amended as the need arises to suit the realities on ground.

Eazee-e:
@ olajay5

u mean ur colleague was given a querry 4 delaying NHIS remittance? Pls tell me more on how u & ur employer deduct n remit ur NHIS contribution

Oh! This is my mistake, I mean NHF.