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How Pension Managers Are Cheating Nigerians - Investment - Nairaland

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Pension Managers Please Come In. / The Absurd Ways Pension Managers Cheat Nigerians part2. / I Want To Withdraw From My Pension Fund Account! (2) (3) (4)

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How Pension Managers Are Cheating Nigerians by Azwealth(m): 1:10am On Oct 23, 2013
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.

76 Likes 8 Shares

Re: How Pension Managers Are Cheating Nigerians by Omexonomy: 6:46am On Oct 23, 2013
Presently, i know more than six people who are having such problem.

4 Likes

Re: How Pension Managers Are Cheating Nigerians by Yababoy(m): 3:40pm On Oct 24, 2013
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.

11 Likes 2 Shares

Re: How Pension Managers Are Cheating Nigerians by jamace(m): 7:15pm On Oct 24, 2013
^^^My bros, in Nigeria things are always beautiful on paper but on ground it will be the opposite. Apart from complaints above, are you not aware of how persons in charge of the funds are looting it?

I have always kicked against PENCOM and the PFAs because, govt has sold its employees to heartless capitalists who have no welfare concerns for the pensioners. I would have love the govt adopt the payoff system for its employees instead of PENCOM.

16 Likes

Re: How Pension Managers Are Cheating Nigerians by phil5(m): 10:11pm On Oct 24, 2013
Hmmmm ,eleihi gidigon

3 Likes

Re: How Pension Managers Are Cheating Nigerians by Inioluwa01(m): 10:13pm On Oct 24, 2013
.

Re: How Pension Managers Are Cheating Nigerians by OBANEB: 10:13pm On Oct 24, 2013
@op,can u name d PFA,I don't think it applies to all
Re: How Pension Managers Are Cheating Nigerians by Rejoice5000(f): 10:15pm On Oct 24, 2013
Saving money 4 children children that thing tire me,how they are cutting my salary for this pension of a thing, one will be getting alert but to withdraw the money 4 where. till Rapture day.

3 Likes

Re: How Pension Managers Are Cheating Nigerians by Nobody: 10:15pm On Oct 24, 2013
OP if the pension company is that bad, I see no reason why shouldn't mention their name, so when they see this they could sit up and people would be very careful in dealing with or totally abstain.

If you are not ready to name them, keep ur opinion to ursef, everyone knows that they shud be careful and have a lawyer while signing any pension agreement.

7 Likes 1 Share

Re: How Pension Managers Are Cheating Nigerians by TheMan3: 10:19pm On Oct 24, 2013
I know what this guy is talking about. When my dad passed away, Letter of administration took me 1 yr and six months to process. And thats just one of the documents. Its not funny at all. After submitted all the docunents with the PFA. I waited for about eight months no response. Whenever I go to the pfa they will say "be patient, these things take time".I went to Abuja myself to PENCOM. only to find out they did not submit my ddocuments to PENCOM all these while and they were even still collrcting monthly contributions from them employer "federal govt".

The PFA is ARM pensions, former First Alliance.

27 Likes 1 Share

Re: How Pension Managers Are Cheating Nigerians by oyedun82(m): 10:21pm On Oct 24, 2013
following.
Re: How Pension Managers Are Cheating Nigerians by everyday: 10:22pm On Oct 24, 2013
@op please tell us the name of the organization

1 Like

Re: How Pension Managers Are Cheating Nigerians by olahero(m): 10:24pm On Oct 24, 2013
Government of Nigeria, useless people called leaders, they knew nah

1 Like

Re: How Pension Managers Are Cheating Nigerians by ninocia18(m): 10:28pm On Oct 24, 2013
My greatest dream in life is to honour my parents after they have trained me in the way I should go. The day I leave my parents to the mercy of some armed robbers, that day I die.

3 Likes

Re: How Pension Managers Are Cheating Nigerians by abimbs: 10:29pm On Oct 24, 2013
na dem sabi. Frnt page tinz
Re: How Pension Managers Are Cheating Nigerians by Nobody: 10:31pm On Oct 24, 2013
Presently my mum is having issues with her pension,she retired like 2 years ago,she's hasn't received any money,worse still,the pension official demanded for 100000 for bribe to process it,aside the countless recharge card she sends to them..

Little wonder people steal blindly when in service,or you are doomed when you are retired.

1 Like

Re: How Pension Managers Are Cheating Nigerians by xynerise: 10:31pm On Oct 24, 2013
Kindly mention the name of the organisation pls
Re: How Pension Managers Are Cheating Nigerians by Imoobot(m): 10:31pm On Oct 24, 2013
Honestly, there is an urgent need to review the PENSION SCHEME policies in Nigeria especially TRUSTFUND. I work with one of the new generation Banks as a contract staff, i was shock when i got my account statement and realized that i have just N25,000 and some fractions after working for close to 4 years. Imagine! Very annoying.

1 Like

Re: How Pension Managers Are Cheating Nigerians by 234GT(m): 10:33pm On Oct 24, 2013
ninocia18: My greatest dream in life is to honour my parents after they have trained me in the way I should go. The day I leave my parents to the mercy of some armed robbers, that day I die.







Meaning
Re: How Pension Managers Are Cheating Nigerians by Osama10(m): 10:33pm On Oct 24, 2013
For my small millions?Make them no pLay reach there oh cos na to sharpen both sides of my cutlass. grin

But come to think of it,why do we make things difficult for ourselves in this country.

2 Likes 1 Share

Re: How Pension Managers Are Cheating Nigerians by venorite(m): 10:38pm On Oct 24, 2013
Hmm..... An aaverage Nigerian is corrupt

2 Likes

Re: How Pension Managers Are Cheating Nigerians by s3nn2x(m): 10:41pm On Oct 24, 2013
So true...

What the hell is 'Letter of Administration' and why should it take a long time to get it.

To get the small money my father left behind in his account, we were asked to get Letter of Administration from a court located where the account was opened. Can you imagine! When we went to the court, we were asked to pay a percentage of the amount in the account to the court. When we calculated the amount we would spend to collect the money, it was close to 40% of the money in the account.

I am still angry with him! Why the hell did he not get an ATM.

Anyway, the Pension matter na another wahala sef.

It is just so annoying!

I remember when I got my job, how different PFAs were licking my booth just to open an account with them. There should be a law.

Nigerians are just Bureacratic in nature.

7 Likes 1 Share

Re: How Pension Managers Are Cheating Nigerians by Sagamite(m): 10:42pm On Oct 24, 2013
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.


That is what you get when you have fucktards running the country. It can't happen in Great Britain.

https://www.nairaland.com/1410261/tear-burn-nigerian-passport-once/11#17678247

1 Like

Re: How Pension Managers Are Cheating Nigerians by Nobody: 10:44pm On Oct 24, 2013
It has gone from 'Corrupt Government' to 'Rich cheating the poor masses'. grin grin grin grin grin grin grin grin grin

E go tey before these Nigerians realize their real problem grin - NIGERIANS!

1 Like

Re: How Pension Managers Are Cheating Nigerians by kenny1911: 10:49pm On Oct 24, 2013
the OP is absolutely correct. I'm a witness to this thieves called Pension Fund Administrators (PFAs). I lost my dad four years ago and incidentally I was d next of kin. I gave up claiming his meager contributed pension after working with a company for three year because of the processes and documents to produce before i would be able to claim the fund. from information I was going to spend aver a 100k for letter of administration, 25% lawyer fee, court affidavits, birth and death cerficates, and so many I can't remember any longer for just to claim over 150k. I just told my siblings to forget about the money because I don't have the luxury of time to pursue the claim and get less than 50k after two years. the Pfa I am talking about here is ARM pensions

17 Likes 1 Share

Re: How Pension Managers Are Cheating Nigerians by omiobo: 10:49pm On Oct 24, 2013
Walahi many things are wrong with this nation. In my unorganised coy where I work,the damagers are withdrawing a certain percentage from our salary for pension but they refused to pay it into our RSA. The last time I had alert last was last year. It is a private org. We have done all we could but no damn result. Infact I will like to stop this nonsense called PFA.

5 Likes

Re: How Pension Managers Are Cheating Nigerians by ninocia18(m): 10:51pm On Oct 24, 2013
234GT:







Meaning

Meaning that why should I sit and watch my parents queue for money that have already been spen then they get high BP in return when I can do better now and take care of them when the tym comes. They also made an investment in me. So I shud see that they don't go to die for bread that doesn't exist. That's what I mean. Shud I speak swahili for yhu?

6 Likes

Re: How Pension Managers Are Cheating Nigerians by morningsta(m): 10:52pm On Oct 24, 2013
@Op, I'ld love to say you are wrong but sadly that's the truth. In my office, our HR usually assist next of kin of late employees in processing pension but recently, we were informed that henceforth, next of kins would be solely responsible for processing pension of late employees because the business got tired of unofficial settlement. The PFAs have perfected means of frustrating people to part with a substantial part if their pensions.

2 Likes

Re: How Pension Managers Are Cheating Nigerians by omiobo: 10:53pm On Oct 24, 2013
venorite: Hmm..... An aaverage Nigerian is corrupt
Average? Every nigerian is corrupt including you.

8 Likes

Re: How Pension Managers Are Cheating Nigerians by rofemiguwa(f): 11:00pm On Oct 24, 2013
Me too dy have bin collecting my pension for like 2yrs and I have only 48k in my account. WhEn dy deduct 14k every month from my salary. The annoying part is the housing scheme too. Collecting my 12.5k every month into national housing fund that no one ever has acess to


Please we need a revolution in this country

2 Likes

Re: How Pension Managers Are Cheating Nigerians by Sagamite(m): 11:02pm On Oct 24, 2013
kenny1911: the OP is absolutely correct. I'm a witness to this thieves called Pension Fund Administrators (PFAs). I lost my dad four years ago and incidentally I was d next of kin. I gave up claiming his meager contributed pension after working with a company for three year because of the processes and documents to produce before i would be able to claim the fund. from information I was going to spend aver a 100k for letter of administration, 25% lawyer fee, court affidavits, birth and death cerficates, and so many I can't remember any longer for just to claim over 150k. I just told my siblings to forget about the money because I don't have the luxury of time to pursue the claim and get less than 50k after two years. the Pfa I am talking about here is ARM pensions

N100K (£400) for a letter? grin grin grin grin grin grin grin grin

Nigeria: The shithole country that does all it can to frustrate its citizens as much as it can. undecided

https://www.nairaland.com/1410261/tear-burn-nigerian-passport-once/4#17647364

1 Like

Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 11:08pm On Oct 24, 2013
@AZWealth, I carefully went through ur post and found d contents therein misleading. In a layman's language, the pension scheme has been privatized and retirees can always go to Pencom to to seek advice or redress as the case may be. It is not often the best when your claims are reportive and you are not a direct victim of the said deception. The government adoppted the contributory pension scheme, which started in Chile so as to alleviate the sufferings of her citizens/retirees. All complaints/ enquiries should be directed to Pencom. You can google their website, therein lies all you need to know about the new pension scheme. I humbly reque you stop misleading people on heresies. For your information, Pencom serves to regulate, monitor and melt out punitive measures to any of thw 24 PFA or 4 PFC's who errs...

5 Likes 1 Share

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