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. 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

[color=#006600][quote author=umar745]You don't need a law firm, just g

i think this is a very good solution to the problem. how long would it take the advert to elapse and please enlighten people more on it

Still on the Letter of Administration issue, U don't necessarily need a Lawyer for that, u can do it urself although u will need to pay 10% of d sum as tax to the Government.
For those of us still alive and working to avoid the LOA wahala please do mk a WILL and lodge it at the probate registry. I

I agree that the scheme is a fraud but It also depend on your pension manager.

Let me use this to educate us , YOUR NEXT OF KIN is not automatically the beneficiary of your claims.

That is why you should have a WILL. all those ADMINISTRATIVE DOCUMENT is always asked for because there is no WILL from the deceased stating WHO and WHO and WHAT should be given to WHOM.

So if you don't want to labour for Government. Have your WILL prepared now.

Your NEXT OF KIN is just who to contact in case you are not available and who can speak on your behalf with valid document backing him / her up.

Unfortunately, in this part of the world we believe you should write your [b]WILL [/b]only when u are ready to die.


- My opinion.

pls can sum1 change PFA with just 24months 2 retirement. my mum uses ARM but wit what I ve been reading abt them hmm

omiobo: 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.

Guy, your employer is stealing from you and you are taking it easy. Do you know it is a crime for your employer not to remit your savings? Please meet your HR team and discuss the issue with them before reality dawns on you in your old age.
My personal opinion: I think IBTC pensions is the best of the lot. Stopped contributing about 7 years ago and my about 80k contributions (Worked in a private firm for 6 months) is now worth about 150k

also
I want 2 ask what's the process of making a will. I read a comment now
that it shd be lodged. Pls neva mind my ignorance oooI m a bit naive of these things.
Thanks

Lost my dad 2 years ago, n till now, its been an absolute nightmare with Both IBTC and Pencom...Now to get the letter of administration is a fresh headache....

Honestly, I'd rather invest my pension money directly on my children, then leave this world and leave them stranded.. its horribly unfair.. And they tend to do this to the defenseless..

yetseyi: pls can sum1 change PFA with just 24months 2 retirement. my mum uses ARM but wit what I ve been reading abt them hmm

I am 100% sure you can.

Make sure you do something about it, DON'T LEAVE IT IN THE HANDS OF GOD!

[quote
author=Yababoy]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.
[/quote]

Oga is true , i use IBTC , dey hav refused 2 give me my 120k since 2years nw

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.

Sorry about your husband's loss..

Im passing tru a similar situation.. And i found out certain things the hard way.

i can get you a lawyer that'll assist you with the letter from the court. You'll present that to the branch your husband opened his running account( the one ibtc pays monthly into)... They'll release the bank draft which you'll present to the government.. The government will take a certain percentage of your husband's account statement( if there's no will), before releasing the letter. And they may ask you to provide two sureties with landed properties.
You can then proceed to ibtc as well with the letter, carrying along your husband's death certificate or obituary( also need above).
they'll forward your application to Pencom.. Dunno how long that'll take, but suhd be released..

Its not a pleasing experience, so brace up for it. May God strengthen you, and Grant you supernatural favour..

Sagamite:

Shut up!

You are an exploitative conman.

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

@ sagamite knowledge is not far fetch... This is an act passed into law through the pension reform act of 2004 and it operating well in nigeria presently. I don't work with insurance company but I have the full knowledge relating to pension matters.

Does anybody have an idea about LEGACY PENSION? Am getting mis-feelings about the numerous issues i have read about this pension thing. Please share any experience(either positive or negative) about Legacy pension

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.

[quote author=yetseyi]pls can sum1 change PFA with just 24months 2 retirement. my mum uses ARM but wit what I ve been reading abt them hmm[/quote. Yes U can change ur PFA after 12 months if you are dissatisfied with their operations. But the transfer windows has not been opened yet.

Why go with some pension manager when you have the opportunity to invest your money in agriculture or even open a small shop when you are still in the civil service with a foresight on retirement

PFA are criminals. i wonder y the govt wld not review this act. OBJ did it out of ignorant, now we're wiser, we shld call for review. i work and my Pension is still running, but the annoying thing is u cant get ur money so easy wen u're retired. once u hv like N2million wit them, u can only access 500k then the 1.5m wld be divided for 10years or so. why cant they give one all his money. what exactly are they using the money for. nig shld wake up.

WhiteMaroon: 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

Are you among the few? If you say YES, na im be say the few ones self don join them. Stop bribe,stop extortion.

www.nairaland.com/1364489/ever-given-received-bribe/1#16921406

Interesting discussion. Ill give an insight as a business leader
1. Every employee in a firm of 5 or more employees must join the contributory scheem.
2. Some firms that default complying can be reported to pencom abuja or through their zonal offices. They act even with their limited capacity. Better still do a formal complaint through public complaints commission.
3. You can't Swittch PFAs now. This possibility was to be effective 2013 but is on hold. Reason is that when you swicth your contributions so far will hit your new pfa in 5 years so your current pfa gets to give your new one a bond to that effect. Unfortunately many agencies eepecially govt ones have backlog of remittances and no pfa is willing to give a bond on what is not in their poccession.
4. The sovereign investment authority may soon start using the funds as investment instruments....though I have it on record that they have rigorous risk assessment styles.
5. Every one is advised to have a plan B. Also write a will. Writing a will is not palatable but you're saving your loved ones the hastle. I've been on it for a month.

The.Man:


I will advise you, get all the necessary dociments. Submit yo ur pfa, make a photocopy and take to abuja yourself to pursue it. Go to pencom for the accrued rights and death benefits, then proceed to office of head of service for the Group life.

This is wat I did by Gods grace after almost three years (including time for letter of administration) they paid the accrued rights, still waiting for group life.

But this thing aught not to be like this. Why will a government that waste 1.6m daily on food, billons on entertainment be so insensitive

If you have any question let me know I will be glad to help.

ok thanks re u on whatsapp? Give ur number abeg?

Azwealth: [color=#006600]

I can't remember but it can't be more than 2 weeks

powerblaze:

Sorry about your husband's loss..

Im passing tru a similar situation.. And i found out certain things the hard way.

i can get you a lawyer that'll assist you with the letter from the court. You'll present that to the branch your husband opened his running account( the one ibtc pays monthly into)... They'll release the bank draft which you'll present to the government.. The government will take a certain percentage of your husband's account statement( if there's no will), before releasing the letter. And they may ask you to provide two sureties with landed properties.
You can then proceed to ibtc as well with the letter, carrying along your husband's death certificate or obituary( also need above).
they'll forward your application to Pencom.. Dunno how long that'll take, but suhd be released..

Its not a pleasing experience, so brace up for it. May God strengthen you, and Grant you supernatural favour..

kai! Stop it. Except the lawyer would work for absolutely free she doesn't need him. I've done what she wants to do b4 and I didn't need or use a lawyer. Lawyers would just charge avoidable fees

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.

Sorry about your loss. You dont need to give anybody money to get your husbands benefit

These are the documents you will need.
Medical Certificate of Death or
Certificate of Registration of Death
Police Report (if death by accident)
Passport Photographs
Employer confirmation
LIFE INSURANCE COVER (To be completed by the employer)
Letter of Administration/Will admitted to Probate Declaration of Wish/Evidence of Nomination of NOK(Next of Kin)
Means of Identification[color=#000099][/color]


Letter of Administration- yes 10% of the estate will be taken so (if you are smart dont declare everything he has, may be just one of his bank statement with low balance ) ) If you are not the only beneficiary everyone involve will sign or write a consent letter on the bank account that the will be paid into.

kolokolobi:
3. You can't Swittch PFAs now. This possibility was to be effective 2013 but is on hold. Reason is that when you swicth your contributions so far will hit your new pfa in 5 years so your current pfa gets to give your new one a bond to that effect. Unfortunately many agencies eepecially govt ones have backlog of remittances and no pfa is willing to give a bond on what is not in their poccession.

This simply means am Doomed with ArmPension.
Am still a youngman @ 26 maybe there will be some sort of reform before i quit working under a firm so i can get my money witthout much hustle when i click the stipulated age.
+
*After working 4years with my current company, my grave chalenge now is that ARMpension have not (for ones) alerted me on my balance.
(they're only good at sending Birthday wishies and holiday massages.)
I have my payslip from my company which shows that xyz-percentage are being remitted to my RSA on monthly basis, but nothing do i have to account for.
Pls, what should i do?

[quote author=Gentlebabs][/quote] Yes you can change your PFA but Transfer Window is not yet open. You will have to wait

Philipsdael:
This simply means am Doomed with ArmPension.
Am still a youngman @ 26 maybe there will be some sort of reform before i quit working under a firm so i can get my money witthout much hustle when i click the stipulated age.
+
*After working 4years with my current company, my grave chalenge now is that ARMpension have not (for ones) alerted me on my balance.
(they're only good at sending Birthday wishies and holiday massages.)
I have my payslip from my company which shows that xyz-percentage are being remitted to my RSA on monthly basis, but nothing do i have to account for.
Pls, what should i do?

1) Check with your HR your money may not be going to ARM or ur HR is not using your correct RSA PIN
2) Are you sure your employer is paying your Pension to ARM

Joeadamxx: Yababoy,

Agreed that the Pension Act as it is now is better than what it was before. But the thread Captain made a valid argument as I have colleagues going through the same experience with IBTC. When we were leaving our last employment, we were assured our 25% withdrawal will be ready within 2 months, 3 months down the line, it is only story. I am really afraid as I have a lot of money I cannot mention here in their coffers

IBTC? Chineke!!!!!! i am using them oh. Choi perewinkle don tie wrapper be that. Thats exactly the same story they told our company then. hmmmmm.

Sorry to say "A MAN WHO DOES NOT READ HAVE NO ADVANTAGE ON THE MAN WHO CANNOT READ" every complaint by individuals must be accompanied by evidence to prove his genuiness. As far as the PENSION SCHEME is concerned today there is nothing like stealing or bribery before processing, any payment that must be made by each PFA must be in BATCHES to the PENCOM for approval that on its own takes another period for verification before go final approval. Bribery according to the PENCOM ACT 2004 does not allow even ordinary GIFT from clients, so whoever says his mother is buying credit or whatever to get her money should report that to the CONCERNED PFA's management or PENCOM for further action and also the woman in question should endeavour to complete all her requirements for the collection of her money and go for verification when called upon that shows she is nearing her money. I am a staff of a Pension industry and i have seen a lot of about the scheme it really helps a lot i will advise those who are not into it to go and do it no matter how small your money is. TRY TO SUFFER YOURSELF FOR YOUR GREY HAIR in the nearest future.
Tell me how it will be easy for somebody to STEAL money contributed by 2 bodies (Employer & Employee) then monitored by 3 Bodies (PFA, CUSTODIAN & PENCOM) so this is why it takes all theses long before the money comes out because we don't want Mr. BARAJE to claim Mr. BARALE's money because their names look alike and they work almost in thesame organisation. So there is a need for serious scrutinity before the money lands.

Instance clients were seen physically before the beginning of the transaction, but during the transactions we saw only payment on computers and send alert to the owner for evidence of payment also stmt of account every quarter to see how the transaction goes, so how will i know if the person is dead if the money keeps coming and one day somebody just come up and say he wants to collect his father's PENSION for where this is money matter and nobody wants to go to jail. So there is need for more investigation and verification of the ownership of the account. My name is BIYI working for FIRST GUARANTEE PENSION LIMITED. You can reach my company through +23412714175-9 OR info@firstguaranteepension.com.

Emmanuel602: Why go with some pension manager when you have the opportunity to invest your money in agriculture or even open a small shop when you are still in the civil service with a foresight on retirement

My broda its by fire by force from companys. U must open it. Thats the way it is. If its willingly, why will someone take out some %ge of his earning and dump it into where he cannot access it whenever he needs it. Its only a mad man that will do such

Pls people how can one change. I wish i'd stumble on this thread yesterday. I have just submitted my ARM form yesterday. I told the lady to give me the form to fill at home. She kept insisting that she will fill it for me and to text other info to her.

And judging from what i have read about them here, its not impressive. I would like to know any others that are better besides IBTC.

I know when Dutch embassy then sent some private lawyers to investigate all the information i wrote in my visa application. They even went as far as my village to confirm some from neighbors. I think i paid some amount for that investigation. Why cant all these pension houses adopt same. If their motive is really people not collecting peoples money. Even if the submittals are lies, one will always get the truth from neighbors and the man's work place. Must we suffer ourselves in everything?.

na true talk oooo...to remove money from ur salary we b easy for dem...but to pay u back na whalla..dats wot am facing nw frm pension manager nd PENCOM....God we help us in dis country

[quote author=hakym_biyi@yaho]Sorry to say "A MAN WHO DOES NOT READ HAVE NO ADVANTAGE ON THE MAN WHO CANNOT READ" every complaint by individuals must be accompanied by evidence to prove his genuiness. As far as the PENSION SCHEME is concerned today there is nothing like stealing or bribery before processing, any payment that must be made by each PFA must be in BATCHES to the PENCOM for approval that on its own takes another period for verification before go final approval. Bribery according to the PENCOM A


my friend, i am sorry to say you are talking trash. if you in the shoes of those complaining here,then you wont talk nonsense. you even posted your mobile,you must be a fraudster or trying to get clients for your employer who would end up not paying the innocent people. CORPORATE SLAVE