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Nairaland Forum / Nairaland / General / Investment / How Pension Managers Are Cheating Nigerians (86425 Views)
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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Re: How Pension Managers Are Cheating Nigerians by buJu234: 4:07pm On Oct 25, 2013 |
i have long decided not to put any hope or trust in the Nigerian govt. so if its tax immediately they take it i jst see it as part of my business cost/ cost of doing business in Nigeria... same goes 4 NEPA bill etc.. if u have faith in this Nigeria PENSION scheme weather managed by foreign Pension managers like Stanbic IBTC or by local firms like ARM pension... i will advice u to just remove ur mind oo.. if u plan ur life very well... imagine starting to work @ the age of 25-30 then retire at 60-65yrs u have a big difference of 30-40yrs to try and diversify ur income even if u re a federal govt. worker. I tell u the truth u will find that at age 65yrs wen u re due 4 retirement u will find that ur worth will b far far more than the money the PENSION company will pay u... so b wise... the funniest thing that makes me to laugh abt this retirement things is that at the end of active service; ur company will then b advising u to go into business.... can u imagine at age 60-65 if u have better sense why nt start part time business along ur main job now that u are young and the a whole 25-30yrs? 7 Likes |
Re: How Pension Managers Are Cheating Nigerians by Sagamite(m): 5:09pm On Oct 25, 2013 |
ayokatu: What has annuity got to do with pension? Why are you trying to sell an annuity to a retired person? 2 Likes |
Re: How Pension Managers Are Cheating Nigerians by brojero: 5:28pm On Oct 25, 2013 |
dustydee: Just wondering.. 80k at 2006 prices vs 150k at 2013 prices. Are you really better off, given the rate of inflation? 1 Like |
Re: How Pension Managers Are Cheating Nigerians by Philipsdael(m): 5:34pm On Oct 25, 2013 |
Toyins:Thanks so much for ur advice.... The fault maybe from the H.R i'll zoom to the HR office nextweek. #merci-bouque....! |
Re: How Pension Managers Are Cheating Nigerians by yetseyi(f): 6:39pm On Oct 25, 2013 |
I m concered abt d ARM wch my mum uses but I must say the ARM pple are customer friendly. Mumsie gets an alert on her fone evry mnth once dedUctn is made in her salary, and they also write ur current acc balance. A statement is sent her every 3 months showing d amt, interest and everything.She's informed abt aw much she has. 2 Likes |
Re: How Pension Managers Are Cheating Nigerians by Sability(m): 6:46pm On Oct 25, 2013 |
Yomieluv: 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.. na so bros. |
Re: How Pension Managers Are Cheating Nigerians by powerblaze(m): 7:44pm On Oct 25, 2013 |
umar745: 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 Who said it'll be free? The lawyer is very understanding.. He helped us in despicable ways really.. Anyway, twas just a help plan to a concerned woman, not to you( with due respect).. |
Re: How Pension Managers Are Cheating Nigerians by Azwealth(m): 8:37pm On Oct 25, 2013 |
yetseyi: I m concered abt d ARM wch my mum uses but I must say the ARM pple are customer friendly. they are only nice because its not yet time to collect the money, when its time you will see the other side of them |
Re: How Pension Managers Are Cheating Nigerians by Moses247(m): 9:42pm On Oct 25, 2013 |
u dnt need to hire a Lawyer before the LOA could be Granted. In my own case d customary court told me to bring a letter 4rm d Family stating dat de re aware of d Motion. And also the family head or any Male member of d Family will also appear in d Court b4 de will granted d Letter for Me. Since My Uncle Who is the Next of Kin To My Late father is so wicked to d extend of Draging My Late father's document wit We D Children. Shows he has sometin in Mind. So We Bounce Him. Bleep NEXT OF KIN. D customary court Letter granted d LOA. Jst within 2weeks. Of summission I no spend much o. D follow week i summited it to d Bank. De jst open a new account for Me last month and Tranfer d remaining balance in to my account dis week on tuesday. Ahaha we re Smiling Bro. 529k no be beans. Also de have Close my late's father acct since d owner is no More. Now am abt to Process d death benefit wit Premium Pension Limited. Na so d tin Go....lol. Please dnt hire a lawyer o. Becos if u do? Hmmmm ready beta money 4hand o. Lol ;DYes u dnt need to hire a Lawyer before the LOA could be Granted. In my own case d customary court told me to bring a letter 4rm d Family stating dat de re aware of d Motion. And also the family head or any Male member of d Family will also appear in d Court b4 de will granted d Letter for Me. Since My Uncle Who is the Next of Kin To My Late father is so wicked to d extend of Draging My Late father's document wit We D Children. So We Bounce Him. Bleep NEXT OF KIN. D customary court Letter grant d LOA. Jst within 2weeks. I no spend much o. D follow week i summited it to d Bank. De jst open a new account for Me last month and Tranfer d remaining balance in to my account dis week on tuesday. Ahaha we re Smiling Bro. 529k no be beans. Also de have Close my late's father acct since d owner is no More. Now am abt to Process d death benefit wit Premium Pension Limited. Na so d tin Go....lol. Please dnt hire a lawyer o. Becos if u do? Hmmmm ready beta money 4hand o. Lol ;DYes u dnt need to hire a Lawyer before the LOA could be Granted. In my own case d customary court told me to bring a letter 4rm d Family stating dat de re aware of d Motion. And also the family head or any Male member of d Family will also appear in d Court b4 de will granted d Letter for Me. Since My Uncle Who is the Next of Kin To My Late father is so wicked to d extend of Draging My Late father's document wit We D Children. So We Bounce Him. Bleep NEXT OF KIN. D customary court Letter grant d LOA. Jst within 2weeks. I no spend much o. D follow week i summited it to d Bank. De jst open a new account for Me last month and Tranfer d remaining balance in to my account dis week on tuesday. Ahaha we re Smiling Bro. 529k no be beans. Also de have Close my late's father acct since d owner is no More. Now am abt to Process d death benefit wit Premium Pension Limited. Na so d tin Go....lol. Please dnt hire a lawyer o. Becos if u do? Hmmmm ready beta money 4hand o. Lol 2 Likes |
Re: How Pension Managers Are Cheating Nigerians by Meegan: 9:57pm On Oct 25, 2013 |
My final year project in school was based on this pension reform act and there is a clause dere that states the PFAs must pay benefits immediately after retirement and if there is a breach, the PFA is entitled to a fine everyday it defaults, I don't think this happens in 9ja.I have a family friend who retired 2years ago nd is yet 2 receive gratuity muchless pension. Anoda clause says benefits accrued 2 employees 4rm d old scheme shud b converted 2 bonds nd dem redeemed wn d employees retire wch will den be added to the benefits accrued to d employee in d new scheme. I dnt think they do ds also. Anoda clause says a retiree should not receive less than 50% of his last income as pension. My friend's mum who was receiving 100k b4 retirement is now receiving 20k. In Nigeria, theory is always different from practicals 1 Like 1 Share |
Re: How Pension Managers Are Cheating Nigerians by Nobody: 7:21am On Oct 26, 2013 |
Gentlebabs: @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...Pencom serves to regulate, monitor and melt out punitive measures to any of thw 24 PFA or 4 PFC's who errs... That's on paper, naija is f*cken bureaucratic. The re always coping other nations but forgot that the don't hv the same conscience with them. So stop talking crap & check out whats on ground b4 praising whats on paper |
Re: How Pension Managers Are Cheating Nigerians by Lordopez(m): 7:49am On Oct 26, 2013 |
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. There is nothing beautiful in you not having access to your entitlements after 35years of service. Imagine you being given only 25% of your entitlement and told that the reamining 75% will spread monthly over the years till it is full paid. Imagine your pension was 8million naira, you will be paid only 2million naira, and youi will be told that that they will invest the remaining 6million naira for you, with a monthly payment of 25,000 naira till the 6million is exhausted. Wat logic is in this? They are only usin pensioners money to enrich themselves. 1 Like |
Re: How Pension Managers Are Cheating Nigerians by oneblacboi: 9:16am On Oct 26, 2013 |
This is not the fault of the Pension Fund Administrator. What you have there is what your employer contributed. Ask your employer for a breakdown of all payments made on your behalf. Imo obot: 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. |
Re: How Pension Managers Are Cheating Nigerians by TheMan3: 9:44am On Oct 26, 2013 |
Moses247: ok thanks re u on whatsapp? Give ur number abeg?Its better if I add u on facebook. Or better still on bb |
Re: How Pension Managers Are Cheating Nigerians by umar745(m): 9:58am On Oct 26, 2013 |
powerblaze:okay, point taken. But answer this, why should she pay for something that she can do by herself for free? I also think you should check a dictionary for the meaning of despicable |
Re: How Pension Managers Are Cheating Nigerians by Daresh(f): 9:58am On Oct 26, 2013 |
From all the story I have read on this thread, I deduced the biggest hurdle to cross is the Letter of Administration. People, please, let us learn to write wills. If the deceased has a will, the letter of administration isn't needed. Also, we need to do our research well on the PFA we use. I believe that we need to ask question from different people, employees and other clients to a PFA and be sure they are capable of handling your money well and will be able to deliver it come retirement with minimal fuss. Just my 2 cents 1 Like |
Re: How Pension Managers Are Cheating Nigerians by Moses247(m): 6:48pm On Oct 26, 2013 |
The.Man:ok add me on facebook@ Geoffrey Moses Cartel |
Re: How Pension Managers Are Cheating Nigerians by dustydee: 3:01pm On Nov 01, 2013 |
brojero:The value was affected by the financial crises. |
Re: How Pension Managers Are Cheating Nigerians by esemazy: 6:29am On Oct 22, 2014 |
For any problem you might be encoutering on your PFA after retirement, you can call 08057942776for a lasting solution. |
Re: How Pension Managers Are Cheating Nigerians by coputa(m): 1:33pm On Oct 22, 2014 |
Yomieluv:wiy didnt your mom wait patiently instead of giving bribe to those currupt officials,she is also fanning the embers of corruption. |
Re: How Pension Managers Are Cheating Nigerians by frog12: 5:07am On Oct 26, 2014 |
Good Bimboscoo: |
Re: How Pension Managers Are Cheating Nigerians by yassjib: 3:27pm On Oct 26, 2014 |
then what's the need to operate with them.. |
Re: How Pension Managers Are Cheating Nigerians by pantherapardus(m): 11:57am On Feb 17, 2015 |
Today marks 6 years since my dad passed on to glory. He was a lecturer at a federal government institution. Till date, we still haven't got his gratuities. Someone should please help out by telling me the processes involved to get this money. Thanks! |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 5:17am On Feb 18, 2015 |
Azwealth:Your post clearly shows you are ill-inforned about the workings of Pension Reform Act 2014 as amended. It is not difficult to collect your pension as you wrongly insinuated. Please stop misleading people. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 5:21am On Feb 18, 2015 |
Omexonomy:if your claims are genuine, visit (www.pencom.gov.ng), or have them call me as this is my core ministry. 08178827380 & 08035063895. Babs No charge. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 5:26am On Feb 18, 2015 |
jamace:The Pension Fund Administrator (PFA), administers. The Pension Fund Custodian (PFC), warehouses the funds. All funds are duly monitored and by PENCOM and audited accordingly. See Section 7 of the Pension Reform Act of 2014. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 5:28am On Feb 18, 2015 |
Rejoice5000:The condition for wirhdrawal before age 50 according to Secrion 7(2) of PRA 2014, where an employee voluntarily retires, disengages or is disengaged from employment as provided for under Section 16(2) & (5), the employee may with the approval of the Commission, withdraw an amount not exceeding 25% of d amount credited to his RSA, PROVIDED that such withdrawals shall only be made AFTER 4 MONTHS, of such retirement or CESSATION of employment & the employee does not secure another employment). |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 5:36am On Feb 18, 2015 |
TheMan3: |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 5:40am On Feb 18, 2015 |
[quote author=Gentlebabs post=30835273][/quote] REQUIREMENTS TO PROCESS DEATH BENEFITS UNDER THE PRA 2014. Medical Certificate of Death/Cause of Death; Certificate of Registration of Death (if available); Police Report (if death is by accident); Letter of Administration or Will submitted to Probate; and Declaration of Wish/Evidence of Nomination of NOK, Means of identification of NOK (Drivers license, National ID and International Passport). However, if the letter of Administration took time, is it the fault of the PFA or PENCOM? If your Dad died under the new scheme, you are entitled to 3 years of his monthly salary as the insurance benefits, including asides the amount in the RSA and the ACCRUED RIGHTS which he qualify for; if he started working for government before you 2004. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 5:42am On Feb 18, 2015 |
Yomieluv:Don't pay no money to anybody. It is a offence under the law? Is your Mother a state retiree. Call me: 08035063895 & 08178827380 |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 5:44am On Feb 18, 2015 |
Imoobot:Download PENSION REFORM ACT 2014, and download the act. Read Section 7 and do the needful. There in lies the solution to the problem. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 5:55am On Feb 18, 2015 |
omiobo:Visit any of the PENCOM Zonal centres. If you are in Lagos, visit: 88a, Oduduwa Crescent, Ikeja GRAHAM, Ikeja. Or call: 09 460 3930 Abuja, 0805 599 8776 Lagos. I travel around to conduct retirement and sensitization program, showing people how "Bea-ri-ful" the new scheme is. You can check me out on Facebook by adding: gentle_babs@yahoo.com or add Babatunde Raimi. |
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