Let me state it clearly from albinitio, what informs this narrative. I am seriously motivated to write this for two reasons:

1. StanbicIbtc pension's unbelievable service delivery.
2. My dad encouraged me to always share some of my stories for it may be someone's last hope.

I started out as a contract staff in one of the main IOCs in Nigeria as contract staff, worked for 7years as a contract staff. The experiences as a CS in O/G industry begs for another thread. So, I got a better job in Angola(permanent job) five months after my contract was terminated. Of course it put an end to my pension contribution with my PFA(stanbic pensions). After 7months of leaving that contract job, one day I was arranging my document box, I carelessly stumbled on my pension documents, there I dioscovered that I can actually withdraw 25% of my total RSA(savings). So simple a step!

I pieced together the documents needed, and threw in my application. The next day, I got an sms acknowledging the receipt of my application. In the sms was a catchy phrase that says "stanbic ibtc pension requires u not to give any gift or recharge card for the processing of ur application" (permit my urban writing). Hmm! I was like, in this country? Is this for real or one of those image-saving auto responder texts? I was already eulogizing them; rhapsodizing about their straight-forwardness more than their marketers though bellied with bouts of doubts and skepticism.

I got an sms-friendly format to check the status of my application. It is: Status of Benefit Appl: eg: text "APP PEN11100000 to 30388. (The PEN** is ur PIN). I tried it first, th immediate reply was "ur application is being processed for submission to Pencom for payment approval". Wow! I screamed. Early days of the Second week, I checked my application status by texting the above to 30388, the immediate reply said "ur application has been submitted to pencom for approval, u will be notified of the outcome once out". Unbelievable!

Tuesday of the 3rd week, I got an sms from stanbicIbtc pension saying, "ur application has been approved for payment by pencom, u will receive your fund in the next 24hrs, check with ur bank" -it is a lie! I screamed. In same week on thursday morning by 10:42am dot(I saved the time). I got a Gtb sms alert. Hurray! It was my 25%. From my calculation I was expecting 2.1ml+ but I saw an extra 25k. I was miscalculating I guess. All happened under 3weeks. I was monitoring my application status via my phone. No need to go visit any office or lobby any jack. From the day I dropped that application till payment, I was a doubting thomas. So such a thing does happens in a firm in Nigeria? Just wanna shout out to StanbicIbtc, u guys rock! So u don't need to wait till u are 50years of age. Enjoy ur 25% for now, at least future will sort itself out esp in naija. Lolz!

I hear a lot of people complaing of their PFAs; please you administrators, stop frustrating we poor masses over our meager life savings. We toiled for it. Stop putting us under undue stress to lay hands on the evidence of our sweats(pension etc). Thanks!

Nice. I used to think Stanbic as the worse pension managers. Good to know they can give excellent service too.

wonderful!

Pardon my errors in grammar n semantics. I typed from a phone while on the move.

Nice one from stanbic, I use PAL pensions and I can tel you that they are one of the worst, infact they are scammers. When i started newly in my former company, could you imagin that for the first 5months I got no alert from PAL whereas my pension contribution is being deducted from my pay. I sent them series of email but no reply, even gave them a call and they were saying trash, I just gave up on them.....pension scammers!

write to PENCOM. they will pay you to the last kobo. just draft a complaint to them

Castroii:
Nice one from stanbic, I use PAL pensions and I can tel you that they are one of the worst, infact they are scammers. When i started newly in my former company, could you imagin that for the first 5months I got no alert from PAL whereas my pension contribution is being deducted from my pay. I sent them series of email but no reply, even gave them a call and they were saying trash, I just gave up on them.....pension scammers!

2.1million 25% in seven years... hmm some company are really worth it while some are nothing but waste of time.. I bet you to move away from those rubbish companies who will pay you stipend for salary especially if it's not inline with your dream or choosing career, be discipline and patient. I bet you some company don't worth it atall.
@Heart2heart you...always remember the less privilege,I recommend you buy a bag of rice sometimes and donate to orphanage homes at your will, you worth more than that.

@Heart2Heart,you mean I can apply for 25% of my contributions and get it in less than a month?
IBTC is also my PFA.

[quote author=Heart2heart post=34867318]Let me state it clearly from albinitio, what informs this narrative. I am seriously motivated to write this for two reasons:


Do you really mean one can access 25% of contributions this fast?

[quote author=PaulSteve post=35275982][/quote]


So he said I doubt it,I applied since last month Sept 15th it's a month tomorrow,what I got was that ur pension has been sent to pencom for approval, for how long? No one knows,so until they approve,it took 3weeks of application b4 I got a sms sayin it's currently been process for submission to pencom. So pencom am waiting even if it takes one year I dey kampe "Nija will always be Nija"

reallora825:

So he said I doubt it,I applied since last month Sept 15th it's a month tomorrow,what I got was that ur pension has been sent to pencom for approval, for how long? No one knows,so until they approve,it took 3weeks of application b4 I got a sms sayin it's currently been process for submission to pencom. So pencom am waiting even if it takes one year I dey kampe "Nija will always be Nija"

Nigeria will not always be Nigeria.
Before your money gets to you your former employer has to confirm that you have resigned so if IBTC does bot get direct confirmation from them on time there will be delays. Secondly Pencom has to give approval to IBTC to release funds to you.
On IBTC end their service is good.

You may want to contact HR of your former employer to see if they have treated IBTCs request.

For most people I know who applied for 25% with IBTC it took just under 3months

ARM pension paid precisely one month. no stories

It's important to state conditions before one can access the said 25%. A contributor may only access 25% if out of employment for a period of time (4 months I think). So if still employed,nothing for you. PENCOM ACT

Hello, good to hear you were able to get your money from your RSA, I am presently interested in how to pursue such, is it mandatory you have to submit your offer letter from your previous employer and also your resignation letter in a situation that you have been UN-employed 6months after, do respond please i dont have does letters anymore its being over 5years now and i would like to acess my 25% from Stanbic.

Heart2heart:
Let me state it clearly from albinitio, what informs this narrative. I am seriously motivated to write this for two reasons:

1. StanbicIbtc pension's unbelievable service delivery.
2. My dad encouraged me to always share some of my stories for it may be someone's last hope.

I started out as a contract staff in one of the main IOCs in Nigeria as contract staff, worked for 7years as a contract staff. The experiences as a CS in O/G industry begs for another thread. So, I got a better job in Angola(permanent job) five months after my contract was terminated. Of course it put an end to my pension contribution with my PFA(stanbic pensions). After 7months of leaving that contract job, one day I was arranging my document box, I carelessly stumbled on my pension documents, there I dioscovered that I can actually withdraw 25% of my total RSA(savings). So simple a step!

I pieced together the documents needed, and threw in my application. The next day, I got an sms acknowledging the receipt of my application. In the sms was a catchy phrase that says "stanbic ibtc pension requires u not to give any gift or recharge card for the processing of ur application" (permit my urban writing). Hmm! I was like, in this country? Is this for real or one of those image-saving auto responder texts? I was already eulogizing them; rhapsodizing about their straight-forwardness more than their marketers though bellied with bouts of doubts and skepticism.

I got an sms-friendly format to check the status of my application. It is: Status of Benefit Appl: eg: text "APP PEN11100000 to 30388. (The PEN** is ur PIN). I tried it first, th immediate reply was "ur application is being processed for submission to Pencom for payment approval". Wow! I screamed. Early days of the Second week, I checked my application status by texting the above to 30388, the immediate reply said "ur application has been submitted to pencom for approval, u will be notified of the outcome once out". Unbelievable!

Tuesday of the 3rd week, I got an sms from stanbicIbtc pension saying, "ur application has been approved for payment by pencom, u will receive your fund in the next 24hrs, check with ur bank" -it is a lie! I screamed. In same week on thursday morning by 10:42am dot(I saved the time). I got a Gtb sms alert. Hurray! It was my 25%. From my calculation I was expecting 2.1ml+ but I saw an extra 25k. I was miscalculating I guess. All happened under 3weeks. I was monitoring my application status via my phone. No need to go visit any office or lobby any jack. From the day I dropped that application till payment, I was a doubting thomas. So such a thing does happens in a firm in Nigeria? Just wanna shout out to StanbicIbtc, u guys rock! So u don't need to wait till u are 50years of age. Enjoy ur 25% for now, at least future will sort itself out esp in naija. Lolz!

I hear a lot of people complaing of their PFAs; please you administrators, stop frustrating we poor masses over our meager life savings. We toiled for it. Stop putting us under undue stress to lay hands on the evidence of our sweats(pension etc). Thanks!

IBTC I DOUBT-

Can I switched from one pension house to another given that I am still in the same organisation. Pls I need answers.

Otes26:
Can I switched from one pension house to another given that I am still in the same organisation. Pls I need answers.

Don't know if the transfer window is up now,but you try and find out if you can do that from the PENMANAGER.

Hello

This is great news for me. I have an account with IBTC Pension Since 2002 which I have contributed for 10 years before I left Nigeria 3 years ago. I think I should get more than 25% because I have immigrated and wont be coming back to Nigeria to work in a long time. Anyway I would contact IBTC pension tomorrow.

Heart2heart:
Let me state it clearly from albinitio, what informs this narrative. I am seriously motivated to write this for two reasons:

1. StanbicIbtc pension's unbelievable service delivery.
2. My dad encouraged me to always share some of my stories for it may be someone's last hope.

I started out as a contract staff in one of the main IOCs in Nigeria as contract staff, worked for 7years as a contract staff. The experiences as a CS in O/G industry begs for another thread. So, I got a better job in Angola(permanent job) five months after my contract was terminated. Of course it put an end to my pension contribution with my PFA(stanbic pensions). After 7months of leaving that contract job, one day I was arranging my document box, I carelessly stumbled on my pension documents, there I dioscovered that I can actually withdraw 25% of my total RSA(savings). So simple a step!

I pieced together the documents needed, and threw in my application. The next day, I got an sms acknowledging the receipt of my application. In the sms was a catchy phrase that says "stanbic ibtc pension requires u not to give any gift or recharge card for the processing of ur application" (permit my urban writing). Hmm! I was like, in this country? Is this for real or one of those image-saving auto responder texts? I was already eulogizing them; rhapsodizing about their straight-forwardness more than their marketers though bellied with bouts of doubts and skepticism.

I got an sms-friendly format to check the status of my application. It is: Status of Benefit Appl: eg: text "APP PEN11100000 to 30388. (The PEN** is ur PIN). I tried it first, th immediate reply was "ur application is being processed for submission to Pencom for payment approval". Wow! I screamed. Early days of the Second week, I checked my application status by texting the above to 30388, the immediate reply said "ur application has been submitted to pencom for approval, u will be notified of the outcome once out". Unbelievable!

Tuesday of the 3rd week, I got an sms from stanbicIbtc pension saying, "ur application has been approved for payment by pencom, u will receive your fund in the next 24hrs, check with ur bank" -it is a lie! I screamed. In same week on thursday morning by 10:42am dot(I saved the time). I got a Gtb sms alert. Hurray! It was my 25%. From my calculation I was expecting 2.1ml+ but I saw an extra 25k. I was miscalculating I guess. All happened under 3weeks. I was monitoring my application status via my phone. No need to go visit any office or lobby any jack. From the day I dropped that application till payment, I was a doubting thomas. So such a thing does happens in a firm in Nigeria? Just wanna shout out to StanbicIbtc, u guys rock! So u don't need to wait till u are 50years of age. Enjoy ur 25% for now, at least future will sort itself out esp in naija. Lolz!

I hear a lot of people complaing of their PFAs; please you administrators, stop frustrating we poor masses over our meager life savings. We toiled for it. Stop putting us under undue stress to lay hands on the evidence of our sweats(pension etc). Thanks!

Thanks so much for this post. My husband also applied for 25%of his pension and we're hoping to get bless next week.

Aiico Pension Managers are simply useless, 2 months now, all am hearing is they are waiting for PENCOM's approval.

I am here to confirm that IBTC service is next to none. I also got my 25% benefit in less than 3weeks. Its hard to believe but it is very real. I hope this encourages someone out there who is worried about payment timeline. All the best folks.

Can the documents be submitted online ?

santafe:
Hello

This is great news for me. I have an account with IBTC Pension Since 2002 which I have contributed for 10 years before I left Nigeria 3 years ago. I think I should get more than 25% because I have immigrated and wont be coming back to Nigeria to work in a long time. Anyway I would contact IBTC pension tomorrow.

so how did it go with Stanbic? I have moved out of naija too.

If you need guidance and assistance on any pension matter, how to process your pension payment after retirement/loss of job or a dead relative's pension ( you must be sure to be the next of kin), from any pension company in Nigeria, send a mail to nowhiring.ng@gmail.com.

They are pension experts and would give you required list of documents and also assist you on how to go about it without delay.

You can also text or WhatsApp -08023901770 for more enquiries.

Good one there. I also got mine almost 3weeks. But now my question is that i want to know the duration to apply for another pay from my PFA cos i have already collected my first 25%. Someone should help out as soon as possible cos i got the first pay 2 months ago and am still jobless now.

Does anyone know how it takes ibtc to pay a deceased person's application?

chikago1:
Does anyone know how it takes ibtc to pay a deceased person's application?

WhatsApp 09036306269

ogunfrayo:
Good one there. I also got mine almost 3weeks. But now my question is that i want to know the duration to apply for another pay from my PFA cos i have already collected my first 25%. Someone should help out as soon as possible cos i got the first pay 2 months ago and am still jobless now.

its only once my dear, the 75% comes later probably when you clock 50. just invest the one you have collected and plan your life. There is hope

I found this thread really helpful when I decided to apply for my 25% benefit with Stanbic IBTC so I have decided to post my own journey.

Kudos to the initiator of the thread.

I applied for my 25% having gathered the required documents and placed a formal application via email on 20th August 2020. I was paid in less than 2 weeks.

20th August: Application was placed and acknowledged by Stanbic IBTC.
25th August: My previous employer had responded and my application sent to PENCOM for approval.
28th August: PENCOM approved. The amount was debited from my RSA. (28th was a Friday)
1st September: Payment hit my account ledger balance. Six hours later, payment reflected in my available balance.

Stanbic IBTC truly knows what they are doing. I was able to monitor the entire process via the portal even though my application was sent to them via email. In all, it took 12 days including weekend to receive payment from the day I applied.

joel911:
I found this thread really helpful when I decided to apply for my 25% benefit with Stanbic IBTC so I have decided to post my own journey.

Kudos to the initiator of the thread.

I applied for my 25% having gathered the required documents and placed a formal application via email on 20th August 2020. I was paid in less than 2 weeks.

20th August: Application was placed and acknowledged by Stanbic IBTC.
25th August: My previous employer had responded and my application sent to PENCOM for approval.
28th August: PENCOM approved. The amount was debited from my RSA. (28th was a Friday)
1st September: Payment hit my account ledger balance. Six hours later, payment reflected in my available balance.

Stanbic IBTC truly knows what they are doing. I was able to monitor the entire process via the portal even though my application was sent to them via email. In all, it took 12 days including weekend to receive payment from the day I applied.

Wow, dt fast?

MicroBox:
2.1million 25% in seven years... hmm some company are really worth it while some are nothing but waste of time.. I bet you to move away from those rubbish companies who will pay you stipend for salary especially if it's not inline with your dream or choosing career, be discipline and patient. I bet you some company don't worth it atall.
@Heart2heart you...always remember the less privilege,I recommend you buy a bag of rice sometimes and donate to orphanage homes at your will, you worth more than that.

He said he worked with an IOC(oil and gas company that's huge salaries bro.. other companies have their relative standards it's not their fault).