Pennywise:
For as long as pension fund administrators continue to see pension funds as free money to be stolen, this scheme will lack support and confidence by the vast majority of business owners.

The law enforcement apparatus to oversee regulator and administrators is hopelessly deficient.

How often are these funds audited and how dependable are these audits?

The easiest way to massive loot opportunity now is pension fund. Nigerians would like to know what became of the numerous cases of pension fund scandal under Jonathan involving billions of naira?

We are convinced that such looting is still going on unhindered under Buhari until someone with privileged info is patriotic enough to write petition.

This woman expect people to throw their hard earned money into a pit for her to mismanage because she has a govt appointment?

drLammy:
This pencom pple na thief no mind dem o..my uncle that has retired since 2010 is still going to there office to ask for his money in which they keep posting him and telling him he will receive alert in 2 weeks time there 2 weeks no dey end..to travel go abuja don be like going from room to balcony for the man..so if u are opportuned to I won't advice u to let them keep your pension..

8BitGee:
A lot of brainless illiterates on this thread. The other said it's because PFAs steal money that's why business owners aren't paying. You're a fvcking twát! Take that to the bank.

Business owners fraudulently deduct pension contributions from staffer's accounts and refuse to remit same to the PFA. Some even deduct the whole 18% from the staff's salaries, when the law clearly states it is contributory! That's plain wicked.

Now, instead of us to support the PENCOM in stopping this injustice, we have brain dead people chatting tosh.

My brother, it is so sad, the level of our reasonings these days is worrying me. Can you imagine?

daylife7:
Getting the 25% of the pension money if u are out of job .....is difficult to collect from pencom.... employers, pencom...... useless set of people

labiola:


There is process, what is the problem? Let see if i can be of help.

labiola:


I presumed you are educated, why cant you find out from your uncle why the delay in procesing his retirement benefit. A lot of us here are so lazy to read.

daylife7:


A friend lost his job about 12months ago.... he has applied for more than 3months.... 1N he has not seen..

They will say go and get bank verification
we will notify ur employers...
we have send letter to pencom Abuja To authorise us. ..
lies upon lies

drLammy:


Well I believe you know more about this pencom of a thing. but the man has met all the requirement for his money to be processed since january this year they keep telling him he is among the next batch he should wait for 2 weeks.him tfare don almost make up d pencom money sef..perhaps if u can help I will appreciate..my email fatokun.olamide@yahoo.com

labiola:


Okay, let me quickly educate you so that you can also educate your friend. You can apply for 25% of your RSA balance after 4 months of temporary out of job. The first thing to do is to apply for 25%, fill some documents like Bank account form, evidence of loss of your job. PFA, will write your former employer to confirm if truely you are out of job. The letter from your employer is very important, if the employer's failed to reply the letter, the request will not be treated, from experience most of the employer dont response to the letter on time. Another, challenge always experince is failure of the employer to remit money duducted from employee which is what Pencom is trying to work on. Unfortunately, PFAs are not empower to enforce employers to remit. So tell your friend what stage of the process he is now.

daylife7:

he has pasd all the stages... remaining for pencom Abuja to authorised payment..... its taken longer than necessary

labiola:


Bros, before you comment next time try and a do a little research on the topic so that people who have more knowledge or info will not think you are a fool. Having said that, Pension industry today is the most regulated industy today, no PFAs have any authority to touch the money under its management without the PENCOM approval. The DG of pencom is trying a lot. Pls give it to her. It is only Nigeria employers that will deduct fund from their employees and fail to remit such. To me, this is welcome development, hope they enforce the law.

labiola:


Is your uncle retired from govt establishment? Pls let me know so as to advise you.

labiola:


Is your uncle retired from govt establishment? Pls let me know so as to advise you.

Pennywise:


If u have common sense and u are willing to learn, Google 'pension scam, Nigeria'.

With PENCOM, Pension money has become a free for all while retirees and beneficiaries die untimely deaths.

NO PFAs has any authority to touch money without approval? When was approval given by anybody to steal money in Nigeria? Where in the world are you from?

The billions of naira stolen regularly by these people didn't fall from the sky. They are pension contributions- people's sweat.

Tell us what we don't know about this credibility challenged scheme hijacked by criminals to extort Nigerians and maybe then we can begin to talk.

Right now you speak like u were either born yesterday or you are completely ignorant of the management crisis bedeviling Nigerian pension fund or the outright wholesale theft of people's pension contributions.

Trust, fidelity, law enforcement are the bedrock upon which pension anywhere in the world is built. Without these, it's a money pit that favours regulators and operators (administrators) to the detriment of contributors.

Nigerians want stiff sentences to these acts of egregious pension fund mismanagement/theft and not a little slap on the arm. Then Pay beneficiaries their due pension.

If u and Co were sent here to do some kind of pension fund laundry, you have done an awful job.

emyworld:
Honestly the pencom is doing a very good job. Kudos to you guys. However a lot still has to be done in the payment of accrued rights up to date. I also understand its not pencom's fault that it isn't paid up to date. God bless Nigeria.

drLammy:

yess..he is a retired police officer

AK72:
I stand to be corrected dear people in the house. Can we have an amendment to this Pencom or PFAs act that would enable the employees get their pensions yearly? Instead of a lifetime saving which at the end is left in the hands of some unscrupulous elements to embezzle?

Pennywise:


If I have my way all of you working in pension will be sacked. You are parasites. You bring nothing to the table, yet you take everything.

Nigeria lacks the probity and law enforcement capacity that modern pension scheme being touted demands.

jaybee3:


Bloody illetrateilliterate!!!!!

How on earth did you make the conclusion that pension contribution is a revenue stream for the government?

The government is the custodian of the funds and they can only borrow from it to fund CAPEX when adequate safeguarding laws are passed

labiola:


The delay might be as a result of accrued right, but if that has been paid, he will soon get his money.

drLammy:


Pls help..he went there today again they said the accured right and benefits is expecting..pls what is the meaning of accured right I still don't get it and you can as well pls give me your number so I can call you..pls am awaiting your response soonest..Thanks

drLammy:


Pls help..he went there today again they said the accured right and benefits is expecting..pls what is the meaning of accured right I still don't get it and you can as well pls give me your number so I can call you..pls am awaiting your response soonest..Thanks