I applied to access my 25% pension contribution since 20th Sept 2017. I was informed by Pal pensions that a letter was made to my last employer awaiting for a response from them. I was later told that my last employer had responded on 9th Oct and my request was sent to Pencom on 10th Oct for an approval to enable Pal pensions effect the payment into my account. Up till this moment, I have not received alert. Is that how Pencom delays to give approvals? I read a testimony of a nairalander here with Ibtc who got his account credited within 3weeks of his application. Why is it that Pal cannot keep their clients updated on the position of their applications like Ibtc? If I had not called and mailed them, I would not have known the stages of my application.

montanaguy:
I applied to access my 25% pension contribution since 20th Sept 2017. I was informed by Pal pensions that a letter was made to my last employer awaiting for a response from them. I was later told that my last employer had responded on 9th Oct and my request was sent to Pencom on 10th Oct for an approval to enable Pal pensions effect the payment into my account. Up till this moment, I have not received alert. Is that how Pencom delays to give approvals? I read a testimony of a nairalander here with Ibtc who got his account credited within 3weeks of his application. Why is it that Pal cannot keep their clients updated on the position of their applications like Ibtc? If I had not called and mailed them, I would not have known the stages of my application.

I believe you are now enjoying your lump sum now . Remember us too. Lol

Please how do I monitor or follow up with my 25% RSA payment with PENCOM. It's awaiting approval with PENCOM.
Thanks A lot

u

A post of October last year is making FP today because isn't BBN

montanaguy:
I applied to access my 25% pension contribution since 20th Sept 2017. I was informed by Pal pensions that a letter was made to my last employer awaiting for a response from them. I was later told that my last employer had responded on 9th Oct and my request was sent to Pencom on 10th Oct for an approval to enable Pal pensions effect the payment into my account. Up till this moment, I have not received alert. Is that how Pencom delays to give approvals? I read a testimony of a nairalander here with Ibtc who got his account credited within 3weeks of his application. Why is it that Pal cannot keep their clients updated on the position of their applications like Ibtc? If I had not called and mailed them, I would not have known the stages of my application.

IBTC is a good pension body. I enjoyed dealing with them. I'm not advertising o, just my experience cos I don't even work with them. I got paid more than what I had expected, about 300k more and within 3 weeks.

I got mine (25%) a week after I applied through my pension manager (IBTC). The process was seamless provided you have all the required documents. Progress can be monitored online through IBTC online portal.

Welcome to Naija where to remove your money (Rsa) is very easy, but to pay you back is become due process.

AishaBuhari:
A post of October last year is making FP today because isn't BBN

Lol.

Stanbic IBTC seems to miles ahead of others.

You should be paid soon. PENCOM approval is sometimes fast and sometimes delayed. I guess the approval is dependent on factors like:

1. The volume of applications they are reviewing at PENCOM at that point in time.

2. Efficiency of the PENCOM officer handling your application.

3. Follow-up by your PFA.

4. Some forces/operational logistics in PENCOM we might not be aware of.

I advise you keep asking your PFA for update.

Like I said earlier, you should be paid soon.

As to Stanbic IBTC Pension Managers, They are the King of the Industry. It's not easy for one PFA to manage over 70% of RSAs in the industry. Is it Coverage, Experience, Reliabilty, Exceptional Service, Dependabilty? Name it, They are the best.

However, it does not mean they are perfect. The good thing is that they are always improving everyday.

Approval depends on many things.
I believe you've been paid now by the way.

21 days maximum waiting period

I got my 25% from Ibtc within 3weeks

Stanbic IBTC had investment banking experience long before most Nigerian banks jumped in. Atedo Peterside (IBTC) and his team transformed it into a power house which attracted Stanbic Bank to acquire it.

It's the most responsive Pension system in Nigeria, thanks to these antecedents.

NLPC PFA is the worst. How I wish I can change my pension manager to IBTC.

I got my AVC withdrawal in December from ARM in 2weeks after application

When I left my previous employer, I accessed 25% of my Stanbic IBTC pension in two weeks after a three months recess.

I got my AVC withdrawal in December from ARM in 2weeks after application and it passed through the same PENCON approval because ARM sent me a text while the application was awaiting approval. Kindly follow up with your pension manager.

Forgive my ignorance.
When does one qualify to get 25%
I thought it's 50% if you've been out of job for six months

Olutola88:
You should be paid soon. PENCOM approval is sometimes fast and sometimes delayed. I guess the approval is dependent on factors like:

1. The volume of applications they are reviewing at PENCOM at that point in time.

2. Efficiency of the PENCOM officer handling your application.

3. Follow-up by your PFA.

4. Some forces/operational logistics in PENCOM we might not be aware of.

I advise you keep asking your PFA for update.

Like I said earlier, you should be paid soon.

As to Stanbic IBTC Pension Managers, They are the King of the Industry. It's not easy for one PFA to manage over 70% of RSAs in the industry. Is it Coverage, Experience, Reliabilty, Exceptional Service, Dependabilty? Name it, They are the best.

However, it does not mean they are perfect. The good thing is that they are always improving everyday.

Seems you work with pal pension

I think it depends on yr Pension fund administrator.I applied for my own 25% on 28th February 2017 and got my payment on 20th December 2017.Thanks to Stanbic IBTC.They provided updates at each stage.

salt1:
Forgive my ignorance.
When does one qualify to get 25%
I thought it's 50% if you've been out of job for six months

25% if u have been out of ur job for six months with securing another job. I miss my AVC

salt1:
Forgive my ignorance.
When does one qualify to get 25%
I thought it's 50% if you've been out of job for six months

For Stanbic IBTC which I use, you can access 25% after three months of being out of work. This applies to RSA contributions only.

Access to 50% applies to voluntary contributions only.

Not trying to market them, but Stanbic Ibtc is still the best. I got mine within five weeks some years ago.

Once you submit your documents , they contact your former office to verify and that's it.

Just to add that they kept updating me how far the process had gone almost everyday.


Some of these administrators are outdated, but you don't have any control over that.

tunji1:
I think it depends on yr Pension fund administrator.I applied for my own 25% on 28th February 2017 and got my payment on 20th December 2017.Thanks to Stanbic IBTC.They provided updates at each stage.

You mean it took 10 whole months?

abeydeeno:
Please how do I monitor or follow up with my 25% RSA payment with PENCOM. It's awaiting approval with PENCOM.
Thanks A lot

You can visit your pfa for update normally it take 3 month for such approval to be granted, just be patient.

I go my 25% RSA with PAL within 20 days

boostdom:


For Stanbic IBTC which I use, you can access 25% after three months of being out of work. This applies to RSA contributions only.

Access to 50% applies to voluntary contributions only.

Pls we need more enlightenment on 50% and what do you mean'applies to voluntary contributions'

niggi4life:
Lol, it might take forever.

Remember how older men queued up just to get their pension from govt some years back.

Though my pension is being removed from my salary, i don't even think of collecting it when i get old

The situation with contributory pension is not as bad like before again with this you can access your pensions as when due, those people you see that are queuing are under define benefit scheme