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How Long Does It Take Pencom To Give Approval? - Career - Nairaland

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CBN Bars Banks From Sacking More Than 5 Staff Without Approval / You Can Only Withdraw From Contributions Once In 2yrs — PENCOM / What Does It Mean To Be A Contract Staff? (2) (3) (4)

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How Long Does It Take Pencom To Give Approval? by montanaguy(m): 6:05pm On Oct 17, 2017
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.

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Re: How Long Does It Take Pencom To Give Approval? by lollmaolol(m): 5:32pm On Jan 08, 2018
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

1 Like

Re: How Long Does It Take Pencom To Give Approval? by abeydeeno: 9:48am On Feb 02, 2018
Please how do I monitor or follow up with my 25% RSA payment with PENCOM. It's awaiting approval with PENCOM.
Thanks A lot
Re: How Long Does It Take Pencom To Give Approval? by Spartanville(m): 7:49am On Feb 03, 2018
u
Re: How Long Does It Take Pencom To Give Approval? by niggi4life(m): 7:50am On Feb 03, 2018
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

1 Like

Re: How Long Does It Take Pencom To Give Approval? by AishaBuhari: 7:57am On Feb 03, 2018
A post of October last year is making FP today because isn't BBN angry

3 Likes

Re: How Long Does It Take Pencom To Give Approval? by 12submarine(m): 7:59am On Feb 03, 2018
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.

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Re: How Long Does It Take Pencom To Give Approval? by ifymadu: 7:59am On Feb 03, 2018
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.

4 Likes

Re: How Long Does It Take Pencom To Give Approval? by Xeedorf: 7:59am On Feb 03, 2018
Welcome to Naija where to remove your money (Rsa) is very easy, but to pay you back is become due process.

6 Likes 1 Share

Re: How Long Does It Take Pencom To Give Approval? by 12submarine(m): 7:59am On Feb 03, 2018
AishaBuhari:
A post of October last year is making FP today because isn't BBN angry
Lol.
Re: How Long Does It Take Pencom To Give Approval? by agabusta: 8:05am On Feb 03, 2018
Stanbic IBTC seems to miles ahead of others.
Re: How Long Does It Take Pencom To Give Approval? by Olutola88(m): 8:06am On Feb 03, 2018
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.

12 Likes

Re: How Long Does It Take Pencom To Give Approval? by micklplus(m): 8:09am On Feb 03, 2018
Approval depends on many things.
I believe you've been paid now by the way.

21 days maximum waiting period
Re: How Long Does It Take Pencom To Give Approval? by BAAD(m): 8:10am On Feb 03, 2018
I got my 25% from Ibtc within 3weeks
Re: How Long Does It Take Pencom To Give Approval? by Yankee101: 8:11am On Feb 03, 2018
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.

5 Likes

Re: How Long Does It Take Pencom To Give Approval? by lwisee: 8:16am On Feb 03, 2018
NLPC PFA is the worst. How I wish I can change my pension manager to IBTC.
Re: How Long Does It Take Pencom To Give Approval? by ceekay247: 8:18am On Feb 03, 2018
I got my AVC withdrawal in December from ARM in 2weeks after application

3 Likes

Re: How Long Does It Take Pencom To Give Approval? by Nobody: 8:19am On Feb 03, 2018
When I left my previous employer, I accessed 25% of my Stanbic IBTC pension in two weeks after a three months recess.

1 Like

Re: How Long Does It Take Pencom To Give Approval? by ceekay247: 8:20am On Feb 03, 2018
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.
Re: How Long Does It Take Pencom To Give Approval? by salt1: 8:24am On Feb 03, 2018
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
Re: How Long Does It Take Pencom To Give Approval? by bobydo: 8:25am On Feb 03, 2018
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
Re: How Long Does It Take Pencom To Give Approval? by tunji1(m): 8:28am On Feb 03, 2018
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.
Re: How Long Does It Take Pencom To Give Approval? by francmoda: 8:31am On Feb 03, 2018
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
Re: How Long Does It Take Pencom To Give Approval? by Nobody: 8:31am On Feb 03, 2018
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.

1 Like

Re: How Long Does It Take Pencom To Give Approval? by Chiefpriest1(m): 8:36am On Feb 03, 2018
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.
Re: How Long Does It Take Pencom To Give Approval? by unite4real: 8:38am On Feb 03, 2018
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?
Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:05am On Feb 03, 2018
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.
Re: How Long Does It Take Pencom To Give Approval? by Akeemj189(m): 9:07am On Feb 03, 2018
I go my 25% RSA with PAL within 20 days

1 Like

Re: How Long Does It Take Pencom To Give Approval? by Kog45(m): 9:09am On Feb 03, 2018
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'
Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:10am On Feb 03, 2018
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

2 Likes 1 Share

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