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How Long Does It Take Pencom To Give Approval? - Career (2) - 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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Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:20am 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.

Stanbic ibtc is only huge because they are the first pfa to get operational licence and with their experience of doing the same thing in south Africa
Ibtc is only taking advantage because window of transfer from one pfa to another is yet to be open
When the transfer window is open stanbic ibtc will definitely fall because bad customer relationship. When window of transfer will be open there will be a massive earthquakes in the pension industry
Re: How Long Does It Take Pencom To Give Approval? by komols856: 9:20am On Feb 03, 2018
can everyone access 25% of RSA pension whether you are still in active service or not?
Re: How Long Does It Take Pencom To Give Approval? by Nobody: 9:20am On Feb 03, 2018
Kog45:
Pls we need more enlightenment on 50% and what do you mean applies to voluntary contributions.

Voluntary contributions are contributions where you are free to choose the frequency and amount of contributions at any time. Your employer does not contribute to this unlike in RSA.

You can access 50% of money contributed in your VC after two years though. In RSA, you can access only 25% till when you are fifty years.

As earlier stated, these apply to Stanbic IBTC Pension Managers which I use.
Re: How Long Does It Take Pencom To Give Approval? by Nobody: 9:23am On Feb 03, 2018
komols856:
can everyone access 25% of RSA pension whether you are still in active service or not?

You can access 25% RSA three months after you leave your previous employer. It does not matter whether you are still in active service or not.
Re: How Long Does It Take Pencom To Give Approval? by arado: 9:33am On Feb 03, 2018
You may need to follow up with your Pension administrator. I use stanbic and got mine within 3weeks.
Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:34am On Feb 03, 2018
Stanbic ibtc is one of the worst pfa when it comes to customer relationship for those trying to defend them when you have an issue try and visit there office and see how the will treat you. Stanbic ibtc is strong because they are the first pfa to get operating licence in Nigerian. When the got the licence the will go to any ministry and all the staff of the ministry will join que to fill ibtc form that what give them edge over other pfa and this happen for several years before other pfa got there licence. Many people are stock in ibtc without no way out only waiting for when window of transfer will be open
Sorry to say this when the transfer window will be open stanbic ibtc will surely drop as the giant of the industry and there will be a massive earthquake in the pension industry
Re: How Long Does It Take Pencom To Give Approval? by Osyxcel(m): 9:37am On Feb 03, 2018
boostdom:


Voluntary contributions are contributions where you are free to choose the frequency and amount of contributions at any time. Your employer does not contribute to this unlike in RSA.

You can access 50% of money contributed in your VC after two years though. In RSA, you can access only 25% till when you are fifty years.

As earlier stated, these apply to Stanbic IBTC Pension Managers which I use.

It applies to all Pension Fund Administrators

1 Like

Re: How Long Does It Take Pencom To Give Approval? by Osyxcel(m): 9:40am On Feb 03, 2018
Asquare84:
Stanbic ibtc is one of the worst pfa when it comes to customer relationship for those trying to defend them when you have an issue try and visit there office and see how the will treat you. Stanbic ibtc is strong because they are the first pfa to get operating licence in Nigerian. When the got the licence the will go to any ministry and all the staff of the ministry will join que to fill ibtc form that what give them edge over other pfa and this happen for several years before other pfa got there licence. Many people are stock in ibtc without no way out only waiting for when window of transfer will be open
Sorry to say this when the transfer window will be open stanbic ibtc will surely drop as the giant of the industry and there will be a massive earthquake in the pension industry

I disagree with you. Stanbic IBTC is one of the best and most widely used PFAs in Nigeria today, especially in the private sector.

1 Like

Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:46am On Feb 03, 2018
Osyxcel:


I disagree with you. Stanbic IBTC is one of the best and most widely used PFAs in Nigeria today, especially in the private sector.

Ibtc is not they best other pfa like premium and arm pension are strongly coming up against stanbic ibtc like I earlier mention stanbic is big because they first got operational licence before other pfa
Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:50am On Feb 03, 2018
IEI-ANCHOR PENSION is a very good PFA
Re: How Long Does It Take Pencom To Give Approval? by ochiosa(m): 9:56am 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.
try to find out if they still need any document from u because all the process are not purpose to take more than one month. I got alert within 3 weeks from crusade sterling pension
Re: How Long Does It Take Pencom To Give Approval? by SuccesYear: 10:50am On Feb 03, 2018
I plan to process Letter of Administration (LoA) personally with a lawyer.

How many months can it take?

Is it advisable?
Re: How Long Does It Take Pencom To Give Approval? by OHCOMEON: 11:36am On Feb 03, 2018
Akeemj189:
I go my 25% RSA with PAL within 20 days
I got mine within 30 days and i use PAL PENSIONS, though they don't update you of the progress except you call.
Re: How Long Does It Take Pencom To Give Approval? by Gideonmi(m): 11:40am On Feb 03, 2018
When an employee is out of job for at least 4 month. He or she can access 25% of his total RSA balance.
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
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 11:42am 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.

PENCOM is a govenrment organisation who still believe in hard copy letters, memos instead of e-mails. I was even surprised they responded to mails after 2 weeks. If you haven't settle this...pm let me give you a number to call for immediate actions.
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 11:44am 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

It's your right....make sure you get it.
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 11:47am 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.
What of ARM Pensions?
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 11:49am 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.

For ARM Pensions...you cam access your 25% after 4 months of not securing another job.

1 Like

Re: How Long Does It Take Pencom To Give Approval? by Adagba1: 12:29pm On Feb 03, 2018
Got mine from IBTC after one month of application
Re: How Long Does It Take Pencom To Give Approval? by Satioshi: 12:45pm 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

If your are less than 50, you can apply for a quarter(25%) of the balance in your Retirement savings account (RSA) after four months of exiting your job(no matter whether the exit is voluntary or involuntary). However, starting from Dec. 1 2017, you could only access 50% from your Additional voluntary contributions (AVC) after two years of making the contributions subject to a tax on the interest generated. The balance of 50% is added to the mandatory contribution at retirement.
Certain categories of people are however exempted. 1. Retirees 50 years and above and on pension who have gone back to work can only make AVC, hence can make a withdrawal of 100% after 2 years of contributions but subject to tax on both principal and interest. 2. Foreign employees in Nigeria can withdraw 100% subject to a tax on principal and interest when returning to their country. 3 Employees of companies like Exxon Mobil, Shell, Chevron etc who operate Closed Pensions can withdraw 100% subject to tax on principal and interest.

Note the conditions on withdrawal of AVC was made this stringent because employees deviced a way of avoiding tax by paying up to 90% of their salary into their AVC thereby reducing tax by up to 95% and is denying the tax authorities the income from tax.
Re: How Long Does It Take Pencom To Give Approval? by mecussey(m): 12:49pm On Feb 03, 2018
ifymadu:
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.

Can someone get 25% even when you never reach 50yrs
Re: How Long Does It Take Pencom To Give Approval? by Satioshi: 12:58pm On Feb 03, 2018
Processing on the average should take about four weeks give or take a few days. In Stanbic IBTC Pensions, when applications are received, a lettter is forwarded to client's last contributing employer for confirmation of dates of birth, appointment, exit etc and a clause is inserted in the letter to the effect that application will be processed if a response is not received withing 5-work-days of employer receiving the letter. This helps to forestall situations where employers may want to deliberately frustrate a former employee. When no response is received, the acknowledgement by the employer is used in lieu of their response as evidence that letter was received but not responded to.
Once this has been resolved, application is then forwarded to National pension commission for approval where a dedicated liaision officer follows up to ensure prompt approval is given. Payment is received within 48 hours of approval by Pencom.

1 Like

Re: How Long Does It Take Pencom To Give Approval? by mechanics(m): 1:13pm On Feb 03, 2018
lollmaolol:


I believe you are now enjoying your lump sum now . Remember us too. Lol
hahahah, that's what the person is expecting o.
Re: How Long Does It Take Pencom To Give Approval? by SuccesYear: 3:00pm On Feb 03, 2018
Pls kindly reply to this as it is urgent:


I plan to process Letter of Administration (LoA) personally without a lawyer.

1. How many months can it take processing without their service?

2. Is it advisable?

3. Hv scale thru LoA with PFA . What's d duratn of Pencom & CBN paying a deceased 'Bond benefits' to PFA?
Re: How Long Does It Take Pencom To Give Approval? by edithokoye0096: 3:34pm On Feb 03, 2018
Asquare84:
Stanbic ibtc is one of the worst pfa when it comes to customer relationship for those trying to defend them when you have an issue try and visit there office and see how the will treat you. Stanbic ibtc is strong because they are the first pfa to get operating licence in Nigerian. When the got the licence the will go to any ministry and all the staff of the ministry will join que to fill ibtc form that what give them edge over other pfa and this happen for several years before other pfa got there licence. Many people are stock in ibtc without no way out only waiting for when window of transfer will be open
Sorry to say this when the transfer window will be open stanbic ibtc will surely drop as the giant of the industry and there will be a massive earthquake in the pension industry

Na so it pain you reach.
Your mumu no get part 12.
Re: How Long Does It Take Pencom To Give Approval? by fortunejum: 3:36pm On Feb 03, 2018
Aiico pension is the worst. I could not get mine for six months now.
Re: How Long Does It Take Pencom To Give Approval? by edithokoye0096: 3:38pm On Feb 03, 2018
Asquare84:


Ibtc is not they best other pfa like premium and arm pension are strongly coming up against stanbic ibtc like I earlier mention stanbic is big because they first got operational licence before other pfa

Oga, you must be on the payroll of any of these PFAs you mentioned. I can only sense insecurity in your post. Where was other PFAs when Stanbic was putting their acts together to get the licence?
I bet you've never heard of "First Mover's Advantage". Google it to enhance your knowledge instead of spewing thrash (ignorance) here.
Re: How Long Does It Take Pencom To Give Approval? by wittyguy(m): 5:52pm On Feb 03, 2018
lwisee:
NLPC PFA is the worst. How I wish I can change my pension manager to IBTC.


Hmmm, wait until you come across Trustfund pension, then you'll know the real meaning of worthless.
Re: How Long Does It Take Pencom To Give Approval? by montanaguy(m): 8:27am On Feb 04, 2018
I thank all of you for your inputs. I have since been paid my 25% by Pal. I had an issue with them which I think the govt should revisit the pension acts. If one is already a pensioner on federal govt payroll and below 50yrs, he then worked in another place and resigned, to me, the person should be paid his AVC, that's, all the money he contributed should be paid to him by his PFA and not 25% because he is below 50yrs. I was already a pensioner when I joined the bank. Why must I wait to clock 50yrs to get my remaining funds? do I need to be on double pensions? they should look into this. People who are already receiving pension from their previous working place should be paid all their contributions they made when they got another job because they are pensioners.
Re: How Long Does It Take Pencom To Give Approval? by komols856: 2:48pm On Feb 06, 2018
boostdom:


You can access 25% RSA three months after you leave your previous employer. It does not matter whether you are still in active service or not.

I have spent more than 4 years with my employer and am still working with my employer currently, please can I still access 25% of my RSA for investment purposes. I am in my thirties
Re: How Long Does It Take Pencom To Give Approval? by Nobody: 7:17pm On Feb 06, 2018
komols856:


I have spent more than 4 years with my employer and am still working with my employer currently, please can I still access 25% of my RSA for investment purposes. I am in my thirties

You have to leave your current employer for at least three months before you can access 25% of your RSA.

There will be a confirmatory enquiry from your pension manager to your previous employer about your employment status before you can be paid.
Re: How Long Does It Take Pencom To Give Approval? by ifymadu: 9:21pm On Feb 11, 2018
mecussey:


Can someone get 25% even when you never reach 50yrs
You get 25% three months after you stop working and 50% of the remaining balance when you clock 50.

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