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How Long Does It Take Pencom To Give Approval? - Career (3) - 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 Radiants: 1:20pm On Mar 07, 2018
lonelydora:


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

I know of someone who lost his job in 2015, he requested for his 25percent from ARM in March 2016. Till today in fact till NOW, the person is yet to receive his 25percent. The excuse they keep giving the person is 'we are waiting for response from Abuja' since 2016 and it is not as if they requested for more information.

Please is there any other thing we could do or what advise can you give?

1 Like

Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 2:19pm On Mar 07, 2018
Radiants:


I know of someone who lost his job in 2015, he requested for his 25percent from ARM in March 2016. Till today in fact till NOW, the person is yet to receive his 25percent. The excuse they keep giving the person is 'we are waiting for response from Abuja' since 2016 and it is not as if they requested for more information.

Please is there any other thing we could do or what advise can you give?

ARM told me Abuja responds within 2 -3 weeks
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 2:20pm On Mar 07, 2018
Radiants:


I know of someone who lost his job in 2015, he requested for his 25percent from ARM in March 2016. Till today in fact till NOW, the person is yet to receive his 25percent. The excuse they keep giving the person is 'we are waiting for response from Abuja' since 2016 and it is not as if they requested for more information.

Please is there any other thing we could do or what advise can you give?

Go there and shout at them. Are you in PH?
Re: How Long Does It Take Pencom To Give Approval? by Radiants: 2:22pm On Mar 07, 2018
lonelydora:


ARM told me Abuja responds within 2 -3 weeks

Oh well... this is 2-3 years. I am thinking they have not taken his papers to Abuja as they claimed. He is not the only one that is affected. all his former colleagues are also affected.

thanks for your response.
Re: How Long Does It Take Pencom To Give Approval? by Radiants: 2:24pm On Mar 07, 2018
lonelydora:


Go there and shout at them. Are you in PH?

No.. Lagos... Though I have been telling the person that he and his colleagues should march to ARM office to demand explanations on why their pension is being delayed.. He kept saying ok...ok... the thing dey pain me pass the person sef.
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 2:24pm On Mar 07, 2018
Radiants:


Oh well... this is 2-3 years. I am thinking they have not taken his papers to Abuja as they claimed. He is not the only one that is affected. all his former colleagues are also affected.

thanks for your response.

Did he provide all required documents? Is his name different from what is on the bank name or certificates.
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 2:26pm On Mar 07, 2018
Radiants:


No.. Lagos... Though I have been telling the person that he and his colleagues should march to ARM office to demand explanations on why their pension is being delayed.. He kept saying ok...ok... the thing dey pain me pass the person sef.

He should petition PENCOM asap. I think ARM is playing game with him. Has he company replied ARM stating when he left
Re: How Long Does It Take Pencom To Give Approval? by Radiants: 2:47pm On Mar 07, 2018
lonelydora:


He should petition PENCOM asap. I think ARM is playing game with him. Has he company replied ARM stating when he left

I believe that too. When he calls to follow up, they keep saying No response from Abuja... They didn't go into any details wether his company contacted them or not...

I have also suggested to him to petition ARM, copy ICPC, EFCC, ..... CBN.
Re: How Long Does It Take Pencom To Give Approval? by Radiants: 2:50pm On Mar 07, 2018
lonelydora:


Did he provide all required documents? Is his name different from what is on the bank name or certificates.

If they have told him his documents are not complete, I believe he would have provided all the documents IF they requested for more documents... but for wheeeeree... na so so we are waiting for response from Abuja they are singing up and down...

I have called him again to go to their office in Lagos to see them face to face... if possible, he should go to Abuja to the PENCOM office... He said he will go to their Lagos office this week for starters... then proceed to Abuja if need be...

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Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 10:04pm On Mar 07, 2018
Radiants:


If they have told him his documents are not complete, I believe he would have provided all the documents IF they requested for more documents... but for wheeeeree... na so so we are waiting for response from Abuja they are singing up and down...

I have called him again to go to their office in Lagos to see them face to face... if possible, he should go to Abuja to the PENCOM office... He said he will go to their Lagos office this week for starters... then proceed to Abuja if need be...

They approved mine in less than 2 weeks. Before ARM sent it, they told me the bring an affidavit showing that the short and long form of my first name is same. I did.
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 10:06pm On Mar 07, 2018
Radiants:


I believe that too. When he calls to follow up, they keep saying No response from Abuja... They didn't go into any details wether his company contacted them or not...

I have also suggested to him to petition ARM, copy ICPC, EFCC, ..... CBN.

His company might be the problem here. They might have refused to respond to ARM. He should call the HR person in his coy to see if they responded.
Re: How Long Does It Take Pencom To Give Approval? by Radiants: 9:36am On Mar 08, 2018
lonelydora:


His company might be the problem here. They might have refused to respond to ARM. He should call the HR person in his coy to see if they responded.

ok.. I will tell him... I will update you when he makes progress.

thank you for your time.

1 Like

Re: How Long Does It Take Pencom To Give Approval? by fopishow(m): 11:33pm On Mar 15, 2018
Oga Micklplus, i am 26 planning to set up a retirement account based on self funding. Can you please advise a reliable PFA?
micklplus:
Approvals 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 micklplus(m): 7:59am On Mar 16, 2018
fopishow:
Oga Micklplus, i am 26 planning to set up a retirement account based on self funding. Can you please advise a reliable PFA?


Hello Pally.

I am glad to let you know that The National Pension Commission is working on a model called Pension Micro scheme which would enable self funding and considers other petty traders, artisans e.t.c.

Pending when that is done, register your company however small and contact any PFA of your choice so as to enable you starting your pension plan.

Based on the provision of the pension act, all PFAs are tighly regulated by PENCOM which means operations and activities are very ethical to a very large extent. What this means is that, almost all the PFAs are good to go. The only difference would be the rate of returns or investment return on the same amount. For example, if at opening PFA A and PFA B started at N1. After 6 months, PFA B is at N1.25 while PFA A is at N1.32. what it means is that PFA A has better return on investment.

Please note, return on investment is determined by so many factors ranging from Asset Under Management, Investment Expertise of the PFA e.t.c.

I hope this is helpful? Cheers
Re: How Long Does It Take Pencom To Give Approval? by micklplus(m): 8:09am On Mar 16, 2018
Yankee101:
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.

While i would not doubt the acumen of Atedo Peterside and his team, i can refer to several other issues which people have had. If you must know, i have been using stanbic since 2005. There was a time i requested for my RSA statement, i didnt receive it after about 8 days !! My pension remittance is not credited until atleast about 8 days after the pension remittance has been made. This has become a regular occurence.

What i am saying is, your testimony about a certain PFA is dependent on you experience with the PFA.

I work in a PFA and i have client who would not allow their new employees to register with other PFAs other than my PFA where i work.

That said, Stanbic Pension got a good game up her sleeve!
Re: How Long Does It Take Pencom To Give Approval? by ArcToyin(m): 2:48pm On Mar 26, 2018
Xeedorf:
Welcome to Naija where to remove your money (Rsa) is very easy, but to pay you back is become due process.
Lolzzz. That's just the truth.
Re: How Long Does It Take Pencom To Give Approval? by lldeals(m): 2:05pm On Apr 12, 2018
12submarine:

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.

300k More?
I guess your 25% is some huge sum.

I hope I get more too, I just applied for mine on 18th of March, awaiting approval

1 Like

Re: How Long Does It Take Pencom To Give Approval? by chikago1: 4:15pm On Apr 26, 2018
please does anyone know how long it takes pencom to approve deceased person's application?
Re: How Long Does It Take Pencom To Give Approval? by Nnekeh: 1:39pm On May 04, 2018
chikago1:
please does anyone know how long it takes pencom to approve deceased person's application?
I need an answer to this question too.
Re: How Long Does It Take Pencom To Give Approval? by eljay911(m): 6:44pm On Jul 11, 2018
lldeals:


300k More?
I guess your 25% is some huge sum.

I hope I get more too, I just applied for mine on 18th of March, awaiting approval

Have you received your 25%? How long did it take? I just applied for mine and I am curious to know if it's still fast.
Re: How Long Does It Take Pencom To Give Approval? by Bigsteveg(m): 12:44pm On Jul 23, 2018
lonelydora:


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.
Hello, i collected my VC last year august. I will like to collect another one now, is it possible? Please note that i collected the last one before PENCOM started once in two years VC regulations, does it apply to me? I will like to collect another this sept. Thank you
Re: How Long Does It Take Pencom To Give Approval? by Bigsteveg(m): 12:44pm On Jul 23, 2018
Satioshi:


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.
Hello, i collected my VC last year august. I will like to collect another one now, is it possible? Please note that i collected the last one before PENCOM started once in two years VC regulations, does it apply to me? I will like to collect another this sept. Thank you
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 7:57am On Jul 24, 2018
Bigsteveg:

Hello, i collected my VC last year august. I will like to collect another one now, is it possible? Please note that i collected the last one before PENCOM started once in two years VC regulations, does it apply to me? I will like to collect another this sept. Thank you

I am not sure you can collect another this year. But contact your PFA and hear from them.
Re: How Long Does It Take Pencom To Give Approval? by Bigsteveg(m): 10:26am On Jul 24, 2018
lonelydora:


I am not sure you can collect another this year. But contact your PFA and hear from them.
Thank you. I'll do that.

1 Like

Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 11:29am On Jul 25, 2018
Bigsteveg:

Thank you. I'll do that.

Have you seen the thread on front page?

https://www.nairaland.com/4637607/only-withdraw-contributions-once-2yrs
Re: How Long Does It Take Pencom To Give Approval? by Bigsteveg(m): 5:22pm On Jul 25, 2018
lonelydora:


Have you seen the thread on front page?

https://www.nairaland.com/4637607/only-withdraw-contributions-once-2yrs
Yes. I knew initially. I was just confused, my first and last withdrawal was made before PENCOM made the rule. In most cases, the rule should be effective starting from when it was made.. Thanks
Re: How Long Does It Take Pencom To Give Approval? by NobleEngineer(m): 6:23pm On Sep 13, 2018
Did you get yours? Did you get exactly 25% or more than??
lldeals:


300k More?
I guess your 25% is some huge sum.

I hope I get more too, I just applied for mine on 18th of March, awaiting approval
Re: How Long Does It Take Pencom To Give Approval? by Satioshi: 10:52pm On Oct 06, 2018
Bigsteveg:

Hello, i collected my VC last year august. I will like to collect another one now, is it possible? Please note that i collected the last one before PENCOM started once in two years VC regulations, does it apply to me? I will like to collect another this sept. Thank you

Sorry for the belated response. Please note that you can only withdraw 50% of only the contributions that have sat in the RSA for two or more years subject to tax. Hence if you have contributions that have been in the VC for two or more years, you will be able to withdraw even though it's not up to two years you made the last withdrawal.
Re: How Long Does It Take Pencom To Give Approval? by gregsmart: 11:59am On Nov 15, 2018
I applied to StanbicIbtc Pension Managers Limited {SIPML} on Thursday, October 18th,2018 for FULL payment of my Voluntary Contribution . I got a text message from SIPML on Tuesday, October 23,2018 that my application for payment of my Voluntary Contribution has been processed and sent to PENCOM for approval. I read testimonies of people in this forum of how they were paid their Voluntary Contribution in 2 or 3 weeks after submitting their application. It is Five {5} Thursdays today i submitted my application and NOTHING has been heard from SIPML as regards approval or the status of my Voluntary Contribution application with PENCOM, except the sms i got from SIPML on October 23,2018 that my Voluntary Contribution application has been processed and sent to PENCOM for approval. I often send mails to SIPML protesting approval delay and everytime my PFA apologises for the delay, asking me to be patient whilst they await PENCOM's approval. I do not understand why my VC application approval is taking forever.
Re: How Long Does It Take Pencom To Give Approval? by sluusher: 2:11pm On Dec 05, 2018
lonelydora:


Go there and shout at them. Are you in PH?
Am in Portharcourt and i need help with Pencom. How can you help? Do you have a number I can call at their Abuja office?
Re: How Long Does It Take Pencom To Give Approval? by sluusher: 2:17pm On Dec 05, 2018
gregsmart:
I applied to StanbicIbtc Pension Managers Limited {SIPML} on Thursday, October 18th,2018 for FULL payment of my Voluntary Contribution . I got a text message from SIPML on Tuesday, October 23,2018 that my application for payment of my Voluntary Contribution has been processed and sent to PENCOM for approval. I read testimonies of people in this forum of how they were paid their Voluntary Contribution in 2 or 3 weeks after submitting their application. It is Five {5} Thursdays today i submitted my application and NOTHING has been heard from SIPML as regards approval or the status of my Voluntary Contribution application with PENCOM, except the sms i got from SIPML on October 23,2018 that my Voluntary Contribution application has been processed and sent to PENCOM for approval. I often send mails to SIPML protesting approval delay and everytime my PFA apologises for the delay, asking me to be patient whilst they await PENCOM's approval. I do not understand why my VC application approval is taking forever.

Pencom seems to be on holiday now otherwise I don't see why they will be delaying so many approvals on their table and the Pension Fund Managers don't seem to bother to follow up. They submit applications to Pencom and sleep. The same shot that happens in ministries and parastatals in Nigeria in replicated in Pencom

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