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You Can Only Withdraw From Contributions Once In 2yrs — PENCOM - Career - Nairaland

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You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Okwyla: 10:09am On Jul 25, 2018
National Pension Commission, PenCom, has said the Pension Reform Act, 2014 allows employees under the Contributory Pension Scheme, CPS, to contribute voluntarily in addition to the mandatory contributions into their respective Retirement Savings Account, RSA, to augment their pension at retirement. The Act also allows exempted employees from CPS to participate involuntarily in the CPS subject to a guideline issued by the Commission.

Meanwhile, the Commission said it has observed a tendency for requests for withdrawals by Pension Funds Administrators and especially the significant amount withdrawn, usually within a short interval of lodgment in the RSA both of the mandatory and exempted contributors thereby defeating the purpose of voluntary contributions which is meant to enhance pension at retirement adding “also the short intervals between the date of contributions and withdrawals, results in significant tax payable to the relevant tax authorities.” To check this tendency, PENCOM said all PFAs/PFCs (Pension Funds Custodians) must ensure that “withdrawals from voluntary contributions is allowed once every two years from the last approved withdrawal date. Subsequent withdrawals shall only be on the incremental contributions from the date of last withdrawal. For mandatory contributors, the amount remitted as voluntary contributions shall be as follows: 50% shall be treated as contingent, available for withdrawal within the stipulated timeframe of 2 years. Taxes would be deducted on income earned in line with Section 10 {4} of the PRA 2014. The balance of 50% shall be fixed for pension and utilized at date of retirement to augment the contributor’s retirement benefit.” Foreign contributors The commission says “The time frame for withdrawal of once every 2 years in clause 5 {a} above shall be adopted. The contributor is allowed to withdraw all the funds in his/ her account after two years of contribution, subject to deduction of taxes on both income earned and principal when withdrawal is made in less than five years of the contribution. PFAs shall forward requests for approval to the commission using the revised schedule for voluntary contribution withdrawals. Both PFAs and PFCs are required to inform the Economic and Financial Crimes Commission of any single lodgment of N5 million and above. Henceforth, all tax deductions shall be remitted to the relevant tax authorities within 21 days after the end of the month of deduction and render returns to the Commission twice yearly of such remittance”.

http://www.akelicious.net/2018/07/you-can-only-withdraw-from.html

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Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by OboOlora(f): 10:24am On Jul 25, 2018
WTF mehn!!!!

TF am I the first person to comment on this post, where’s that Meisuya, kilichi reseller (in MI’s voice)
Is he dead? Did he commit suicide after his Boss lost the fight to Don Saraki yesterday?

Meanwhile, Femi Gbajabiamila just got my best friend pregnant and he’s not picking her calls!

7 Likes 3 Shares

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by nairaman66(m): 10:24am On Jul 25, 2018
Pension Reform Act, 2014 allows employees under the Contributory Pension Scheme, CPS, to contribute voluntarily in addition to the mandatory contributions into their respective Retirement Savings Account, RSA, to augment their pension at retirement.

Why contribute into something you cannot withdraw with ease? When people were contributing, they did it with ease! There was no electoral act in place, when they want to withdraw, electoral act comes into play.. is this not madness??

46 Likes 2 Shares

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by alphaconde(m): 10:25am On Jul 25, 2018
the money mania stole form this office has he returned it?
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by joeace2020(m): 10:25am On Jul 25, 2018
hmmm
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by benzema8(m): 10:25am On Jul 25, 2018
cool
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Ireboya(m): 10:25am On Jul 25, 2018
K
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Sirpaul(m): 10:25am On Jul 25, 2018
one of my guy wan dey withdraw every 2months
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by uchman46(m): 10:25am On Jul 25, 2018
Issorite
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by AbiBuruji722(m): 10:25am On Jul 25, 2018
So I still don't av access to my money
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by bobokeshington: 10:26am On Jul 25, 2018
OK
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by zubby4567(m): 10:26am On Jul 25, 2018
we don hear
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by davjos: 10:26am On Jul 25, 2018
nairaman66:
Why?? Need more explanation
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Mdaz(m): 10:27am On Jul 25, 2018
Bancroft Withdraw all the money nah...... After all once na once.... cheesy
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by notoriousbabe: 10:27am On Jul 25, 2018
Ayam not understanding o

1 Like

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by MANNABBQGRILLS: 10:27am On Jul 25, 2018
That is cool.
Only for the discipline .

2 Likes 2 Shares

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by eluquenson(m): 10:27am On Jul 25, 2018
okay
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by domack99(m): 10:29am On Jul 25, 2018
Withdrawal is only on Voluntary Contribution, how many employee are doing this voluntary contribution. They should soft pedal on the main contribution to like once in 5 years also and not when you lost your job

9 Likes

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by nairaman66(m): 10:29am On Jul 25, 2018
davjos:

Why?? Need more explanation

Go read the PENCOM electoral act
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by mexioni(m): 10:29am On Jul 25, 2018
Story seems much, i need expert advise on this. Am thinking if meeting my employers to write to our PFA so we can withdraw up to 15-20% of our total contribution, how possible is it since we r still in employment?

2 Likes

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by sunbilor(m): 10:32am On Jul 25, 2018
I need a pension expert to advise me on an issue regarding to pension laws.
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by chigoziri2403(m): 10:35am On Jul 25, 2018
is it the AVR? WHY SHOULD I NOT ACCESS MY MONEY
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Emeskhalifa(m): 10:35am On Jul 25, 2018
Is it possible to withdraw all the money with PENCOM in a situation where the owner of the money is late?

1 Like

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Cloud007: 10:38am On Jul 25, 2018
nairaman66:


Why contribute into something you cannot withdraw with ease? When people were contributing, they did it with ease! There was no electoral act in place, when they want to withdraw, electoral act comes into play.. is this not madness??
mutual benefit is worse. They will even eat up your capital join. I believe pencom is reasonable though

1 Like

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by realitychick: 10:41am On Jul 25, 2018
when can i collect my money oooo, always seeing the Alert, but cannot access it.Cant wait for Retirement jooor,I need the money sharpenly. In this Naija Economy and buhari admin,you live for today not tomorrow,i don talk my own.

8 Likes

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Emekus92(m): 10:41am On Jul 25, 2018
nairaman66:


Why contribute into something you cannot withdraw with ease? When people were contributing, they did it with ease! There was no electoral act in place, when they want to withdraw, electoral act comes into play.. is this not madness??

They invested or lend out the money and expect high returns. Since the money is out they can't pay pensioners regularly.

This country is a prison for its citizens

5 Likes

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by franchasng(m): 10:42am On Jul 25, 2018
mexioni:
Story seems much, i need expert advise on this. Am thinking if meeting my employers to write to our PFA so we can withdraw up to 15-20% of our total contribution, how possible is it since we r still in employment?
you cannot. You are only entitled to withdraw up to 25% of your pension fund if you lose your job and unable to get a new employment after 4 months then u can apply for withdrawal of 25% of your contribution

4 Likes 1 Share

Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by nakoks(m): 10:45am On Jul 25, 2018
Emeskhalifa:
Is it possible to withdraw all the money with PENCOM in a situation where the owner of the money is late?
If you are the beneficiary Yes,you will be paid.Not that you will go and withdraw what is not yours
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by maestroferddi: 10:45am On Jul 25, 2018
Cloud007:
mutual benefit is worse. They will even eat up your capital join. I believe pencom is reasonable though
Those small time 419 people took my N80,000.00 in the name of silly insurance...

Let me see another joker coming to market insurance to me...

2 Likes

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