realitychick:
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.

Guy please google the word Pension.No insult intended please ,its a pension contribution not savings account.

Emekus92:


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

Nothing like that,everyone is getting paid.

Pension, NSITF, NHF Contributions don't make sense to me. Individuals would better manage their funds than contributing to these schemes. At the end you sweat blood before you receive a part of the contributions (if at all they will refund part to you).

Wondering how feasible an employee who contributes N200/monthly (assuming income is N20,000/per month) can benefits from NSITF and NHF schemes. It does not make sense order than making free contributions to government as per income earned

Emekus92:


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

Not even a single thing is working in Nigeria! It’s so sad a story..

Pension in Nigeria is a fraud.

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??

Just understand the Pencom act and you won't have any problems about the scheme. Gone are the days of long queues in the bank all in the name of collecting pensions

Real knowledge is as much about knowing the extent of your ignorance as it is about what you actually do know

Cloud007:
mutual benefit is worse. They will even eat up your capital join. I believe pencom is reasonable though

Pencom has the right to divulge information to its customers! I thought the last time I read about them they had over 9 trillion in their coffers! I learnt this from a reliable source!!

Why keep all those funds just sitting there?? Nigeria is gradually grinding to a hault because of terrible policies and unreasonable behavior of the present government!! The former government didn’t do much too!

PENCOM electoral act?

nairaman66:


Go read the PENCOM electoral act

ozymes:
PENCOM electoral act?

That was a joke!

franchasng:
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

bros i have withdraw 25% and was told i can not withdraw again till 50yrs

quote author=OboOlora post=69687100]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![/quote]

Maybe he died from tasting his poisoned barbecue

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??

It's even the worst move any person working for his salary can make. Put more money in pension when the one you've mandatorily contributed is not save.

Its now 20% not 25% anymore.

franchasng:
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

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?

PFAs are guided by the pension act and your PFA is not exempted. The law does not allow any withdrawal from the involuntary contributions except some conditions are met and these are especially when one is out of job for say 3 months or upon retirement.
However, for the voluntary contributions, you are allowed to withdraw a certain %every two years starting from the date of last withdrawal. Subsequent withdrawals will be from the incremental contributions. where there are no incremental contributions, you would not be able to withdraw any amount.

I hope this piece help.

[quote author=mexioni post=69687246]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?[/quote

It is not possible because it is retirement savings account not saving account.

sunbilor:
I need a pension expert to advise me on an issue regarding to pension laws.

Post your question

nakoks:


Nothing like that,everyone is getting paid.

u r just deaf, dumb and blind. They release an information from their website and u say it's not real.

domack99:
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

Even when you lose your job.. you are only allowed 20% and given the rest when you turn 50!. So if in between losing your Job and turning 50... you couldn't land any job... U Still won't be able to take from your contribution... IMO... It's quite unfair.

labiola:


Post your question

What are the conditions that will necessitate a company to enrole its staff in the compulsory pension scheme?

Who cares? I don comot eyes for my pension since.

fuk you guys, used to pay my 13th month,bonus and leave allowance into VC before. now dem don cast am. oloribu pple

1stNumeroUno:


It's even the worst move any person working for his salary can make. Put more money in pension when the one you've mandatorily contributed is not save.

I swear

Today is my birthday.
Show me love.

Can I get 100 likes?

Another scam in naija. my money i saved over the 13 years i was with my former comapny, i was only given 25% , how can criminals be keeping my money for me? so i cant keep my money in the bank for myself? we want to copy good things done abroad, we wont copy well, we will copy the bad side and leave out the good. tufiakwa

is it ur money? it is supposed to be my savings , i should be given all my money. Nigeria is not a working country, a few people are digging into poor people's savings and using it to enrich themselves u are trying to explain what i dont know. must u save money for me/ is not like its a country where tinz work. nonsense

Unity19:


PFAs are guided by the pension act and your PFA is not exempted. The law does not allow any withdrawal from the involuntary contributions except some conditions are met and these are especially when one is out of job for say 3 months or upon retirement.
However, for the voluntary contributions, you are allowed to withdraw a certain %every two years starting from the date of last withdrawal. Subsequent withdrawals will be from the incremental contributions. where there are no incremental contributions, you would not be able to withdraw any amount.

I hope this piece help.

OboOlora:
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!

is this our business? blackmail does not pays at times

franchasng:
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

How true is this

franchasng:
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

After the first 25 percent, when can we withdrawl the rest invade of lost of job.

Edunwa302:

How true is this

It is true, my hubby got his when he lost his job but haven't been able to withdraw the rest. They said until he is 60.

The govt cannot make policies that will leave citizens vulnerable, impoverished and ultimately die.
When a contributor is faced with any life threatening situation, they shud be allowed to withdraw all their savings from pencom.
The monies saved can only be useful when one is alive at retirement.
Sometimes I think our lawmakers are totally daft and brainless

nakoks:

If you are the beneficiary Yes,you will be paid.Not that you will go and withdraw what is not yours

yes of course. the next of kin and family of the deceased are alive

any clue on how long it wil take