Asquare84:


For your notice the last reform on the pension act was in 2004, and be remembered that there 21 licence PFA in nigerian , yours sincerely work in one of the PFA so I think I have more information about the pension industry to give. For your information again deceased RSA will be paid emblock to the next of kin that the beauty of the contributory pension scheme as against the old defined benefit

sweetrace:


I’m not competing over who has the most knowledge with you. I know you’re wrong. Totally! Only the gratuity is paid. Get your facts right. I live with a pensioner. Based on the success of her scheme with Pal is why I had meetings with them to get a better understanding for my own scheme. I don’t know everything about my job. I learn every day. But since you know it all, please don’t seek for clarification.

Asquare84:


Please take your ignorance away since you are not ready to learn and be arguing with someone that knows more than you

Famax:
my brother I don laugh tire o

Asquare84:


For your notice the last reform on the pension act was in 2004, and be remembered that there 21 licence PFA in nigerian , yours sincerely work in one of the PFA so I think I have more information about the pension industry to give. For your information again deceased RSA will be paid emblock to the next of kin that the beauty of the contributory pension scheme as against the old defined benefit

Rexomania1111:

You are on point. The only correction I need to point out to u is the fact that the last pension law is the pension reform act of 2014 which repelled the 2004 act

Pinkybush:
Please I need urgent help! My dad used to be working in a company and had been contributing pension money during his service years thro' IBTC.

Unfortunately, he's late, but before he died he had been making withdrawals of the said pension after his service with the company. I approached the bank, but it appears the guy I met want to stop us from getting the money and corner to theirs. Please now that my dad is dead, are his children not entitle to this money since it was a contributory pension?

Asquare84:


Thank you

Yunus2012:


Good day. If one dies before retirement age, his next of kin can access it. That I am sure of. But for a retiree, am not sure.

Laryne:

Abeg leave me alone... habah!

neo25:
It depends on the type of withdrawal ur dad makes. U need to meet the office head of the Pension Manager, firstly with your dad's PENCOM no. They will check how much is remaining in the account it will also show them ur dad NOK. Then you go for letter of administration at the state court complex armed with the print out of your dad's balance. Note the court will take 10-15%of the total amount must times it's pay before service. Then all your siblings will write letters saying they are aware of u being the NOK. Then the process begins.. it's quit alot to write now. I just finished one fir on my late Mum last June, took me 3weeks just becyi didn't have the 15% to give Govt, but jst go to the head of the Water and leave that Man talking trash. Good luck.

valdes00:
People that are saying the money will be returned back, abeg what is the essence of next of kin in the registration form..... Make una no scare us oo, When I wanted to start my pension, everything was explained to me... I added my brother as next of Kin but Our company accountant called me back and made me change it back to my wife with the excuse that a brother can't be trusted ..... If nobody can access it after the owner's demise, so what's the fuzz about changing next of Kin

**
MODIFIED: And to those Fo..ols quoting me to insulting me cos I used my brother earlier on, I hope y"all feel better.... Most of these NL I..diots will always react without even knowing the full details of an issue... Well I owe nobody an explanation...

madgoat:

i sense you passing on soon

omoguess:
You are only entitled to your fathers gratuity (if he has not been paid). As for pension, you are not entitled to it. The bank has to return all pension paid to the acct after your fathers death back to the pension office

valdes00:
People that are saying the money will be returned back, abeg what is the essence of next of kin in the registration form..... Make una no scare us oo, When I wanted to start my pension, everything was explained to me... I added my brother as next of Kin but Our company accountant called me back and made me change it back to my wife with the excuse that a brother can't be trusted ..... If nobody can access it after the owner's demise, so what's the fuzz about changing next of Kin

**
MODIFIED: And to those Fo..ols quoting me to insulting me cos I used my brother earlier on, I hope y"all feel better.... Most of these NL I..diots will always react without even knowing the full details of an issue... Well I owe nobody an explanation...

sweetrace:


I’m not competing over who has the most knowledge with you. I know you’re wrong. Totally! Only the gratuity is paid. Get your facts right. I live with a pensioner. Based on the success of her scheme with Pal is why I had meetings with them to get a better understanding for my own scheme. I don’t know everything about my job. I learn every day. But since you know it all, please don’t seek for clarification.

zamanii:


Sweetrace I think you need to carry out another research on this topic. I'm not well versed on the topic but from testimonies of people who have succeeded in recovering their beloved's pension, screenshots of ibtc's procedure on recovering same, I'm forced to believe pension is actually recoverable.

From my understanding, an employee contributes some part of his salary in conjunction with his employer under what is known as a contributory pension scheme. After his retirement, he's entitled to a certain percentage monthly of what he's able to garner before his retirement. This percentage is paid to him through his bank by pencom (or his pfa, I'm not clear on which of them it is) and upon notice of his death, the bank remits what they have in his account back to pencom. It is the duty of anyone laying claim to what is left of the deceased's pension to approach the pfa with proof of his/her entitlement to what is left before he/she is paid.

It doesn't make any sense that what is left of the deceased's pension is remitted back to pencom (to do what with it?) and is not recoverable. What you know might not actually be the true position of things. Cheers

Asquare84:


For your notice the last reform on the pension act was in 2004, and be remembered that there 21 licence PFA in nigerian , yours sincerely work in one of the PFA so I think I have more information about the pension industry to give. For your information again deceased RSA will be paid emblock to the next of kin that the beauty of the contributory pension scheme as against the old defined benefit

sonofElElyon:
The next of kin gets nothing until grant of probate for the will of the deceased account owner or in the absence of a will, grant of letters of administration...
Also if deceased purchased an annuity with his retirement savings, beneficiary gets nothing

Asquare84:


In this case the deceased is under programme withdrawal and suppose the decea

sonofElElyon:
Okay. Then beneficiary still needs to present probate grant for deceased's will or letter of administration

sweetrace:


Cheers!!!

zamanii:


Sweetrace I think you need to carry out another research on this topic. I'm not well versed on the topic but from testimonies of people who have succeeded in recovering their beloved's pension, screenshots of ibtc's procedure on recovering same, I'm forced to believe pension is actually recoverable.

From my understanding, an employee contributes some part of his salary in conjunction with his employer under what is known as a contributory pension scheme. After his retirement, he's entitled to a certain percentage monthly of what he's able to garner before his retirement. This percentage is paid to him through his bank by pencom (or his pfa, I'm not clear on which of them it is) and upon notice of his death, the bank remits what they have in his account back to pencom. It is the duty of anyone laying claim to what is left of the deceased's pension to approach the pfa with proof of his/her entitlement to what is left before he/she is paid.

It doesn't make any sense that what is left of the deceased's pension is remitted back to pencom (to do what with it?) and is not recoverable. What you know might not actually be the true position of things. Cheers

Clefayomide:


I believe we are both talking about the same contributory pension scheme? Here's what I got from my research

sweetrace:


Okay, I come bearing apologies!!! I went back to Pal pensions for clarification. Their staff who gave me the previous information was wrong. The beneficiary can access the rest of the pension funds.

Clefayomide:


No oo, you have to pay everyone on this thread b4 we accept your apology



Lol that's no problem, we learn everyday

sweetrace:


I tried going through all my mentions on this thread to apologize to everyone. Oh! Except a guy that was being so rude. I was only saying what I was told or my interpretation. Thanks for your being nice about it especially as I was being so emphatic.