EmekaBlue:
Sapa

You want to chop your future before e reach.

Buhari regime record breaking effect

wo, is it not better before this evil government borrow it all?

In dubious wag, it may be possible.


But it's future fund Biko tell him to find money else where haha na pension we call it

EmekaBlue:
Sapa

You want to chop your future before e reach.

Buhari regime record breaking effect

You dey craze walahi,lol

I have read a lot from people's comments here ,but you people are not really talking facts ,you mentioned Millon's of naira to be collected at so so age after the collection of 25% .

Do you people consider time value for money ,in 10yrs time may be a bottle of Fanta may cost 2k or more ,now what will a pension of 4m worth.

is this pension of a thing not extortion ?

A friend of mine was suspended indefinitely from where he works since 2013. Though he was a contract staff.

Till date he's still unable to Access his funds.

He has no plans of returning to paid jobs anymore.

But we're confused as to why his pension manages refused to release his 25% atleast with the suspension letter by

kinglee007:
Hello Guys and gurus in the house.

Please someone dearly needs your financial advice.
My friend Joe (not real name) resigned early from his working place in 2019 and before the resignation, he had a pension plan with a Pension Company (name withheld). With the little he got from his former working place, he applied to retrieve his pension from the pension company but was told that he could only access 25% of the pensions for now.

The remaining funds, according to what he said they told him, can only be accessed when he clocks 50. That's more than a decade plus from the time of his resignation.

The funny thing about the whole ish is that, within the period he resigned, some older staffs(who were not up to 50 years in age) also resigned and had the same pension plan with him. They were also told the same thing about the 25% thing. Joe, called me up about a month ago and told me he and one of his old colleague that resigned the same time with him met at an event and they tried to catch up on how they've been fairing after resigning.

The discussion led to the friend laughing at Joe (in a mocking way), telling him that HE HAS GOTTEN FULL ACCESS TO THE REMAINING FUNDS IN HIS PENSION ACCOUNT. This guy is like a year or two older than Joe.

When Joe asked him how, he said he can't tell him how but he should understand that this is Nigeria. Joe has been begging this guy ever since to tell him not until yesterday that he sent a number to him via text telling him to call the number and tell the lady that he is from Joe's friend. He said the lady will link him up.

So guys and gurus in the house, I decided to throw this question here because I know most pension funds are handled by PENCOM and if it's still the same PENCOM I know, that rule of 50 years still stands.

So guys, please is it possible for someone to really have access to all his pension funds before he or she clocks 50? Sorry for the errors you might have encountered while reading and also the long post. Will appreciate if a response can be gotten as soon as possible. Thanks

Aurelius1:
This is absolute nonsense. A lot of folks have died leaving their money hanging, wouldn't it be better for them to have access to their funds when problems like sickness comes? Better still, one should be able to collect his full money upon job loss and start a business. Nigeria is a sick country.
.

Oga same thing applies in the civil service and it is called pension..PENSION. Pension got its own meaning. It's a plan for your retirement,to keep you going. I had a very hard time collecting my 25% and I'm glad I still got something good with them. I have two schemes in fact.
We should always try to have a plan B while working o. Side investment..for augment or for the raining or desert kinda day.

descartes400:


At the said age, is it the sum total that's made available or it's just bits by bits

when You are Ripe for the Money (at Retirement Mostly). you can have access to 25% lump sum. if you had not collected it before.....
Then the Remaining 75% will be Divided by the Predicted Number of Years you are estimated to survive.

it is about 10yrs or so for men and little more than that for Women (May be 15). women live longer.....

MAN
so let's say your 75% = N24Million,
it is divided by Number of Years to be Alive(10 Yrs or 240 Months) = 24M/240 = 100k per month for the Next 10 Years.

To me, That better than Trying to Grab it all now and Squandering the savings that can save you from Terrible Hunger or Depending Heavily on your kids or spouse (Retirement Years are Mostly Not easy o.....)

don't go and chop all ya Money o.

kinglee007:
Hello Guys and gurus in the house.

Please someone dearly needs your financial advice.
My friend Joe (not real name) resigned early from his working place in 2019 and before the resignation, he had a pension plan with a Pension Company (name withheld). With the little he got from his former working place, he applied to retrieve his pension from the pension company but was told that he could only access 25% of the pensions for now.

The remaining funds, according to what he said they told him, can only be accessed when he clocks 50. That's more than a decade plus from the time of his resignation.

The funny thing about the whole ish is that, within the period he resigned, some older staffs(who were not up to 50 years in age) also resigned and had the same pension plan with him. They were also told the same thing about the 25% thing. Joe, called me up about a month ago and told me he and one of his old colleague that resigned the same time with him met at an event and they tried to catch up on how they've been fairing after resigning.

The discussion led to the friend laughing at Joe (in a mocking way), telling him that HE HAS GOTTEN FULL ACCESS TO THE REMAINING FUNDS IN HIS PENSION ACCOUNT. This guy is like a year or two older than Joe.

When Joe asked him how, he said he can't tell him how but he should understand that this is Nigeria. Joe has been begging this guy ever since to tell him not until yesterday that he sent a number to him via text telling him to call the number and tell the lady that he is from Joe's friend. He said the lady will link him up.

So guys and gurus in the house, I decided to throw this question here because I know most pension funds are handled by PENCOM and if it's still the same PENCOM I know, that rule of 50 years still stands.

So guys, please is it possible for someone to really have access to all his pension funds before he or she clocks 50? Sorry for the errors you might have encountered while reading and also the long post. Will appreciate if a response can be gotten as soon as possible. Thanks

did he work up to 10 years...if no..oga rest..this one nor be country..u nor go understand..a friend fell victim for this after contributing for 5 years..certain laws need to be ammended

Mine said I can get some percentage at 50 years

That rule of 50years does not apply to those who are already pensioners. Like me, I served in the military and retired before attaining 50years. I got another another job and worked there for 4years. I resigned voluntarily from my job.

On resigning from my job, my contributions from my PFA was moved from Retirement Savings Account to Voluntary Contributions. All my money was paid to me even though I was not up to 50years. That was after presenting all the relevant documents that shows I am on pension. All my money was paid to me because, in the eyes of the law, I cannot collect pensions from two places. That is all I know about having access to your entire funds when you are not up to 50years.

Aurelius1:
This is absolute nonsense. A lot of folks have died leaving their money hanging, wouldn't it be better for them to have access to their funds when problems like sickness comes? Better still, one should be able to collect his full money upon job loss and start a business. Nigeria is a sick country.
.

Many Will Squander the Money.....

Ask the people that Collected 25%....what did they do with it?

Gobdddd:
A friend of mine was suspended indefinitely from where he works since 2013. Though he was a contract staff.

Till date he's still unable to Access his funds.

He has no plans of returning to paid jobs anymore.

But we're confused as to why his pension manages refused to release his 25% atleast with the suspension letter by

did he work up to 10 years..if yes..oga go court them go pay them go tire..stupid people..biggest scam ever

I was just discussing this with a friend last week Thursday. Let me read through this thread

OvertheTop:


Many Will Squander the Money.....

Ask the people that Collected 25%....what did they do with it?

how they spend it shouldn't be your biz...if u have a pressing need collect your money..I lost a staff ..she died at 39 years. After 12 years of service..na him husband them give money..my guy Carey money go marry another woman..enjoy your life while alive..most people don get BP for money matter na thier children them go pay..when I see them they are not living well.really salaries workers are underpaid and problem nor they finish..microfinance companies they cash out this period.there is no staff in my uni that doesn't do loan

umbo:
I have read a lot from people's comments here ,but you people are not really talking facts ,you mentioned Millon's of naira to be collected at so so age after the collection of 25% .

Do you people consider time value for money ,in 10yrs time may be a bottle of Fanta may cost 2k or more ,now what will a pension of 4m worth.

is this pension of a thing not extortion ?

Look around and Ask some of our Parents that are collecting this pension Monthly at the Moment, You will realized that : it is Better than Retiring and Having No income any more.....

Infact if be then you don't have Shi shi....Na Die be that!

kinglee007:
Hello Guys and gurus in the house.

Please someone dearly needs your financial advice.
My friend Joe (not real name) resigned early from his working place in 2019 and before the resignation, he had a pension plan with a Pension Company (name withheld). With the little he got from his former working place, he applied to retrieve his pension from the pension company but was told that he could only access 25% of the pensions for now.

The remaining funds, according to what he said they told him, can only be accessed when he clocks 50. That's more than a decade plus from the time of his resignation.

The funny thing about the whole ish is that, within the period he resigned, some older staffs(who were not up to 50 years in age) also resigned and had the same pension plan with him. They were also told the same thing about the 25% thing. Joe, called me up about a month ago and told me he and one of his old colleague that resigned the same time with him met at an event and they tried to catch up on how they've been fairing after resigning.

The discussion led to the friend laughing at Joe (in a mocking way), telling him that HE HAS GOTTEN FULL ACCESS TO THE REMAINING FUNDS IN HIS PENSION ACCOUNT. This guy is like a year or two older than Joe.

When Joe asked him how, he said he can't tell him how but he should understand that this is Nigeria. Joe has been begging this guy ever since to tell him not until yesterday that he sent a number to him via text telling him to call the number and tell the lady that he is from Joe's friend. He said the lady will link him up.

So guys and gurus in the house, I decided to throw this question here because I know most pension funds are handled by PENCOM and if it's still the same PENCOM I know, that rule of 50 years still stands.

So guys, please is it possible for someone to really have access to all his pension funds before he or she clocks 50? Sorry for the errors you might have encountered while reading and also the long post. Will appreciate if a response can be gotten as soon as possible. Thanks

I have collected 25% of my pension funds from Stanbic IBC, so long you have all valid documents in place you can collect 25% and wait until you are 50yrs old before collecting the rest.

gambia:
Its possible, you can access a quarter of the cumulative amount provided you lost your job and couldn't secure any for a period of 3months.

4 months not 3 months pls

If your pension fund has not increased up to 20% after 10 years you need to blame your PFA. The way my own pension fund dey swell eh, at a time I was almost scared.

Concerning your last sentence I'm wondering what Obasanjo got to do with it!

Whobedatte:
After I left my job in 2010 after working for 9 years , I asked for my pension money from crusaderPEN and I was told I can only access 25% of my funds
I can only access my full funds if I clock 35 years in service or 55 years of age whichever comes first .
So I got only 25%.
Till today after leaving paid employment for almost 10 years , my pension fund had not even added up to 20% increase .
One of the reasons why I hate Obasanjo till date !

kinglee007:

Now why on earth would someone sit down, think and come to the conclusion that he wants to fake his death to get some money in this age of advanced technology?

people can do anything in Nigeria

If you lost your job before age 50, you can only access 25% of your pension savings after 3 months of job loss. On attaining age 50 and still without a job, you can now be put on monthly pension provided you have up to 500 thousand naIra balance in your pension savings. If you have less tha 500k in your pension savings balance, you will be given all you have in your pension account at once.
You can still get another 25% on attaining 50 years even after the initial 25% after job loss, this is if you have more than 500k left in your pension account after the 25% is worked out

Lemme state categorically that's it's impossible for anyone below 50 to access pension more than 25%

kinglee007:


Is it possible? Won't there be a trace from the PENCOM audit section? The thing just dey baffle me. Also, my guy Joe after getting some other advices from some of his learned friends in the banking sector, only two out of 10 say it's very possible

You better access it now before kpeme if not it goes straight to voicemail in someone elses pocket. Thats exactly how it goes.

Yes

Be careful, let no one scam you of your hard earned money.

EXCEPT the following
1. That your friend claimed that he is physically or mentally incapacitated, thus he retire early. Even at that condition he won't have full money in his RSA unless his pension money is N550k otherwise he will access his pension according to terms and conditions of the pencom act and guidelines. But his payout (gratuity) will around around 50% while the rest will be paying in form of monthly or quarterly pension.

Note. Even if he is upto 50yrs same conditions apply.

Zaxbash1:
Pencom is the central regulating body just as we have CBN to commercial Bank... The distribution and codination is handle by baby companies... But yes as U said he can get it even at Ealy age depend on the retirement plan ..but mind U bikiafull if he must give them something it should be after the money have being disbursed

PENCOM is a big nonsense company, for having so much and giving so little to those who through their sweat day and night,build their careers and when it's time to retire and enjoy it,you dish out peanuts! May be they still want govt to borrow the money! Indeed it a lazy Organization that is just in existence!
This Institutions is a joke, just collecting money and many of us supporting it will soon understand when you retire, especially if your company have not been able to forward your Montly collections to Pencom!
- why should we have a company where your money goes, yet you can't access the amount to plan your live,until you retire?
- why should Nigerians suffered double jeopardy-for money freely given and deducted from harpless workers,yet cannot say it has gotten to it's destination in Nigeria,not until after retiment,then you discovered that your company has scammed you and there is no remedy! Unfortunately,these are Laws the National Assembly ought to amend immediately but are shylocks pretending to be working for Nigerians.
-Recently,a Court gave a judgement that-Staff who retired be paid 60% of their money immediately, only for same Pencom appealing!
•Why do we make others to cry in Nigeria?
•Why is it difficulty to amend the obnoxious laws in Nigeria,just because others are feeding fat in it?
it shows we are not serious ,for the most generality of Nigeria Workers at that age can't achieve much again,yet suffering in different assault by their company that refused to remmit their money and now by Pencom.
Until you are a victim,you will not understand!
That is why so much Corruptions is in the system,since paltry sum will be paid to workers after retiment!
Too bad!

womanofGodiam:
4 months not 3 months pls

Noted, thanks. I will find out more about it too.

mrkings84:
I laff, that ur guys former colleague want to use ur man cash out.
People that retired at old age are protesting almost everyday, I mean grandpa's and mas, yet they are not getting their pension, not to talk of u that resigned..... Ur Joe better wait until he is 75 and above......

Those old people were under the former pension system. When government keeps all the money and most times they steal it.

The new pension act was under Obasanjo and everything is managed by private finance firms now, like the way it's done abroad. They send you monthly statements so you can keep track of your pension accumulation. Also you can change your administrator if you think Ur not earning enough returns on your pension balance.
Most companies vet the PFAs thoroughly before they decide who to use for their staff pension, so if Ur company chose on Ur behalf they probably vetted more thoroughly than you ever could cos it's also their personal interest since all ur directors pensions also goes there.

umbo:
I have read a lot from people's comments here ,but you people are not really talking facts ,you mentioned Millon's of naira to be collected at so so age after the collection of 25% .

Do you people consider time value for money ,in 10yrs time may be a bottle of Fanta may cost 2k or more ,now what will a pension of 4m worth.

is this pension of a thing not extortion ?

In 10 yrs time Ur balance would have also increased in value. Don't you check your statement? They invest Ur money and U get increases even when there's no additional contribution from you (when ur jobless). All PFAs add interest income into Ur account. The magnitude depends on the company Ur with, some are better fund managers dn others. ARM and Premium pensions are top tier investors in my opinion. Their customers get high returns.

[quote author=Leaforever post=106863245]
In 10 yrs time Ur balance would have also increased in value. Don't you check your statement? They invest Ur money and U get increases even when there's no additional contribution from you (when ur jobless). All PFAs add interest income into Ur account. The magnitude depends on the company Ur with, some are better fund managers dn others. ARM and Premium pensions are top tier investors in my opinion. Their customers get high returns.[/quo


OK

[qr

Bantu10:
Kinglee007 the only way u can is to forge a death certificate and present it to ur pension administrator. They will pay u all money accrued to you

meetgaya:


There isway some people are doing here but I will not tell you the location of my state. They will send their next of kin with death certificate and court administration and their money will be paid fully but when you are caught you will be pepper soup.

brosom:
Yes bro u can have access to ur pension fund.

My friend collected his two months ego, but just that you'll pay so much.

My friends pension was 3.8m, but the people running it for him bargained with him on the basis that they'll collect 800k and give hi 3m,but because sapa dey worry am Wella and him have two beautiful girls to take care of an school resumption was close, he had no choice than to agreed with them.

The whole thing took just a month, but las las wetin him get na 2.8m.

Kingle007 based on the responses on this thread, I think the way Ur friend was able to access the fund is if maybe a staff of the PFA is forging death certificates for people as a business thereby allowing access to all their pension while he pockets a portion of it after payment.
I think dt can be the only way, cos all these PFA, PFCs and PENCOM get external audits, and the PFAs also get reviews by their big customers. This is the only way I see they might not notice immediately, until it's consistent, like maybe an abnormal spike in the death rates or sthn.

Leaforever:






Kingle007 based on the responses on this thread, I think the way Ur friend was able to access the fund is if maybe a staff of the PFA is forging death certificates for people as a business thereby allowing access to all their pension while the staff pockets a portion of it after payment.
I think dt can be the only way, cos all these PFA, PFCs and PENCOM get external audits, and the PFAs also get reviews by their big customers. This is the only way I see they might not notice immediately, until it's consistent, like maybe an abnormal spike in the death rates or sthn.

Maybe, whatever.
I don't know how they run that shit