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Nairaland Forum / Nairaland / General / Career / Can Someone Access Their Pension Funds Before Official Retirement Age (26413 Views)
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Re: Can Someone Access Their Pension Funds Before Official Retirement Age by arantess: 9:09pm On Oct 18, 2021 |
EmekaBlue:wo, is it not better before this evil government borrow it all? |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Funkybabee(f): 9:25pm On Oct 18, 2021 |
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 |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Loveknitting: 9:34pm On Oct 18, 2021 |
EmekaBlue: You dey craze walahi,lol 1 Like |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by umbo: 9:37pm On Oct 18, 2021 |
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 ? 2 Likes |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Gobdddd(m): 9:50pm On Oct 18, 2021 |
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: |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Greenback: 10:00pm On Oct 18, 2021 |
Aurelius1: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. 2 Likes 1 Share |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by OvertheTop(m): 10:01pm On Oct 18, 2021 |
descartes400: 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. 3 Likes |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by osazsky(m): 10:10pm On Oct 18, 2021 |
kinglee007: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 |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by RosyIsBlessed: 10:10pm On Oct 18, 2021 |
Mine said I can get some percentage at 50 years |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by montanaguy(m): 10:10pm On Oct 18, 2021 |
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. 4 Likes |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by OvertheTop(m): 10:11pm On Oct 18, 2021 |
Aurelius1: Many Will Squander the Money..... Ask the people that Collected 25%....what did they do with it? 1 Like |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by osazsky(m): 10:12pm On Oct 18, 2021 |
Gobdddd:did he work up to 10 years..if yes..oga go court them go pay them go tire..stupid people..biggest scam ever |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Equity15(m): 10:13pm On Oct 18, 2021 |
I was just discussing this with a friend last week Thursday. Let me read through this thread |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by osazsky(m): 10:17pm On Oct 18, 2021 |
OvertheTop: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 |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by OvertheTop(m): 10:18pm On Oct 18, 2021 |
umbo: 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! 1 Like |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Bigchristo: 10:22pm On Oct 18, 2021 |
kinglee007: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. |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by womanofGodiam: 10:22pm On Oct 18, 2021 |
gambia:4 months not 3 months pls |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by datamillionaire: 10:42pm On Oct 18, 2021 |
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: 3 Likes 1 Share |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by ifeanyija(m): 10:46pm On Oct 18, 2021 |
kinglee007:people can do anything in Nigeria |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by gabbasin(m): 11:22pm On Oct 18, 2021 |
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 |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Elynxx08: 12:35am On Oct 19, 2021 |
Lemme state categorically that's it's impossible for anyone below 50 to access pension more than 25% kinglee007: 3 Likes |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by cardoctor(m): 12:50am On Oct 19, 2021 |
You better access it now before kpeme if not it goes straight to voicemail in someone elses pocket. Thats exactly how it goes. |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Gfh1: 1:15am On Oct 19, 2021 |
Yes |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by galantjoe(m): 4:50am On Oct 19, 2021 |
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. |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Bluntemperor: 5:26am On Oct 19, 2021 |
Zaxbash1: 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! 1 Like 1 Share |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by gambia(m): 5:42am On Oct 19, 2021 |
womanofGodiam: Noted, thanks. I will find out more about it too. |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Nobody: 6:57am On Oct 19, 2021 |
mrkings84: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. 1 Like |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Nobody: 7:40am On Oct 19, 2021 |
umbo: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. 2 Likes |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by umbo: 8:18am On Oct 19, 2021 |
[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 |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by umbo: 8:21am On Oct 19, 2021 |
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Re: Can Someone Access Their Pension Funds Before Official Retirement Age by Nobody: 9:26am On Oct 19, 2021 |
Bantu10: meetgaya: brosom: 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. 1 Like |
Re: Can Someone Access Their Pension Funds Before Official Retirement Age by brosom(m): 9:34am On Oct 19, 2021 |
Leaforever:Maybe, whatever. I don't know how they run that shit |
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