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I Want To Withdraw From My Pension Fund Account! - Investment (3) - Nairaland

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Re: I Want To Withdraw From My Pension Fund Account! by coolkaboom(m): 2:20pm On Aug 05, 2012
The law may be strict, but it isn't cast in stone. The focus is on safety and secuirity of the funds, not necesarily profit. I am sure, further down d line, there are bound to be several ammendments to make it more suitable and adaptable to our special needs as a nation and people. The mistrust and misconception is however unfounded and due in large to deliberate misinformation. How can u claim the unit price hasn't shifted in 3 yrs, that's pure bullocks. Even d lowest performing PFA would have almost doubled d funds u left there since 3 yrs ago. Name the PFA and from d website, I'll post d historical movt of their unit price in d last 12 months. Engage them and get better informed, or else, u just end up loosing ur funds due to ur own ignorance. Not saying the scheme is perfect, but it does work for people who know where they are heading and have managed to define a clear career path. In retirement, u'll get ur funds back, together wt d accrued interest.
Re: I Want To Withdraw From My Pension Fund Account! by jamace(m): 4:44pm On Aug 12, 2012
I am happy my fellow Nigerian retirees have discovered the dubious actions of PENCOM and the PFAs. I was happy when I watched on NTA Weekend File (11/08/2012) protests by retirees.

I will say it the upteemth time that PENCOM/PFAs in present status is pure fraud. PENCOM/PFA operators are growing fat while retirees are dying and those surviving are looking like AIDS victims. If govt can not sustain continuous payment of pension to retirees, it should adopt an enhanced pay-off system.
Re: I Want To Withdraw From My Pension Fund Account! by CHIMSKY(m): 2:41am On Aug 13, 2012
I am self-employed.I would like to get a pension when I retire.How can I do this?
Re: I Want To Withdraw From My Pension Fund Account! by coolkaboom(m): 4:48pm On Aug 15, 2012
@jamace, that's precisely d point, FG alone can't fund d old pension scheme alone. Its not until the scheme is declared bankrupt that Govt will now raise alarm. People get on the old innefficient pension scheme and join a never ending queue of already frustrated ppl.
Re: I Want To Withdraw From My Pension Fund Account! by jamace(m): 1:20pm On Dec 27, 2012
How can they leave a man who haS stolen pension money to God while pensioners are dying?:

https://www.nairaland.com/1137664/pension-leave-maina-god-senate

This is one of the reasons why this sh.i.t called PENCOM should be scrapped ASAP. angry sad Oh Nigeria!! shocked shocked
Re: I Want To Withdraw From My Pension Fund Account! by jamace(m): 6:13pm On May 12, 2013
jamace: How can they leave a man who haS stolen pension money to God while pensioners are dying?:

https://www.nairaland.com/1137664/pension-leave-maina-god-senate

This is one of the reasons why this sh.i.t called PENCOM should be scrapped ASAP. angry sad
Oh Nigeria!! shocked shocked
Re: I Want To Withdraw From My Pension Fund Account! by stepo707: 4:07pm On Jul 07, 2015
I also need part of my money urgently.How do i get from it? someone please advise
Re: I Want To Withdraw From My Pension Fund Account! by iamphill: 4:36pm On Nov 20, 2015
coolkaboom:
The law may be strict, but it isn't cast in stone. The focus is on safety and secuirity of the funds, not necesarily profit. I am sure, further down d line, there are bound to be several ammendments to make it more suitable and adaptable to our special needs as a nation and people. The mistrust and misconception is however unfounded and due in large to deliberate misinformation. How can u claim the unit price hasn't shifted in 3 yrs, that's pure bullocks. Even d lowest performing PFA would have almost doubled d funds u left there since 3 yrs ago. Name the PFA and from d website, I'll post d historical movt of their unit price in d last 12 months. Engage them and get better informed, or else, u just end up loosing ur funds due to ur own ignorance. Not saying the scheme is perfect, but it does work for people who know where they are heading and have managed to define a clear career path. In retirement, u'll get ur funds back, together wt d accrued interest.


I am presently interested in how to pursue such, is it mandatory you have to submit your offer letter from your previous employer and also your resignation letter in a situation that you have been UN-employed 6months after, do respond please i dont have does letters anymore its being over 5years now and i would like to acess my 25% from Stanbic.
Re: I Want To Withdraw From My Pension Fund Account! by iamphill: 4:38pm On Nov 20, 2015
coolkaboom:


When u attain the age of 50, u simply apply for full withdrawal, using about the same required docs, in addition to a birth-certificate or age declaration to confirm u are trully over 50.

For funds less than 500,000 u will get a one-off lump sum payment, but if the funds are substantial, e.g 10,000,000 u can get a lump-sim payment (kinda like gratuity) up to 25-50%, provided what is left is sufficient to fund annuity or programmed withdrawal for a period of at least 10yrs. Annuity is an insurance vehicle that secures a string of regular lodgements into your account for a period in excess of what the funds should cover, e.g 90,000 annuity can be used to buy a monthly payment of N10,000 for a yr. Your choices are supposed to be linked to expected life expectancy and the size of your last salary before retirement because the monthly pension should at least match 50% of your regular monthly take-home.


Please advice I am presently interested in how to pursue such, is it mandatory you have to submit your offer letter from your previous employer and also your resignation letter in a situation that you have been UN-employed 6months after, do respond please i dont have does letters anymore its being over 5years now and i would like to acess my 25% from Stanbic.
Re: I Want To Withdraw From My Pension Fund Account! by topsy1971: 1:54am On May 18, 2016
Pls can someone explain the meaning of the daily RSA fund index and how it affects deposit with PFAs
Re: I Want To Withdraw From My Pension Fund Account! by Anjelus(m): 2:53pm On May 18, 2016
fullmoon:
My wife's pension deductions have not been remitted for the past 19 months by her employer, what options are open to her to ensure these money is forwarded the pension managers.
She either report to the workers union in the company if it exist or the PFA administrator and if they still remain recalcitrant, she can report the company to PENCOM but it could cost her the job.
Re: I Want To Withdraw From My Pension Fund Account! by Nobody: 5:34pm On May 18, 2016
If u out of work 4 more than 4months apply for 25percent and press harder u will be paid.I was paid mine after on year of pursuing it
Re: I Want To Withdraw From My Pension Fund Account! by TrumpDonald(m): 5:20pm On May 25, 2016
Pls I want to know if its compulsory for your company to open a pension account for you. Can you tell the company that you don't want to open a pension account?
Re: I Want To Withdraw From My Pension Fund Account! by chuksmad(m): 3:35pm On May 26, 2016
Guyman02:


I told you earlier that my colleague who retired has not been able to access his fund and got so frustrated from visiting their offices that he left his money with them.
The issue is that its very easy to open a PFA account but very difficult to get your money when needed or when due; our retrenched driver has been coming to the office everyday asking for one document or the order requested by IBTC to get the 25% that I feel for him wasting money on transport with no result.
Pension Fund in Nigeria is equivalent to Kalo Kalo (jackpot machine) what goes in can come out but very dificult.
I dont believe that your colleague could not access his money from IBTC. I am a living example, after loosing my job, within 4 months, IBTC sent a text message to me that i can collect 25% of my total contribution, which i contacted the Admin of my former employers and they forwarded a letter to IBTC for identification. After, i received my money. So that your colleague should do the proper things to get his money. I am not saying this happen to someone i know, i am the person that experienced it

1 Like

Re: I Want To Withdraw From My Pension Fund Account! by chuksmad(m): 3:37pm On May 26, 2016
ikakahu:
The truth of the matter is that most companies do not remit these pension funds.I ve worked for 10 months and never had pension fund paid into my pension acct.Only God knows what they use my money for and they deduct this pension fund from my salary monthly.How can one tackle that?
Very simple, write to your Admin/HR to clarify the issue
Re: I Want To Withdraw From My Pension Fund Account! by SleekReek(m): 7:19am On May 31, 2016
If you are not up to 50 you can only access 25% of your pension funds if you lose your job,part of the document required to recieve this is your letter of redundancy, if you are up to 50, you will recieve 75% and the remaining 25% will be divided and paid to you on a monthly basis...Understand this,it is your money but has been invested by the Pension Fund Holders, and backed up by the Pension act.

1 Like

Re: I Want To Withdraw From My Pension Fund Account! by 1kinggy(m): 1:03pm On Dec 13, 2016
Guyman02:
Somebody is asking how he can get his money at least to feed before another one comes and many are speaking grammar adding to his problem. Ok I have about N3million based on the last alert i received, i have been contributing for several years and you guys dont understand how I feel sometimes when iam broke and I receive alert that I have N3m in my account from IBTC.

My colleague who is over 60 years and have left the job has been struggling to get his money for the past several months that he got so frustrated and abandoned the money after endless come today come tommorrow by IBTC.

This whole pension stuff just like every other Nigerian initiative is like kalo kalo, they even reduced my money sometime in 2009 and blamed it on the crash in the capital market which affected returns that they expected from invested funds.

My guy if I may advise from the experience of my coleague, the amount of time and money that you will spend on transport to their office at this critical time is better invested in taking care of your basic needs until you get something else to do.

The pension stuff for now is not different from GSM lottery, easy to send text with your money and promises of millions. The more text messages you send the more money MTN or Glo makes while they encourage you to wait for the draw date which in this case is 65 years after.


Not that bad. I know people who got their 25% in less than 2wèeks. They are below the official retirement age. The delay is often from the companies not remitting funds.
Re: I Want To Withdraw From My Pension Fund Account! by 1kinggy(m): 1:04pm On Dec 13, 2016
Encourage the culture of savings: with N2500, Open a UnionTeen Savings account for your teenagers and help them grow their funds!
Re: I Want To Withdraw From My Pension Fund Account! by mhelordy: 4:33pm On Dec 01, 2017
These comments here are not encouraging at all. So pension money can't even be used in case of emergency??


Many of us entered into pension scheme without knowing how it operates.

Someone young is out of work and needs money for his Masters program and basic needs and he is been told until he attains a certain age.

I think this pension act should be reviewed to suit our present situation in Nigeria.
The situation now in Nigeria is different from when the Pension act was formed. This act should be reviewed

1 Like

Re: I Want To Withdraw From My Pension Fund Account! by edrys(m): 1:12pm On Oct 27, 2018
@jamace. Were you able to resolve this pension palava?
Re: I Want To Withdraw From My Pension Fund Account! by Nobody: 4:08pm On Oct 27, 2018
Hmmmn. A good friend of mine is also facing these herculean task currently. He is travelling out and needs some cash and his only saving grace is these pension. Now, I doubt if he will be able to get anything from his pension.
Re: I Want To Withdraw From My Pension Fund Account! by Mustay(m): 5:47pm On May 27, 2019
agitator:


Same thing happened to me, worked for about 1yr 7months cash was deducted on a monthly basis. But at the end of the day nothing was in my account. Called the company, and complained after sometime they stopped picking my calls. A friend advised me to complain to CONSUMER PROTECTION COUNCIL, CPC called them Pension company said they will resolve the issue, back and forth, back and forth, at the end of the day nothing. Now another ARM Pensions took over the company with my empty account and  have been bombarding my phone with SMS  cry cry cry cry cry

Conclusion no kobo was deposited in my account even though the amount was deducted. This was done by the No1 German construction company operating in Nigeria.

The No1 German construction company operating in Nigeria is to blame here. They obviously did not remit
Re: I Want To Withdraw From My Pension Fund Account! by ultimatekint(m): 10:06pm On Oct 26, 2019
Someone should please help me. I lost my job from National Open University in 2016, I want to know what steps I need to take to get my pension money from PENCOM. My PFA is Legacy Pension which is now FCMB. I am over 60years old. I intend to use this money to take care of my boys educational career. PLEASE HELP.
Re: I Want To Withdraw From My Pension Fund Account! by showafrica(m): 1:27pm On Oct 27, 2019
nakoks:
OK DIS IS D BEST ANSWER YOU CAN GET,
IF U WERE SACKED U CAN ACCESS 25% OF YOUR RSA BALANCE IF YOU APPLY
IF YOU RESIGNED YOUR JOB THERE IS NOTHING FOR YOU SO DONT BOTHER AND THERE IS NO LEGAL ACTION YOU CAN TAKE

DIS GUY WORKS IN D INDUSTRY SO HE KNOWS WHAT HE IS SAYING

What if company liquidated?
Re: I Want To Withdraw From My Pension Fund Account! by Nobody: 7:50pm On Jul 23, 2021
dorben:
i work with one of the pension fund administration in abuja.u cannot empty your account but can be paid 25% of your total contribution.if u r unemployed and there should be evidence.


How do I withdraw from part of my pension after resigning?
Re: I Want To Withdraw From My Pension Fund Account! by Nobody: 7:52pm On Jul 23, 2021
1kinggy:



Not that bad. I know people who got their 25% in less than 2wèeks. They are below the official retirement age. The delay is often from the companies not remitting funds.


How do I withdraw from part of my pension after resigning?
Re: I Want To Withdraw From My Pension Fund Account! by 1kinggy(m): 4:51pm On Jul 24, 2021
LuckyAgbaze:



How do I withdraw from part of my pension after resigning?


You have to be out of paid employment for minimum of 6 months to qualify. However, check with your PFA: pension fund admin.
Re: I Want To Withdraw From My Pension Fund Account! by SavageResponse(m): 6:20pm On Jul 24, 2021
1kinggy:



You have to be out of paid employment for minimum of 6 months to qualify. However, check with your PFA: pension fund admin.

How does he prove he has been out of job for 6 months?
Re: I Want To Withdraw From My Pension Fund Account! by Purelypure(m): 9:43pm On Jul 24, 2021
SavageResponse:


How does he prove he has been out of job for 6 months?

You submit your 6 months account statement and they will check and confirm no specific amount comes in as salary for last 6 months. I heard its no longer 6 but 4 months

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