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Nairaland Forum / Nairaland / General / Investment / I Want To Withdraw From My Pension Fund Account! (56715 Views)
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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. Oh Nigeria!! |
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?:Oh Nigeria!! |
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: 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: 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: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 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: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: 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: 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: What if company liquidated? |
Re: I Want To Withdraw From My Pension Fund Account! by Nobody: 7:50pm On Jul 23, 2021 |
dorben: 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: 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: 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: 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: 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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