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Career / Re: 10 Things You Need To Know About Pension In Nigeria by bettiesofttouch(f): 5:48pm On Aug 27, 2015 |
[quote author=Realwvn post=37376839]Your pension fund administrator (PFA) will take your questions and give you all the information you need to make the right choices as you prepare for life after work. Furthermore, here are 10 things you should know about your pensions before you retire. 1. What’s the due date and payment mode? If you choose to be paid monthly, your PFA will pay your money to your bank account on or before the 24th day of each month. You don’t have to worry about cheques or any long process. Receiving your pension will be completely convenient for you. 2. What happens in the event of death? If one is on the Contributory Pension Scheme (CPS) and dies either in active service or after retirement, the next-of-kin as provided by the deceased to the PFA will be contacted to provide relevant documents for processing the contributions. The contributions will be paid to the named beneficiary in the WILL of the Letter of Administration. 3. Can you change your next of kin after you retire? This can be done at anytime. The change of personal information form will ideally be found on the website of your PFA. Download the form, fill it and submit to your PFA for actioning. 4. How much can you take at once when you retire? As lumpsum, a retiree is entitled to an amount not less than 25% and not more than 50%. This amount is however dependent on the fact that the retiree is able to collect a monthly pensions of not less than 50% of his/her last salary (computed based on the housing, basic and transport) for a estimated period of atleast 18 years. 5. How soon can you start getting your pension after you retire? The process of documentation actually starts six months before you retire. For FG employees they have to go for the Bond verification exercise organised by PENCOM. This exercise basically is to enable PENCOM consolidate their account and ensure their accrued rights are paid immediately they retire. For Private sector employees, your PFA has to confirm that all contributions due to you have been made. This process is called ‘consolidation of account’. After this is done, the process of actual payment should take about 3 weeks. 6. Can you choose how you want to be paid? The programmed withdrawal means you get to choose your payment interval by yourself. You can choose to be paid your pension monthly or quarterly depending on what you think works best for you. Your PFA will be crediting your bank account according to the plan you choose. 7. Can you take from your RSA before you retire? Yes you can withdraw for your RSA before you retire if you are out of employment for four months and you’re unable to secure another employment. You will be given 25% of your RSA balance. After this 25% has been withdrawn for your RSA, the balance cannot be touched until retirement. However, if you choose to make additional voluntary contributions (AVC) into your Retirement Savings Account (RSA) you are entitled to withdraw from your AVC any time before retirement (it is tax free if withdrawal is after 5 years). So if you’ve been putting some AVC in your retirement account or if you start now, you too can withdraw from that at any point before you retire. 8. What happens to your balance after you withdraw your lump sum? When you retire and take an initial lump sum from your RSA, the rest of the money will either be used to procure an annuity for you, or it will be used to fund a programmed withdrawal that pays you for an estimated lifespan of not less than 18 years…in real terms…for life. A programmed withdrawal is a method by which the employee collects his retirement benefits in periodic sums spread throughout the length of an estimated life span. An annuity is an income purchased from an approved life insurance company which provides monthly or quarterly income to the retiree during his/her lifetime but only the first 10 years are guaranteed meaning if the retiree dies AFTER 10 years, his/her beneficiaries get NOTHING. 9. Other than when you retire, when can you have access to your RSA? There are special cases. For instance, if you retire before you’re 50 years old because of a mental or physical disability, your PFA will give you immediate access to your RSA. You can also claim 25% of your pensions if you lose your job and can’t get a new one within four months. 10. Should you move your pensions to an insurance company when you retire? It is entirely your choice but you’re strongly advised to keep your pensions with your PFA. Your PFA manages your pensions while you work, they invest the pensions for you safely and they update you regularly about how your money is doing to help you prepare well for retirement. This proves that you can trust them to keep delivering even after you retire. Besides once you move from Programmed Withdrawals to Annuity, you CANNOT move back if you’re are not satisfied with the services they offer or the deal you got. So choose wisely and make n informed decision. Your future and that of your loved ones count on it http://www.naijanewsrave.com/10-things-you-need-to-know-about-pension-in-nigeria/ [/quote. But Annuity is by far better dan pension so I'll advice all those who are retiring or have already, to transfer to Annuity. Applicable 2 federal govt retirees. Any one who is interested, or u have anyone who has retired for 5 to 8 years, contact me on whatsapp trough dis no 07039644374 cause this particular set needs help before they complete 10yrs of retirement. |
Celebrities / Re: Photos From Commander Babba And Rukaiya Hamco's Fab Wedding by bettiesofttouch(f): 8:30pm On Jul 15, 2015 |
dpedro1:its the bride's dad that is the business man in person of Alhaji Hamisu Hamco not the groom's dad. |
Celebrities / Re: Photos From Commander Babba And Rukaiya Hamco's Fab Wedding by bettiesofttouch(f): 9:02pm On Jul 14, 2015 |
sinaj:. Heheee dats called kunshi. Happy married life Tatata (Rukayya) Remembered bk den in second schl I n my 2 sis wia d only christians in d whole schl n she ws 1 of d std dat ws really close 2 my sis. Missing Gateway int. big time. |
NYSC / Re: Prospective Batch A15 Akwa Ibom Corpers by bettiesofttouch(f): 7:40pm On May 13, 2015 |
Adesolomon2014:june 2nd awaits me. |
NYSC / Re: Prospective Batch A15 Akwa Ibom Corpers by bettiesofttouch(f): 9:46pm On Apr 30, 2015 |
Till now no one has said something fascinating about akwa ibom. |
NYSC / Re: Prospective Batch A15 Akwa Ibom Corpers by bettiesofttouch(f): 9:45pm On Apr 30, 2015 |
wence2:also going from kaduna. Would love 2 know how 2 go abt it too. |
NYSC / Re: Prospective Batch A15 Akwa Ibom Corpers by bettiesofttouch(f): 9:21pm On Apr 30, 2015 |
EazyMoh:wow zuizz so swt 2 knw I'll meet u dia |
Romance / Re: Why Cheating Your Woman: by bettiesofttouch(f): 8:34am On Apr 15, 2015 |
benlegacy:cos its in dia blood. Men a naturally polygamous in nature n @ such can't do wif out cheating. |
Celebrities / Re: We Only Use Nu.dity To Sell Our Songs - Singer, Lola Rae by bettiesofttouch(f): 7:12pm On Feb 16, 2015 |
jiggaz:. Wot abt dose who sing gospel witot doing dis |
NYSC / Re: Prospective NYSC 2015 Batch A. by bettiesofttouch(f): 3:03am On Feb 07, 2015 |
Bacteriocin:. I actually saw may 5th to eda 26th or 29th or there about bt I didn't want 2 believe it. Any ways thanks. |
NYSC / Prospective NYSC 2015 Batch A. by bettiesofttouch(f): 2:39am On Feb 07, 2015 |
Pls any news as 2 wen Batch A wld b going 2 camp? Pls any1 wif an info shld pls share wif us. |
Celebrities / Re: If You Recognize These People, Then You're No Longer A Kid by bettiesofttouch(f): 12:42am On Jan 30, 2015 |
Nneka123:. I've lost count of places I've gone looking 4 d complete movie. |
Politics / Re: "How I Will Operate As Nigeria’s First Lady" – Aisha Buhari by bettiesofttouch(f): 12:03am On Jan 26, 2015 |
ARKdiscloser7:. She'll be busy teaching nigerian women how 2 cook tuwo n miyan kuka or tuwon shikafa da miyan taushe. |
Celebrities / Re: Shocking Photo Of Woman Who Was Flogged 90 Times In Saudi Arabia by bettiesofttouch(f): 11:33pm On Jan 25, 2015 |
ameer2:. Confused human beings. |
Celebrities / Re: Shocking Photo Of Woman Who Was Flogged 90 Times In Saudi Arabia by bettiesofttouch(f): 11:25pm On Jan 25, 2015 |
mikporch:. Mad man with clothes on nw I see y u marry up 2 4 wives. Some even turn 2 auri saki. Mumu of d highest other. |
Family / Re: Meet The Nigerian Woman Who Married At 43, Gave Birth At 60 ( Photo ) by bettiesofttouch(f): 1:35pm On Jan 15, 2015 |
Indeed our God is the God that makes the impossible possible because his ways are not that of men. |
Celebrities / Re: Pregnant Tiwa Savage Peforms On Stage With Her Baby Bump (Photos) by bettiesofttouch(f): 4:14pm On Jan 11, 2015 |
If she doesn't work how would they feed and take care of d child? |
Family / Re: Appreciation With Sex. Men Why? by bettiesofttouch(f): 11:34pm On Jan 10, 2015 |
Left 2 me tell him no. But follow ur heart. |
Family / Re: Help!!! My Wife Is Ruining Our Marriage by bettiesofttouch(f): 11:17pm On Jan 10, 2015 |
This is what we call *girma ta riga hankali* eh bt 1st of all we only heard ur own part of d story. Bt even at at I don't support 3rd parties in relationships talk more of marriage. |
Family / Re: Help!!! My Wife Is Ruining Our Marriage by bettiesofttouch(f): 10:35pm On Jan 10, 2015 |
wasak:. Perfect exactly wot he needs 2 do. |
Celebrities / Re: Boko Haram Give Buhari Support by bettiesofttouch(f): 10:19pm On Jan 10, 2015 |
Some bastards that have been saying Jonathan is d brain behind BH nw will come here 2 say its all a ploy 4 buhari 2 lose supporters. |
Celebrities / Re: Genevieve Shares Her Latest Adourable Looks In New Photos by bettiesofttouch(f): 10:03pm On Jan 10, 2015 |
lafflaff123:. All of d above most especially d 1st n last point. |
Celebrities / Re: Is Tonto Dikeh Now Born Again?? Most Read... by bettiesofttouch(f): 1:53pm On Jan 09, 2015 |
Dat can't be true where is ur prove? |
Family / Re: How Much Allowance Does A Wife/Woman Need? by bettiesofttouch(f): 2:43pm On Jan 08, 2015 |
diddy4:. God bless u jare. You are her king n she is your queen. Wen 2 best friends gets married there's always a balance equation wen it has 2 do with finances n spendings. |
Celebrities / Re: Buhari Visits APC Members Who Were Shot On Their Way To His Campaign Rally In PH by bettiesofttouch(f): 2:00pm On Jan 08, 2015 |
Rtd mjr gen. Nt gen. |
Celebrities / Re: HIV Positive Nigerian Kenny Brandmuse Reveals He's Gay On Facebook by bettiesofttouch(f): 9:32am On Jan 08, 2015 |
He's sick n needs urgent attention 1 Like |
Celebrities / Re: MBGN Model Esther Kanu Slumps, Dies At 24 by bettiesofttouch(f): 9:13am On Jan 08, 2015 |
We would only hear but it shall not come near our dwelling neither dat of our loved one. Rest well Ester. |
Celebrities / Re: 2015:actress Mercy Johnson Gives Her Fans A Promising Year by bettiesofttouch(f): 7:08pm On Jan 06, 2015 |
I'm so luvin dis woman. D sky is your starting point. |
Family / Re: How Do You Cope With A Wicked Mother In-law In The Same House?? by bettiesofttouch(f): 3:03am On Jan 06, 2015 |
samuelson06:. so on point. Which ever way some mothers in law still hate but I'll advise u keep showing her luv. Even if she's d devil herself she'll definitely get tired of hating u n reciprocate your love. 2 Likes |
Romance / Re: How Do Guys Cope With More Than One Partner? by bettiesofttouch(f): 2:56am On Jan 06, 2015 |
acidtalk:. For guys who keep more than 3 girls he is either a gigolo or forming player. he is a gigolo cos he can't afford dia bills even if its 1kobo n those who think dey r players, are shallow minded. |
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