₦airaland Forum

Check here for how to report your employer
https://www.pensionnigeria.com/pension-news/what-to-do-if-your-employer-does-not-remit-your-pension-contributions-into-your-retirement-savings-account/

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PensionNigeria
www.pensionnigeria.com

Getting 25% used to be very easy, you could withdraw within 2-3weeks, but things have changed because now he has to update his details before he can withdraw.
The processes he will need to go through are
1. Data recapture
2. Submit all docs for 25% withdrawal to PFA
3. PFA confirms that all docs are ok & data recapture is confirmed before they send for approval
4. once PFA gets approval from PenCom they will tell the bank to pay him.

He should continue to ask his PFA to provide him with update on the status of his application.

Regards
PensionNigeria
www.PensionNigeria.com

All employees are mandated to contribute pension towards their retirement.
Majority of the people we tag as contract staff working in Nigeria banks, are employees of other companies seconded to the banks.
If your letter of employment says you are an employee of ABC limited, and ABC limited sends you to ZZZ bank to go and work as a teller, ABC limited is mandated to deduct and remit your pension.
If you were specifically employed by ZZZ limited and your letter of employment says you are a contract staff employed for a particular purpose and period without benefits, then you wont need to contribute pension.

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From @PensionNigeria on social media

Based on the Pension law that applies to all PFAs in Nigeria, he can not get the N100,000 because the balance in his RSA is meant to be paying him pension till the RSA balance is exhausted.
But he can still contact his PFA to confirm, also he should ask the PFA whether they can increase his pension based on the new PenCom regulation.

Regards
From @PensionNigeria
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You have the right to change your pension manager, check out "How to change your pension manager and what to do afterwards https://www.pensionnigeria.com/pension-news/how-to-change-your-pfa-and-what-to-do-afterwards/

This is the advice I give to young people.
In addition to your pension
Have another personal savings for retirement
Have a portion of your salary for investment
If you dont want your pension to be deducted, then dont work in formal sector, work in the informal sector where it's voluntary.
Inflation has been around for ages and there will always be inflation, your personal savings and investment are in your hands, manage them to beat inflation.

I heard that it is your amount of salary dat determines your pension. How true is dat??.

Pension contribution is a percentage of an employees total emolument, the emolument in question must not be less than a total sum of basic salary, housing allowance and transport allowance. The employer contributes minimum of 10% while the employee contributes minimum of 8% of the employee's total emolument.

I heard it is from your salary dat pension is deducted from. How true is that??.

The 8% to be contributed by the employee comes from the employees salary but the 10% to be contributed by the employer MUST NOT be from your salary.

What is the difference between gratuity nd pension.

Gratuity is in the old pension scheme, it is a lump amount paid to an employee immediately the employee retires.
Pension is a continuous monthly or quarterly payment, paid to a retired staff.
Under the Contributory Pension Scheme what is likened to Gratuity is lump sum.

And lastly is pension for life or it will stop at some point.

In the old pension scheme they mostly said pension was for life, but in practice people were not paid at all or paid very late, this is because the scheme was largely unfunded and not transparent.
In the new pension scheme, its clear that pension is for life when you buy an Annuity BUT you should read your annuity agreement very well and be sure you understand what you are signing up for, for life.
For programmed withdrawal with PFAs, the PFAs have a template they use to ESTIMATE how many years they will pay you pension, it used to be around 20 years, you should knowledgeably ask your PFA about this, in addition, the law says if you contributed pension for 10 years while you were working, the PFAs will continue to pay you minimum pension (one third of the prevailing minimum wage) for Life. Infact, what is currently been done EXCEEDS that because PenCom directed PFAs to continue paying the retirees who have exhausted their RSA balances, the same amount they were been paid as monthly pension.

Source: https://www.pensionnigeria.com/

You should check out performance of all PFAs in Nigeria here
https://www.pensionnigeria.com/pension-news/performance-of-all-pfas-in-nigeria-for-january-to-june-2022-year-to-date/

Getting pension from state government can be a daunting task in this type of situation, I will recommend going through Nigeria Union of Pensioners too.

I know there are Fund 1-6. 1-4 is for general formal employers, Fund 5 is for informal sector and Fund 6 is an islamic fund.
You can learn more about Fund 1 to 4 on PensionNigeria https://www.pensionnigeria.com/pension-news/multifund-structure-executive-summary/

Also, to compare PFAs I use their performance released by PensionNigeria https://www.pensionnigeria.com/pension-news/performance-of-all-pfas-in-nigeria-for-january-to-may-2022-year-to-date/

PensionNigeria compares performance of all PFAs in Nigeria, you can check them out
https://www.pensionnigeria.com/pension-news/performance-of-all-pfas-in-nigeria-for-january-to-september-2020-year-to-date/

DB is Death Benefits, it's the entitlements of a deceased person that the employer transfers to the PFA for the deceased beneficiaries to access it.
Accrued Rights - is the entitlements of a government retiree under the old pension scheme that is transferred into their Retirement Savings Account (RSA) under the new pension scheme.
Regards
PensionNigeria