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.

My dear, its absolutely impossible that your money hasn't increased since 2008. Yes, no new remittances because u ar no-longer in paid employment, but as d PFAs unit price keeps growin, so does ur own fund because the no of units u had is already fixed. If at d time u left, it was N1.10 (totalling N3mil) and it is now currently N1.85, ur N3mil is well in d region of N5mil or more. Ur money never stopped workin. Upon ur 50(h bday, ensure u follow up and carry big ghana-must-go to ur PFA. But it will stil be spread into lump-sum and monthly payments o. [qu
ote author=jamace]Imagine having about N3m with my PFA and no increase/profit since 2008. Is this a good biz? Govt has pushed his workers to wolves in sheep's clothing just to dodge responsibility.

Govt must wake up to its responsibility. [/quote]

Guy, u hav a point but u failed to realise, u can't eat ur cake and have it. If u fix d funds for 15 yrs, compounded, and make so much more money than d annuity projection, what is d man supposed to live-off on throughout d 15 years? My annuity option gives u a healthy mix of investment income and cash-flow in retirement. D monthly payouts ar also from your accrued pool, so in essence, its a reducing balance. Be open minded about these things. Besides, for well-off folks, an option is to have d whole funds invested in perpetuity and hav only the interest accrued paid to them as pocket money. Mr a's option and life choices neednt b d same as mr b. The scheme works and is difficult to maniopulate, hence incidence of fraud is almost zero

jamace: ^^^Nna, why you dey talk say the present PENCOM is better than the former pension scheme? Have you looked at this with an investor's mind?

Ok let's do small simple interest maths.
Let's assume I have N5m and you as the PFA pays me let's say N50K (maximum, according to you) per month. In 15 years, you would have paid me N8m. Which means you paid me an excess of N3m on my deposit, isn't it? But N3m is 60% of N5m, not so? Ok, now assuming the govt pays me my N5m and I invested it myself for 15 years on fixed deposit which yields 5% per annum (simple interest o) for 15 years, I would have made N8.75m, which is 75% of N5m gain.

Now, look at the difference 60% interest PENCOM and 75% if I personally invested in simple interest. That is 15% loss to me or 15% gain to PENCOM? Just imagine if I had invested my N5m with compound interest? . Note that if I invest my money myself, my initial capital remains mine but with PENCOM, it is bye- bye to the initial capital.

So, you see that the PFAs gain while the workers lose.

I will in conclusion safely say that PENCOM is a CAPITALIST invention to further improverish the poor workers. Think about it.

A client of mine handles haulage for nig brewries, and d driver's official salary is abt 70 k but add in allowances and bonuses, d hardest workin ones make a helluva killin. Some get mor than 200k, easyIf properly set up, a young guy (not us, our throat don long and eye too chuke) gets training, licensees, qualifications etc and proceeds to plough his way out of poverty. Nobody says he gotta do it forever, but he can work hard, save like hell and use d capital to pursue his dreams, afterwards. Do u know how much truckers earn abroad?Each truck costs like 20 mil, its smart business to put sharp ppl behind d wheels, not d illiterate muthafuckas that currently rule our roads

I feel ur pain. Wt such remarkable credentials and pedigree, its a crime to limit u to just being 'mummy-baby'.if ur hussy had this pic in mind, he shoulda settled for ond holder or someone wt less ambitious career prospects. The trick is thus, how u break it down that u really need to work desperately without bruising his ego. Some women are great multi-taskers and can wear several hats without any problems, I sense u ar in this category. Others may loose d script if dealin wt more than 1 role, eithr home or career will suffer, or even both. What are ur values, how are they ranked, how do they align or merge with ur husband's? Study ur husband and try to see why his thinkin is skewd, perhaps ther is drama frm his own upbringin that is fuellin this paranoia. Its d key to breakin down his resolv and winning his support.

how com its only guys talkin so far?

aginamuk:

How do you even tell your mother or father in-law to leave your house?

TACTFULLY remove the reason for the extended stay; in my case, register the baby for creche and on the next weekend, give them a tidy settlement (50-500k) as u hold reach.

ol-boi, I goofed. My wife had a baby-girl (our 2nd) 6 months ago, since then, her mum and sister hav set-up camp at my home. Initially, it was a relief but I have recently com to d conclusion that I was siiting on a keg of gun-powder. D more I covr my ears and eyes, the more brazen they become. Anytime i enquire from my madam abt when they will be leaving, she claims to still need them because d baby is still to young for day-care.

i had to put my foot down and tactfully kick em out when d whining and snide remarks were gettin too 'amplified'. For sake of respect, some distance has to be maintained between in-laws and a young growing marriage. It's helpful in the short-run but too damaging when the stay is extended.

Having said that, it also depends on the characters involved. I had no real issues with the sister, na dem mama get gutter-mouth, and i couldnt stand her influence on my wife. Havin every decision or discussion ratified by that woman was like living in 'HELL'.

No point being overly emotional abt this debate. Emphasis should b on aggressiv vigilance on d funds realised from subsidy removal. If properly used to address our very severe infrastructur shortfall, then d common man wil thrive and prosper, even if fuel price is N200 a litr. Last I checked, d poor man doesn't drive a fleet of fuel guzzlin suvs and if powr is fixed, bye to generators. At least, let's considr it. We hav absolutely no control ovr d few dubious racketeers that pocket this subsidy anyway.

We wil b denyin d obvious, I agree wt d op. Sad with d way d thread turned out into a tribal bash-party, but I figure that's wassup arond here. all marriages are very challengin, I think (my humble opinion) our women are bettr educated and liberated(also less submissive), so divorce in a horrible situation wil appeal more to them, than other scenarios. We also hav muslims and traditional factors which tend to encourage multiple patners, unlike in ibo land.

Been away for a while, I do work with a pfa and while I seriously empathise with u all on ur frustrations with d scheme, we all must agree that this system is still bettr off than what previously existed in both public n private sector. It's all abt perception. Concernin how long d annuity will be funded in retirement, its dependin on d volume of d savings and ur choice indicated as tenure (minimum being 15 yrs). Eg, N5mil annuity could pay roughly 40-45k monthly pension for d 15 year period. If u choose to collect for 20 yrs, d monthly pay out will be reduced to accomodate more payment lodgement into ur checkin acct. What is key, d pension payment streams u receive is far in excess of d initial annuity value. Insurance coys guaranty this payment and purchase this debt to u aftr very stringent bargaining by ur pfa.

If only naija could rise up and attain reasonable livin conditions that wil afford our youth accomplish and fulfil their aspirations back home.

mjay:

What happnd when u hit 50? Does any of the requirements change? That is if you resign or lose your job or whatever, wht happns when you re 50?

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.

i beg to disagree. PFAs are bound by very strict PENCOM guidelines, so incomplete applications will be declined by the regulator. If you bring the itemised submissions (usually sourced from a competent admin or HR dept), there is no excuse for denying access to your funds.

PENCOM is a civil service organisation and it may not yet be able to match the speedy request of the client or the PFA, but it still works (eventually). Provided you have everything on the checklist, you will get your funds within 2 months max).

mjay:

Hey peeps is there anyone who has withdrawn from this pension of a thing? Wether the 25% or someone who has attained rhe mandatory age, please let such share experience. We know those paying, but who are collecting?

It usually takes about 1-2 months from processing, provided all necessary docs are fully enclosed. The checklist is as follows;
letter of last employment
letter of disengagement (must be over 6 months)
last pay slip
current account number
letter of indemnity from your last employer (stating they are not owing you and have paid all your entitlements)
standard application letter
your bank account number

Honestly, the reality is that your PFA experience is a direct function of what you put into it. I always encourage all my clients to take active participation and closely monitor their remmitances to ensure that they get transferred on time and regularly. Pension funds are diverse investment streams and are unitised; unlike most quoted stocks and shares, will continue to grow steadily till the exit age (50 years for now). While you are unable to withdraw now, your funds still continue to appreciate and grow.

The sad part is many staff get ripped off because their HR deducts at source but sits on the funds (or borrows 'both employee and employer contribution at no interest or even embezzle it outright). If people will start knocking on doors, being out-spoken and getting more involved, the situation will be much improved. It's your future, you should be most concerned.

OP,
Provided you are still single, my sincere advice to you is hunt for something better that can sustain you. Loosing a job, while a painful experience, isn't the end of the world. It could be the spark-plug that will lead to a journey of self-discovery.  Applying for 25% should be a last resort, after exhausting all other possibilities. Take heart.

The Reps have it all wrong. The telco'S will simply blame the poor infratstructure and insecuirity as costs of doing business in Nigeria but the argument is, with our humongous population, they are all still desperate to remain in Nigeria. Why not move over next door where you have excellent infrastructure but population of 2 million? Let's face reality.

The real issue is; how have some dropped their rates while a fat cat like 'mtn' refuses to do same. If our telephone numbers were portable (as obtains elsewhere), people will simply carry their numbers and move to where d grass is greener. With better offers from airtel and etisalat, mtn would have been out of business if people weren't so averse to changing their phone numbers.

here's my take on this.

I have a young daughter and I am sending her to school and setting her up with the tools she needs to be master of her own destiny. Woe betide the SOB that will tell her not to work but stay at home and be iya-baby. My madam is currently a sit-at-home wife (due to UNIBEN /NYSC wahala) and she's so furstrated and bored to death. After 3 failed businesses, I don't have apetite for any more money-miss road ventures. plus, I never bargained for an iya-shop wife.

Even if a woman wants to do business, it should be after working for a while, getting some corporate exposure and maybe saving some capital. Having a Bsc and ending up hanging out with iya-sukura the meat-seller next door is an utter waste of life. God forbid. If she work small, and then decide to start company in line with wetin she read abi experience she gathered, I'll be 110% supportive.

This KAREN go kill me o.Stumbled upon her diary session and I was stupified by her silliness. She's RAZZ with a capital R.

gbolademi:

24/7 Nigeria News Update
Oyo Guber Result Update:-ACN(12) wins in Iseyin,Saki West,Oluyole,Akinyele,Ibadan South East,Ibadan South West and Ibadan North,Saki East,Afijio,Oyo West,Oyo East,Atiba.PDP(6) wins Ogbomosho North,Ogbomosho South,Orire,Ogo Oluwa, Ibarapa East,Saki East while Accord(3) won Ona-Ara, Egbeda and Lagelu,

My good people, as much as we all seem desperate to unseat AKALA, there are 33 LGs in Oyo and the update you guys are celebrating is only talking about 21. Let's hold our horses and be careful before we start any celebrations. What does appear clear however is that there will definitely be cause to go to court to unearth the mysterious votes cast in the hinterlands of Ogbomosho and Oke-ogun. The expensive bio-metrics excercise conducted by INEC during voter-registration must be useful in settling the scores and un-masking the masqurades in our midst.

Mikel is my man

my wife must not see this strap.

admin,

Please remove am kia kia.

Wale Adedayo’s Challenge to Jonathan, IG and DG SSS

Mr. Wale Adedayo, former chief press secretary to Governor Gbenga Daniel of Ogun State, last Friday visited THISDAY newsroom. He gave two copies of his new book to two of my colleagues. I was not around. However, I have seized one of the copies. Within two days, I had finished reading the 148-page book. The book titled ‘Micro-Seconds Away From Death’ contained mind-boggling details. It contained eye-witness account of how assasination, violence, fetish practices and invocation of the power of evil forces are allegedly being employed as elements of governance in Ogun State.

Adedayo gave what many would read as a chilling account in which he did not hide his own ignoble roles in the story. I recommend that book to President Jonathan Goodluck who appointed Daniel as his co-ordinator in the South-west zone, Inspector General of Police Hafiz Ringim and Director General of the State Security Services (SSS), Mr. Ita Ekpenyong.

The security agencies need to study the content of Adedayo’s book and investigate all the claims he made in it. The individuals whose names were mentioned in connection with illegal activities should be invited for questioning.

To behave as if nothing has happened when a key actor has given clear clues on cases of illegality will further encourage acts of impunity and misuse of state powers by those who are entrusted with the powers by the electorate. This is an opportunity for Jonathan to really prove that he is ready to abide by his oath of office to enforce the laws of the land without fear or favour. We shall cross our fingers.

http://www.thisdayonline.info/nview.php?id=185764

Wale Adedayo’s Challenge to Jonathan, IG and DG SSS

Mr. Wale Adedayo, former chief press secretary to Governor Gbenga Daniel of Ogun State, last Friday visited THISDAY newsroom. He gave two copies of his new book to two of my colleagues. I was not around. However, I have seized one of the copies. Within two days, I had finished reading the 148-page book. The book titled ‘Micro-Seconds Away From Death’ contained mind-boggling details. It contained eye-witness account of how assasination, violence, fetish practices and invocation of the power of evil forces are allegedly being employed as elements of governance in Ogun State.

Adedayo gave what many would read as a chilling account in which he did not hide his own ignoble roles in the story. I recommend that book to President Jonathan Goodluck who appointed Daniel as his co-ordinator in the South-west zone, Inspector General of Police Hafiz Ringim and Director General of the State Security Services (SSS), Mr. Ita Ekpenyong.

The security agencies need to study the content of Adedayo’s book and investigate all the claims he made in it. The individuals whose names were mentioned in connection with illegal activities should be invited for questioning.

To behave as if nothing has happened when a key actor has given clear clues on cases of illegality will further encourage acts of impunity and misuse of state powers by those who are entrusted with the powers by the electorate. This is an opportunity for Jonathan to really prove that he is ready to abide by his oath of office to enforce the laws of the land without fear or favour. We shall cross our fingers.

http://www.thisdayonline.info/nview.php?id=185764

'naughty woman slap' lol

but really, it's just plain lousy behaviour. D guy too 4kup.

it appears bbr never rest o, the show has assumed a life of its own, long after the cameras stopped rolling.
it appears Nkenna is back in Naija and was interviewed on STV. Didnt watch it mysef , but I gather she really dissed elizabeth big time.

did anyone catch the show, updates please.

LC; I dont work in Lag but would dash down any weekend that's scheduled for this get-together. Let's make it happen.

If nairalanders can pull such a big thing off in Africa, who says they cannot effect a big change in the polity.

Yes we can! We can topple the corruption enthroned in our govt houses and Aso rock. Yes WE can
[quote][/quote]

amen to that, it's proof positive that good things happen to good people, bad things abound for evil people and the world will always ignore the clueless. Congrats to all Kev fans and may his success inspire greatness in us all.

The show may be over, but life continues, I'd really hate for this thread to die off like so many others b4 it and I pray Kevo himsef swings by some day to experience the following that powered him through the finish-line, let's keepit flowing.

congratulations all of ya, next project should be to dethrone nepotism and install a leadership we can believe in at all levels come 2011.

if kevo wasnt representing positively, i would neva vote for the other naija housemates.nkenna is repulsive and geraldine was forgetable.

all d previous naija hms just weren't worth d wahala. bigbrotha naija was more interesting in terms of quality representation of naija youth.

That leads me to wonder, did mnet intentionally do screening to find the worst naija rep and embarass us in other years, or were we just unlucky?

If you remember, Kevo's intro from day 1 mentioned something about him being voted Mr.Sociable in his campus at UNIJOS.Its obvious he was made for a show like this. His positives cancel out nkenna's backwardness on a scale of 1 versus 10.

OUR MIDGET KING RULES SUPREME. I pray he handles the fame well and doesnt turn into a monster after the show.

it's an unfortunate situation that we have an slowpoke president and a lame daft vice-president to boot. If it were a smart vice, there's no way yar-adua wouldsneak out of naija to a saudi-hospital to charge his batteris (or whatever scientific miracle is keepin him alive) without properly handing over as stated in d constitution. Its only a goat that doesnt acknowledge that Mr President cant handle the rigours of the job that would continue to encourage him to hang on to power.

If he wont do the honourable thing and resign, the ahgel of death will have to rescue us all from his uninspiring stewardship (or lack of it). If it was Odilior Duke occupying that post, they would hav unplugged his machines long time ago. Goodluck is spineless, clueless and useless.

[quote author=kbone link=topic=320044.msg4995728#msg4995728 date=1259174927]
meanwhile i really enjoyed kevin's step-mom story, he's been gettin hate for it and nkenna supporters are even accusing kevin fans of double standards. meanwhile i think i know a true story when i hear one, didnt sound like any of nkenna's.


[quote][/quote]

all na superstory but if it wins him some sympathy, it's all good.

there's no point kickin ourselves about a false sense of objectivity. Its not just a naija thing because we all seem to despise nkenna and were indifferent towards Boraldine.Its not by accident that Kevo has managed to galvanise so much momentum accross board. He does have his short-comings but he has been our best ambassador on the entire BBA series from inception. He comes accross as a sharp boi and that's what;s unique about him.
that being said, there were other strong contenders for d mulla but it's my candid view that the solid threats have all left d house via the dreaded 'comrades-in-arms'route. To Kevo's credit, his votes alone saved both himself and psychobeth several times, to the chagrin of his traducers.
When push comes to shove, even those other countries that usually tend to hate naija will succumb to the sheer popularity of our 'MIDGET KING'.

i went to FGC,Ijanikin and for most parts, it wasn't cool at all. As a jr student, i suffered big time because my older brothr finished frm d same school and many of his victims took their revenge on me. I paid them back too o,
it was common place to send boys to dining hall to go and arrange food (rounding like 8-10 times) and God help you if u no meet ur target. I used to scrape left overs and spit into d food b4 handing it to those bastards to wack.