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How Pension Managers Are Cheating Nigerians - Investment (26) - Nairaland

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Pension Managers Please Come In. / The Absurd Ways Pension Managers Cheat Nigerians part2. / I Want To Withdraw From My Pension Fund Account! (2) (3) (4)

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Re: How Pension Managers Are Cheating Nigerians by boss960: 8:08pm On Aug 03, 2021
What batch are they paying for death benefit
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 8:12pm On Aug 03, 2021
frioslegend02:
Any news this week? What batch are they paying now?

I learnt they want to pay all batches on ground at once... From 92 to 100 or thereabouts
Re: How Pension Managers Are Cheating Nigerians by boss960: 9:39pm On Aug 03, 2021
For death benefit I was told dey are in batch 97 and dey av stop payment
Re: How Pension Managers Are Cheating Nigerians by Misstoluwani(f): 11:55am On Aug 04, 2021
Hello, Pls I need help, My dad died in Dec 2018 and all necessary documents for death benefits has been gathered and submitted by my mum around July 2020. He was in service before 2004, so he falls under the Accrued rights category. Our PFA is NLPC, I will like to know how long it takes for payment to be made. Also I saw people talking about Group life, I need help with how we can go about it if we are entitled to it (My dad did during service, he was an immigration officer).
Pls anyone with good and helpful information can help. Thanks

1 Like

Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 2:26pm On Aug 04, 2021
Misstoluwani:
Hello, Pls I need help, My dad died in Dec 2018 and all necessary documents for death benefits has been gathered and submitted by my mum around July 2020. He was in service before 2004, so he falls under the Accrued rights category. Our PFA is NLPC, I will like to know how long it takes for payment to be made. Also I saw people talking about Group life, I need help with how we can go about it if we are entitled to it (My dad did during service, he was an immigration officer).
Pls anyone with good and helpful information can help. Thanks

Well, payment depends on your batch. Have you been placed on a batch by PENCOM?
For the group life, please visit the pension desk office of your dad's workplace, they should put you through.

2 Likes

Re: How Pension Managers Are Cheating Nigerians by Misstoluwani(f): 7:50pm On Aug 04, 2021
Thefarmer3:


Well, payment depends on your batch. Have you been placed on a batch by PENCOM?
For the group life, please visit the pension desk office of your dad's workplace, they should put you through.
Thanks for your response, I will ask my mum about the batch
Re: How Pension Managers Are Cheating Nigerians by empire02: 8:27pm On Aug 04, 2021
Thefarmer3:


Well, payment depends on your batch. Have you been placed on a batch by PENCOM?
For the group life, please visit the pension desk office of your dad's workplace, they should put you through.
How long does this group life takes, NIGERIA POLICE DON PROMISE ME TIRE...

Any other alternative, it's been 2018, since I submitted every necessary document, I have recieved only his insurance money.
Re: How Pension Managers Are Cheating Nigerians by empire02: 8:32pm On Aug 04, 2021
Thefarmer3:


Group life is entirely different, it is been handled by office of head of service of the federation. It's either they pay through insurance companies or they pay from the budget, last I heard they paid was in Dec 2020 when FG released 2.5B for group life backlogs but my family wasn't included for settlement, so we're looking forward to the next one.

It's entirely different from PENCOM death benefits

Yeah, they would still make payments into his RSA, they still owe his accrued rights cos he has been working for FG before 2004
My brother, how is the group life of a thing, I have been waiting since 2019...
How long does it take please?
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 8:52pm On Aug 04, 2021
empire02:

How long does this group life takes, NIGERIA POLICE DON PROMISE ME TIRE...

Any other alternative, it's been 2018, since I submitted every necessary document, I have recieved only his insurance money.
lol...U had received it already naw. Group life assurance (insurance).
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 8:58pm On Aug 04, 2021
empire02:

How long does this group life takes, NIGERIA POLICE DON PROMISE ME TIRE...

Any other alternative, it's been 2018, since I submitted every necessary document, I have recieved only his insurance money.

Oh, if you've collected the insurance then that's group life oo.... grin grin

Group life insurance
Re: How Pension Managers Are Cheating Nigerians by empire02: 8:53am On Aug 05, 2021
Thefarmer3:


Oh, if you've collected the insurance then that's group life oo.... grin grin

Group life insurance
Nop the officer in charge told me insurance is different from group life.

The insurance I recieved was his health insurance the money is just 200k...
Whereas the group life insurance according to the officer in charge is above 2m...
My dad is a snr police officer...he died while in service.

The officer said I should expect it last year, then I didn't receive anything..now he said this Year , with reason that last year wasn't favourable to fg....
I'm just tired of thier story...

Least, he said after the group life payment, then the will be needing letter of administration administration from me.
Re: How Pension Managers Are Cheating Nigerians by empire02: 8:53am On Aug 05, 2021
yetunsbay:
lol...U had received it already naw. Group life assurance (insurance).
Nop the officer in charge told me insurance is different from group life.

The insurance I recieved was his health insurance the money is just 200k...
Whereas the group life insurance according to the officer in charge is above 2m...
My dad is a snr police officer...he died while in service.

The officer said I should expect it last year, then I didn't receive anything..now he said this Year , with reason that last year wasn't favourable to fg....
I'm just tired of thier story...

Least, he said after the group life payment, then the will be needing letter of administration administration from me.
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 9:19am On Aug 05, 2021
empire02:

Nop the officer in charge told me insurance is different from group life.

The insurance I recieved was his health insurance the money is just 200k...
Whereas the group life insurance according to the officer in charge is above 2m...
My dad is a snr police officer...he died while in service.

The officer said I should expect it last year, then I didn't receive anything..now he said this Year , with reason that last year wasn't favourable to fg....
I'm just tired of thier story...

Least, he said after the group life payment, then the will be needing letter of administration administration from me.
Dear empire02 it's obvious you're yet to start proper documentation I implore you begin early. Meanwhile I'm not aware of any health insurance only lumpsum of group life.
Re: How Pension Managers Are Cheating Nigerians by empire02: 9:36am On Aug 05, 2021
yetunsbay:
Dear empire02 it's obvious you're yet to start proper documentation I implore you begin early. Meanwhile I'm not aware of any health insurance only lumpsum of group life.

I have done all necessary,
My late dad died in 2018, and every necessary document was done 3weeks after his death.
His a police officer and his death was classified as an accidental deaths..

Hence I received the following money so far,
Accidental death,
Co-operative fee(I processed this one 4months after his burial)
Then his health insurance fees..

Now according the officer in charge, he said it remaining his group life, pension and burial fees( he told me the burial level will take so much time) that the group life once I recieved it, the will then request for letter of administration...
My dad pfa is police pension funds administrator.

So tell me, how did I received it,I I'm complaining to know what other steps to follow because since that 2019 till now, the officer said I should keep expecting nd I'm getting tired..he said the should have paid last year but die to covid-19 and end sars...
It shakes fg and her bugdet.
What can you say to me?
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 11:16am On Aug 05, 2021
empire02:


I have done all necessary,
My late dad died in 2018, and every necessary document was done 3weeks after his death.
His a police officer and his death was classified as an accidental deaths..

Hence I received the following money so far,
Accidental death,
Co-operative fee(I processed this one 4months after his burial)
Then his health insurance fees..

Now according the officer in charge, he said it remaining his group life, pension and burial fees( he told me the burial level will take so much time) that the group life once I recieved it, the will then request for letter of administration...
My dad pfa is police pension funds administrator.

So tell me, how did I received it,I I'm complaining to know what other steps to follow because since that 2019 till now, the officer said I should keep expecting nd I'm getting tired..he said the should have paid last year but die to covid-19 and end sars...
It shakes fg and her bugdet.
What can you say to me?
For FG Public/Civil servant I no nothing of Health insurance except Group life. I come in peace.
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 1:06pm On Aug 05, 2021
empire02:

Nop the officer in charge told me insurance is different from group life.

The insurance I recieved was his health insurance the money is just 200k...
Whereas the group life insurance according to the officer in charge is above 2m...
My dad is a snr police officer...he died while in service.

The officer said I should expect it last year, then I didn't receive anything..now he said this Year , with reason that last year wasn't favourable to fg....
I'm just tired of thier story...

Least, he said after the group life payment, then the will be needing letter of administration administration from me.

Oh I see, this arrangement is clearly different from how they run it in civil service commission. Hopefully someone who knows about police service would respond here.
Re: How Pension Managers Are Cheating Nigerians by boss960: 5:55am On Aug 09, 2021
I don't knw if everyone have ideal wen pencom will resume payment of death benefit from 97
Re: How Pension Managers Are Cheating Nigerians by boss960: 6:59am On Aug 11, 2021
Pls what is pencom paying on death benefit and I also if dey are still paying
Re: How Pension Managers Are Cheating Nigerians by frioslegend02: 12:04pm On Aug 17, 2021
Accrued Right have been paid up to batch 97. Most PFAs are now using another form of delay tactics that PENCOM still need approval before they process the payment.
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 1:03pm On Aug 17, 2021
frioslegend02:
Accrued Right have been paid up to batch 97. Most PFAs are now using another form of delay tactics that PENCOM still need approval before they process the payment.
infact my PFA still confirm yet to be paid even when PenCom already paid my batch. Confused sef
Re: How Pension Managers Are Cheating Nigerians by Winter12: 11:29pm On Aug 17, 2021
frioslegend02:
Accrued Right have been paid up to batch 97. Most PFAs are now using another form of delay tactics that PENCOM still need approval before they process the payment.
That's what they said for mine also. But I know that pencom approval doesn't take more than 5 days. After approval, it takes just 48 hours for the pension fund custodian to pay the money into designated acct
Re: How Pension Managers Are Cheating Nigerians by Winter12: 11:30pm On Aug 17, 2021
yetunsbay:
infact my PFA still confirm yet to be paid even when PenCom already paid my batch. Confused sef
Write a message and copy pencom. They will confirm to have received the payment at once
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 7:09am On Aug 18, 2021
Winter12:

Write a message and copy pencom. They will confirm to have received the payment at once
Thanks boss I'm weighing that option too. But I can't see any significant change in balance
Re: How Pension Managers Are Cheating Nigerians by boss960: 8:59am On Aug 18, 2021
Pls what batch are dey on death benefit
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 8:05pm On Aug 18, 2021
You guys should hold your PFAs very well o, cos even me that I'm batch 97 we've been paid everything. Contributory 2 weeks ago and accrued this week.

Don't know why other PFAs are so slow
Re: How Pension Managers Are Cheating Nigerians by ChemicalReaction(f): 11:03pm On Aug 18, 2021
Thefarmer3:
You guys should hold your PFAs very well o, cos even me that I'm batch 97 we've been paid everything. Contributory 2 weeks ago and accrued this week.

Don't know why other PFAs are so slow
Which is your PFA?
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 3:16am On Aug 19, 2021
ChemicalReaction:
Which is your PFA?

Palpensions
Re: How Pension Managers Are Cheating Nigerians by ChemicalReaction(f): 7:26am On Aug 19, 2021
Thefarmer3:


Palpensions

Wow. This is some news.
It's high time I paid those ones a visit. That's my PFA by the way, and the last time, they said to come between 3weeks to two months.
Re: How Pension Managers Are Cheating Nigerians by livewithpurpose: 2:55pm On Aug 21, 2021
Thefarmer3:
You guys should hold your PFAs very well o, cos even me that I'm batch 97 we've been paid everything. Contributory 2 weeks ago and accrued this week.

Don't know why other PFAs are so slow
Please how long did pencom's approval take after the PFA submitted to them to pay you?
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 8:59pm On Aug 21, 2021
livewithpurpose:

Please how long did pencom's approval take after the PFA submitted to them to pay you?

Four days

1 Like

Re: How Pension Managers Are Cheating Nigerians by Twinkle004(f): 7:37am On Aug 22, 2021
Hello house, Any experience with Stanbic bank pension account.

2 Likes

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