₦airaland Forum

OvertheTop:
Many Will Squander the Money.....

Ask the people that Collected 25%....what did they do with it?

You are forgetting that the money belongs to them. They can decide to spend it anyhow they like. What I'm against is the fact one must be up to 50 years before he can access the funds. Our leaders make laws that only favours them.

Leaforever:
Dt guy must be lying or he is part of an elaborate fraud if he got over 25%. This is how the system works.

1) Pension Fund Administrator. eg ARM, trustfund, manages the funds.ie. they get clients, register the client staff, invest the funds collected, keeps client database. Only they have information on who paid and who gets paid.


2) Pension Fund custodians .eg. Zenith pension custodian, first bank Pension custodians keep the actual money. These are the bank accounts the clients pay into. So when ARM gets clients, the money doesn't go to them, but directly to the PFC (which are all banks). The custodian doesn't have access to any customer info. They're just getting credit alerts from different businesses every month.


3) PENCOM regulates the system. They monitor the PFCs and PFAs very closely. If the PFA wants to invest 500million of the pension fund in bonds or real estate, they must get approval from PENCOM. Before the PFCustodian can transfer the money for the bond or the real estate, they must also get approval from PENCOM which will check the prior pencom-approved PFA instruction.
Basically before any of them coughs they must get PENCOM approval. PENCOM also audits the PFC accounts monthly and reconciles it wt the PFA databases.

So if this kind of scam occured, dt means a fraudulent PFA sent a payment schedule to the PFC with the wrong amount. That schedule must have been approved by a fraudulent PENCOM staff, cos PENCOM recalculates everything before approval.

PS - PENCOM is notoriously hostile to PFAs, so I still find this quite unbelievable tbh. All three arms make fat %es from these funds & stand to gain nothing paying out full money to clients ahead of time.
The common type of pension fraud is when they spend dt 500million I talked about above. Especially if it's on real estate. Eventually they get queried when ROIs are low or any investment is losing money though.

All what you have said is right and appropriate ��

Leaforever:
Kingle007 based on the responses on this thread, I think the way Ur friend was able to access the fund is if maybe a staff of the PFA is forging death certificates for people as a business thereby allowing access to all their pension while he pockets a portion of it after payment.
I think dt can be the only way, cos all these PFA, PFCs and PENCOM get external audits, and the PFAs also get reviews by their big customers. This is the only way I see they might not notice immediately, until it's consistent, like maybe an abnormal spike in the death rates or sthn.

You're funny, "abnormal spike in the death rates or something". With the alarming death rates nowadays, everything seems abnormal. Anyways, thanks for all the responses. They were quite educative and hilarious too. As for Joe, that person wey I know will not even look into the aspect of forging his death. He has political ambitions. And that's gonna raise a lot of eyebrows if he ever goes through that route.

I don't think he worked upto 10years.

Banks know about the 10year mark, so they try to avoid that.

He joined in 2008, left in 2013

osazsky:
did he work up to 10 years..if yes..oga go court them go pay them go tire..stupid people..biggest scam ever

Please I equally need that lady's contact,
I've been looking for a way to access my pension fund ever since I resigned from company work.

Please I need the contact to access my own as well. Thank you

kinglee007:
Hello Guys and gurus in the house.

Please someone dearly needs your financial advice.
My friend Joe (not real name) resigned early from his working place in 2019 and before the resignation, he had a pension plan with a Pension Company (name withheld). With the little he got from his former working place, he applied to retrieve his pension from the pension company but was told that he could only access 25% of the pensions for now.

The remaining funds, according to what he said they told him, can only be accessed when he clocks 50. That's more than a decade plus from the time of his resignation.

The funny thing about the whole ish is that, within the period he resigned, some older staffs(who were not up to 50 years in age) also resigned and had the same pension plan with him. They were also told the same thing about the 25% thing. Joe, called me up about a month ago and told me he and one of his old colleague that resigned the same time with him met at an event and they tried to catch up on how they've been fairing after resigning.

The discussion led to the friend laughing at Joe (in a mocking way), telling him that HE HAS GOTTEN FULL ACCESS TO THE REMAINING FUNDS IN HIS PENSION ACCOUNT. This guy is like a year or two older than Joe.

When Joe asked him how, he said he can't tell him how but he should understand that this is Nigeria. Joe has been begging this guy ever since to tell him not until yesterday that he sent a number to him via text telling him to call the number and tell the lady that he is from Joe's friend. He said the lady will link him up.

So guys and gurus in the house, I decided to throw this question here because I know most pension funds are handled by PENCOM and if it's still the same PENCOM I know, that rule of 50 years still stands.

So guys, please is it possible for someone to really have access to all his pension funds before he or she clocks 50? Sorry for the errors you might have encountered while reading and also the long post. Will appreciate if a response can be gotten as soon as possible. Thanks

Baba please need the contact too

Godswrath:
Please I equally need that lady's contact,
I've been looking for a way to access my pension fund ever since I resigned from company work.

You don't need anyone to help you process anything, all you need is to present evidence that you have been out of work consistently for 6 months

Retirement package


Very flexible


07067025384

meetgaya:
I left my work in 2015 with 2.3m with pension administrators, they gave 25% and the balance remain 1.7m today it has grown up to 3.5m just about 7years. I like trustfund pensions anytime

How long did it take Trustfund pension to process and pay you your 25%?

AntiWailer:
Yes you can.

there are conditions.

Good evening,
What are the conditions pls?