₦airaland Forum

Does your pension, gratuity and retirement money increase all the while you wait to collect it?
Cos of one reason or the other? (which are many and are usually beyond your control)

Pension from government i.e, as a government worker.
More specifically, a Lagos state Government worker.
(Whether directly as a retiree or Next Of Kin)


Does the money increase all while you hustle, wait or do one thing or the other to get the money out?
You and I know that it takes time and lots of process - and money - before it gets released.

Hello all
Please reply

sacajawea:
Hello all
Please reply

My chief Abeg I go need reach you privately. I tried the normal way it isn’t going.

Yes it does

donchyky:
My chief Abeg I go need reach you privately. I tried the normal way it isn’t going.

Drop your telegram @ in another thread

RealityKings1:
Yes it does

Reasonably at market Rate?
Or at however the government decides... most likely lower?

It only increases if you’re still in service (active or ghost), whereby a percentage of your pay is constantly remitted. If the owner is out of service, the funding ceases. Unless you’ve asked your pension manager to invest the funds for you.

I work in a private enterprise and there's a provision for pension benefits.
For your question, it's a yes. It increases and you get a monthly balance notification and a quarterly report on how much has accrued.

ItisWell22:
It only increases if you’re still in service (active or ghost), whereby a percentage of your pay is constantly remitted. If the owner is out of service, the funding ceases. Unless you’ve asked your pension manager to invest the funds for you.

No. That's not the point I'm saying.
Get me well and understand.
Obviously, I know that funding ceases. Obviously!

I'm saying that, as the money you are supposed to collect, maybe total, it is 6M Naira.
But because of the time it takes and processes, you obviously won't get the money immediately. Sometimes it can be up to 3, 4, 5 years. Or more.

From well known understanding your money is in 2 parts (or 3 parts if it's Life insurance & Death benefits, as a Next of kin processing it)
1. Some of your money will be with pension Company, which is A private company. That one actually increases. Every year it is added on with at existing market standard.
2. The rest will be with Government. Pension and Gratuity. The bulk of it.

And 3rdly you may have some Money in Death benefits and insurance. If it is a next of Kin situation, where the person is dead and the next of Kin is the one processing it. Lagos State government gives this one.

The question is that: the last two ones, does it actually accrue interests like it ought to do?

placeofallure:
I work in a private enterprise and there's a provision for pension benefits.
For your question, it's a yes. It increases and you get a monthly balance notification and a quarterly report on how much has accrued.

Yes. Obviously private enterprise own will increase. Definitely.
And all the money is always with a private pension company too.

We are taking of Government here! Government workers. Especially state government workers.

Does Lagos state Government pension increase at standard financial markets rate while you wait and struggle to collect it?