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Nairaland Forum / Nairaland / General / Career / How Safe Is It To Have A Pension Plan In Nigeria? (14268 Views)
FG Pays 81 Months Pension Arrears / Workers To Access 25% Pension Savings For Mortgage …to Forfeit Lump Sum Payment / How Safe Is It To Have A Pension Plan In Nigeria? (2) (3) (4)
Re: How Safe Is It To Have A Pension Plan In Nigeria? by veraponpo(m): 3:26pm On Jul 30, 2015 |
nex: This is a good topic and I expect a number of people to flood here with questions as it boarders on the future and wellbeing of the majority but the response is very poor. The area of concern that I have is the link between Pension Scheme and other investments plans like NHS scheme- Housing Scheme, NHIS- Health Scheme, etc? Are they also immune to extinction just like Pension Scheme? what is your view to other plans like Children Education Plan of say 15 years time for University , etc? |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by just2endowed: 3:29pm On Jul 30, 2015 |
kaeforum: LOOKING AT GREEK ECONOMY TOO. the govt of greece has seize and cut from pension fund |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Nobody: 3:30pm On Jul 30, 2015 |
kennyman2000: So bad. I asked because I felt it would probably be difficult for public servants to get theirs, due to the unnecessary red tapism common in public sectors. I wish we had a choice, but it's not up to us. The best retirement plan remains investments. All the same, pension plan is a necessary evil. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Nobody: 3:34pm On Jul 30, 2015 |
The best ways to keep track on your pension contributions is to always request your payslips from your employer every month.You should also keep them for future reference.If a particular amount is deducted from your salary as pension contribution,your employer contribute same into your pension account.Always make sure your employer remit your contributions to your pension fund administration.I had a personal experience with my former employer.Money was deducted from my salaries and wasn't remitted to my pfa. I later discovered after I visited my pfa,with my payslips, I was able to recover all the money.This was after I had left the company. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by babyfaceafrica: 3:37pm On Jul 30, 2015 |
The best pension is investment..government pension is not reliable at all...invest first in your children,then landed properties and others can follow!! |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by AjanleKoko: 3:43pm On Jul 30, 2015 |
Sagamite: I thought I was the only one who noticed that the article was a typical Nigerian journalist's Countryman Analysis Is this fellow an actual finance journalist? We are interested in knowing how the fund has grown, what the NPV of the 75% invested in FG securities and instruments is as at today, and what the other 25% is being invested in. All regular boring old financial stuff. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by AroOkigbo(m): 3:45pm On Jul 30, 2015 |
dicefrost:His people will bury him. Or is there any other thing you want to hear? 1 Like |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Nobody: 3:50pm On Jul 30, 2015 |
Trying to withdraw at least %25 from your pension account is like extracting blood from stone.You will waste your personal money in processing one document or the other.You will also need to produce a letter from your former employer,asking if your pension has been contributed up to date.You will also go to your bank to get a statement of account. Money will also be spent.I spent quarter of the amount I wanted to withdraw from my pension contribution. It's not that the pension is even worth it. It is time and financial consuming. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Nobody: 3:56pm On Jul 30, 2015 |
Kachisbarbie:Don't you see retirees from public services protesting over the non payment of their arrears?I had a bad experience with my former employer in the private sector too. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by fpeter(f): 4:02pm On Jul 30, 2015 |
kennyman2000: If your friend's dad had a pension plan and well documented contributions then i see no reason why his family will not be able to access his death benefit upon his demise. Did he name a next of kin? I work with a Pension Fund Administrator and i can tell you categorically that it is safe to have a retirement plan in Nigeria. 1 Like |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by fpeter(f): 4:06pm On Jul 30, 2015 |
dicefrost: If the employee dies before the age of 50 or retirement age as stipulated by the laws of our country then his NOK would be given the benefit. But he/she must turn up with the necessary documents. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by congi(m): 4:32pm On Jul 30, 2015 |
fpeter:What are the required documents please for one's NOK to access the fund in the event of death? What documents are required to access the funds in the likelihood of job loss? |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Nobody: 4:43pm On Jul 30, 2015 |
otunsman: I do see them na. I always wondered if the problem was from the institution(s) they worked in or the Pension Fund Administrators. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by matiandu(m): 4:47pm On Jul 30, 2015 |
As for me, my cash is always inside my kolo were I can still withdraw it with an ATM card. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Miranda11: 4:55pm On Jul 30, 2015 |
ADVICE PLEASE: What happens in a situation where your employer makes the deduction from your salary and does not remit these deductions into your pension fund, what are the employees rights and what is the best way to resolve this? I know of someone who has this problem and it has been going on for over a year now, no reasonable explanations have been given for this by the employer |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Nigga44: 4:56pm On Jul 30, 2015 |
I will never advice anyone to open a pension fund cos I witnessed how my uncle suffered just to withdraw his funds After he died, his children were asked to get one letter(letter of administration, I think). The said letter from what I heard could take up to 7 years to get in Nigeria. And it still doesn't guarantee the payment of the funds after all the hassle. Pension fund is just a big scam in Nigeria. The younger workers in these companies may not know, but the administrators do. For me the best pension in Nigeria is investment in real estate. Buy a cheap GENUINE land and watch the value grow over time. You can never go wrong here. 1 Like |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by kennyman2000(m): 4:57pm On Jul 30, 2015 |
fpeter: Madam, forget all those well documented plan matter.. ''That one no follow joor'' since u're a staff of pension fund administrator. U ought to defend ur job naaaw.. Whichever way, lets leave matter for mathias. Take care. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Nobody: 5:07pm On Jul 30, 2015 |
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Re: How Safe Is It To Have A Pension Plan In Nigeria? by Nobody: 5:39pm On Jul 30, 2015 |
And to add to that also, its advisable for retirees to go for Annuity plan rather than programmed withdrawal. Annuity plan is a retirement plan which pays retirees for life till death while programmed withdrawal pays for only 10 yrs. And most times d first pays more than the later. Most people don't know about this, I just got to know also. So if u have those planning to retiree or already retired, advice them to go in for the Annuity plan with the insurance firms like Leadway or contact me for more info. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Okwutex3(m): 5:59pm On Jul 30, 2015 |
Having a pension account is very safe and easy to access now in Nigeria after Pensions Reform Acts(2004 and 2014 as amended). PFAs are strongly regulated by PENCOM and Life Insurance firm for Annuity options is strongly regulated by NAICOM. All those having one problem or the other with Pensions should meet their PFAs wit their neccessary documents and I can assure u it would be resolved. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by galantjoe(m): 6:16pm On Jul 30, 2015 |
this is topical issue. but because pension was like civil service programme until 2004 when obj govt enact pension reform act 2004 introducing new system of pension-contributory pension scheme where both employee and employer contribute to the employee retirement savings account manege by pension fund admin and the fund is kept with pension fund custodians. unlike old system. pension is funded regularly through contribution. while old system is not funded but expensed at the time of employee retirement thus subject to whims of the govt and availability of money. almost all states and some govt agencies are still in old system thereby making failing to pay those entitled to pension. contribution pension system cannot fail to pay the pension or its NOK becuase is like ur bank savings and there strong regulations guiding it. pension is very good investment agains old age. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by jibbish(m): 7:37pm On Jul 30, 2015 |
Miranda11:Ur pension fund administrator takes the blame. They are to make sure that the company plays its part as u play urs |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by jibbish(m): 7:40pm On Jul 30, 2015 |
Nigga44:That u had a rough experience does mean pension fund is wrong. I helped my uncle's wife to apply for her pension fund and she got it, meanwhile am not her next of kin. Stop spreading hate messages because of ur experience. 2 Likes |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Sagamite(m): 8:17pm On Jul 30, 2015 |
AjanleKoko: Abi o! Before I clicked on the link, all I was interested in was the financials because I know I have read somewhere before that most Nigerian pensions lose value by the time of maturity (if that is the word used in that sector). By the time one looks at the interests accummulated and inflation rates, the NPV of the average Nigerian pension fund would be at a negative by the time the retiree needs it. If he even had more brains that the basic needed to write this article (which he obviously does not have), he would have investigated the reaction and policies of the government to regulate pension fund managers so that they stop losing people's money while still being paid (probably very well). I did not even read the article, just scanned through for the financials I was interested in and when it was not there, I knew another quack calling himself journalist wrote the junk. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by masqot(m): 10:19pm On Jul 30, 2015 |
Pension administration in Nigeria has a lot of loopholes. Everything looks rossy with the Pension Reform Act 2014 but the future is bleak if these loopholes are not blocked. Evolvement of PenCom was kick-started and pension fund is growing. However, is the administration growing? My advise is that people should consciously plan foe their retirement for this is an important aspect of a man's financial plan in order to avoid crisis in the future. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by bookkeepers: 11:22pm On Jul 30, 2015 |
vitality22:I won't advice any1 to take up an annuity. I once witnessed a situation where at the death of a retiree, her children were paid less than the balance on the annuity. The balance was 5m, they paid them 3.7m. A pension fund administrator will pay the full sum at death. The kids felt cheated. 1 Like |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by Nobody: 4:12am On Jul 31, 2015 |
kennyman2000:that's quite unfortunate but it doesn't mean everybody will go thru that. Once again, as we can see...the era of CHANGE is here, the battle-line is drawn and its a war between the FG and currupt civilians. Don't think this fight will stop here because even if the next person comes in, the fight continues. we have good Lawyers now in Nigeria who will also be readily availble. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by fpeter(f): 8:43am On Jul 31, 2015 |
congi: The NOK is required to present the Death Certificate of the deceased relative, Bank confirmation, valid ID,letter of admin...if the account was private funded. But if it was funded by PENCOM then the NOK will be required to present the June 2004 payslip and last payslip before his death. If it is for Job loss, the individual will be mandated to present his disengagement letter,Affidavit of fact,Age declaration,Remittance letter from the employer. basically there are several forms given to you by the PFA and you will be guided on the required documents to provide. It also varies from PFA to PFA. 1 Like |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by coolkaboom(m): 9:27am On Jul 31, 2015 |
kamez:its not possible, PFAs didn't come on stream till after the PRA in 2004. Its likely u don't hav all d facts or u r just being mischevious. |
Re: How Safe Is It To Have A Pension Plan In Nigeria? by coolkaboom(m): 9:42am On Jul 31, 2015 |
jibbish:u r very wrong. At best, d individual staff members r responsible for allowing their employer short-change them by a conspiracy of silence / cooperation. When u get ur statement and it reveals short-funding / nil funding..never keep quiet. There are enough remote discrete whistle-blowing channels for escalating dubious HR/admin managers who surpress remittances. Its ur money and ur future, take active control and guard it zealously. |
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