I left my job for own business. As a business man, we always need cash for turnover. I have some cash like 500k in stanbic ibtc pension right now. I've taken 1st 25% of d money and they said I should come back for d balance when I'm 50 years right now I'm 37 yes. 50 is too far for me. Can they give me 400k and take 100k as penalty for not waiting till 50yrs? I need the money urgently and why would they keep our money for that long with no interest. Any help on how I will get d money and forfeit some amount I don't mind. Thank u

Financial analyst, please slide in to advice this young man. 17 YEARS is a long time to wait on a money with no interest. You should have read the agreement binding the money very well initially tho.

waiting patiently. ....

xana101:
I left my job for own business. As a business man, we always need cash for turnover. I have some cash like 500k in stanbic ibtc pension right now. I've taken 1st 25% of d money and they said I should come back for d balance when I'm 50 years right now I'm 37 yes. 50 is too far for me. Can they give me 400k and take 100k as penalty for not waiting till 50yrs? I need the money urgently and why would they keep our money for that long with no interest. Any help on how I will get d money and forfeit some amount I don't mind. Thank u

Didn't you ask all. the necessary questions before keeping your money with them?

Forget it you will never see that money again ..what happens if you die before 50 God forbid oo

eagleeye2:

Didn't you ask all. the necessary questions before keeping your money with them?

it's not me that kept d money their. Its a compulsory contribution half from my salary and half from my employer.

Same thing with me oo, I have collected the initial 25％ and I am willing to collect the remaining andeven dash them 30％ of it as penalty fees. I even learnt those thay are 50 already are going through hell just to collect theirs. How can IBTC Pensions keep my money for years without a single profit, when I am in serious need of cash to expand my hustle

xana101:
I left my job for own business. As a business man, we always need cash for turnover. I have some cash like 500k in stanbic ibtc pension right now. I've taken 1st 25% of d money and they said I should come back for d balance when I'm 50 years right now I'm 37 yes. 50 is too far for me. Can they give me 400k and take 100k as penalty for not waiting till 50yrs? I need the money urgently and why would they keep our money for that long with no interest. Any help on how I will get d money and forfeit some amount I don't mind. Thank u

Are u sure u understood them very well cos what is I know is that after the first 25%, the balance will be structured and they will be paying you monthly depending on what u have as outstanding balance and the number of years.

whatever....

etenyong:

Are u sure u understood them very well cos what is I know is that after the first 25%, the balance will be structured and they will be paying you monthly depending on what u have as outstanding balance and the number of years.

the balance would be structured after u are 50 years.

xana101:
the balance would be structured after u are 50 years.

It not until u reach 50 years. Once u collect the first payment they will continue paying money depending on ur outstanding balance. I have my pension account with Stanbic IBTC although am still working but that's what they told us

With the new pension reform act you cant get the money out. the best is for you to arrange with a better pension manager and transfer your funds there. some of this managers will only pay yo for 10yrs after you lock 50 , while some pay you for life. but for the money giving to you that is not possible. My wife works with an insurance firm and she has eduacted me on pension related issues.

ogmask:
With the new pension reform act you cant get the money out. the best is for you to arrange with a better pension manager and transfer your funds there. some of this managers will only pay yo for 10yrs after you lock 50 , while some pay you for life. but for the money giving to you that is not possible. My wife works with an insurance firm and she has eduacted me on pension related issues.

thank u sir, I think u have a Better understanding of how it works. To me its pure scam. Govt are mmm. How can they keep our money for that long with no option of getting it while u pay penalty. God, who will fight for us

etenyong:

Are u sure u understood them very well cos what is I know is that after the first 25%, the balance will be structured and they will be paying you monthly depending on what u have as outstanding balance and the number of years.

Exactly. They are not to wait till they are 50yrs. After the initial 25% withdrawal the remaining will be structured to be paid to them monthly.

What they are going to do to your remaining money is what is called Programmed Withdrawal (PW) where a certain amount will be given to you monthly till you exhaust what's left. After exhaustion that's the end of it.

There's another option which the retiree is entitled to being paid for the rest of his life. My firm, Custodian Life Assurance Ltd will take your money from Pension Fund Administrator and help you structure it into what you'll be getting monthly and after you've exhausted that you continued to get paid till death do you part from earth.

I'll advise that you go for Annuity. Do let me know so we can help you get your money out.
Cc xana101 Resourceman

Candyrain:


Exactly. They are not to wait till they are 50yrs. After the initial 25% withdrawal the remaining will be structured to be paid to them monthly.

What they are going to do to your remaining money is what is called Programmed Withdrawal (PW) where a certain amount will be given to you monthly till you exhaust what's left. After exhaustion that's the end of it.

There's another option which the retiree is entitled to being paid for the rest of his life. My firm, Custodian Life Assurance Ltd will take your money from Pension Fund Administrator and help you structure it into what you'll be getting monthly and after you've exhausted that you continued to get paid till death do you part from earth.

Cc xana101

Bro someone told me about the part u mentioned, that's Insurance taking over from the PFA, how does it work? I have someone who want to take this option but doesn't know how to go about it.

etenyong:
Bro someone told me about the part u mentioned, that's Insurance taking over from the PFA, how does it work? I have someone who want to take this option but doesn't know how to go about it.

Yes it happens. Pensioners have two options to assess their money which is by Programed withdrawal or by annuity. PFA structure your pension for programmed withdrawal while some insurance firm such as Custodian Life Assurance can invest your pension in annuity which can pay you for life.

We give the retiree a form to fill where he'll request for his/her pension to be moved from PFA to our firm and then invest it in annuity.

Candyrain:


Yes it happens. Pensioners have two options to assess their money which is by Programed withdrawal or by annuity. PFA structure your pension for programmed withdrawal while some insurance firm such as Custodian Life Assurance can invest your pension in annuity which can pay you for life.

We give the retiree a form to fill where he'll request for his/her pension to be moved from PFA to our firm and then invest it in annuity.

I will go to one of thee offices here in Lagos to do that. Many thanks for this info. Its actually for my sister who left d job since last year and she is self employed now

etenyong:

I will go to one of thee offices here in Lagos to do that. Many thanks for this info. Its actually for my sister who left d job since last year and she is self employed now

I just sent you a mail. Let's discuss

Please send me an email too, joe4god2932@yahoo.com . I need to remove my money from stanbic ibtc pension to any pension that can pay me monthly from now, not till I'm 50 years. That's what they explain to me.

Try get in touch with me through PM that way I will get your email, I need to introduce my elder brother to this, he is having them same issue with his pension, he's self employed now

Candyrain:


Yes it happens. Pensioners have two options to assess their money which is by Programed withdrawal or by annuity. PFA structure your pension for programmed withdrawal while some insurance firm such as Custodian Life Assurance can invest your pension in annuity which can pay you for life.

We give the retiree a form to fill where he'll request for his/her pension to be moved from PFA to our firm and then invest it in annuity.

MrRitchie:
Try get in touch with me through PM that way I will get your email, I need to introduce my elder brother to this, he is having them same issue with his pension, he's self employed now

You can check you mail