National Pension Commission, PenCom, has said the Pension Reform Act, 2014 allows employees under the Contributory Pension Scheme, CPS, to contribute voluntarily in addition to the mandatory contributions into their respective Retirement Savings Account, RSA, to augment their pension at retirement. The Act also allows exempted employees from CPS to participate involuntarily in the CPS subject to a guideline issued by the Commission.

Meanwhile, the Commission said it has observed a tendency for requests for withdrawals by Pension Funds Administrators and especially the significant amount withdrawn, usually within a short interval of lodgment in the RSA both of the mandatory and exempted contributors thereby defeating the purpose of voluntary contributions which is meant to enhance pension at retirement adding “also the short intervals between the date of contributions and withdrawals, results in significant tax payable to the relevant tax authorities.” To check this tendency, PENCOM said all PFAs/PFCs (Pension Funds Custodians) must ensure that “withdrawals from voluntary contributions is allowed once every two years from the last approved withdrawal date. Subsequent withdrawals shall only be on the incremental contributions from the date of last withdrawal. For mandatory contributors, the amount remitted as voluntary contributions shall be as follows: 50% shall be treated as contingent, available for withdrawal within the stipulated timeframe of 2 years. Taxes would be deducted on income earned in line with Section 10 {4} of the PRA 2014. The balance of 50% shall be fixed for pension and utilized at date of retirement to augment the contributor’s retirement benefit.” Foreign contributors The commission says “The time frame for withdrawal of once every 2 years in clause 5 {a} above shall be adopted. The contributor is allowed to withdraw all the funds in his/ her account after two years of contribution, subject to deduction of taxes on both income earned and principal when withdrawal is made in less than five years of the contribution. PFAs shall forward requests for approval to the commission using the revised schedule for voluntary contribution withdrawals. Both PFAs and PFCs are required to inform the Economic and Financial Crimes Commission of any single lodgment of N5 million and above. Henceforth, all tax deductions shall be remitted to the relevant tax authorities within 21 days after the end of the month of deduction and render returns to the Commission twice yearly of such remittance”.

http://www.akelicious.net/2018/07/you-can-only-withdraw-from.html

WTF mehn!!!!

TF am I the first person to comment on this post, where’s that Meisuya, kilichi reseller (in MI’s voice)
Is he dead? Did he commit suicide after his Boss lost the fight to Don Saraki yesterday?

Meanwhile, Femi Gbajabiamila just got my best friend pregnant and he’s not picking her calls!

Pension Reform Act, 2014 allows employees under the Contributory Pension Scheme, CPS, to contribute voluntarily in addition to the mandatory contributions into their respective Retirement Savings Account, RSA, to augment their pension at retirement.

Why contribute into something you cannot withdraw with ease? When people were contributing, they did it with ease! There was no electoral act in place, when they want to withdraw, electoral act comes into play.. is this not madness??

the money mania stole form this office has he returned it?

hmmm

cool

K

one of my guy wan dey withdraw every 2months

Issorite

So I still don't av access to my money

OK

we don hear

nairaman66:

Why?? Need more explanation

Bancroft Withdraw all the money nah...... After all once na once....

Ayam not understanding o

That is cool.
Only for the discipline .

okay

Withdrawal is only on Voluntary Contribution, how many employee are doing this voluntary contribution. They should soft pedal on the main contribution to like once in 5 years also and not when you lost your job

davjos:

Why?? Need more explanation

Go read the PENCOM electoral act

Story seems much, i need expert advise on this. Am thinking if meeting my employers to write to our PFA so we can withdraw up to 15-20% of our total contribution, how possible is it since we r still in employment?

I need a pension expert to advise me on an issue regarding to pension laws.

is it the AVR? WHY SHOULD I NOT ACCESS MY MONEY

Is it possible to withdraw all the money with PENCOM in a situation where the owner of the money is late?

nairaman66:


Why contribute into something you cannot withdraw with ease? When people were contributing, they did it with ease! There was no electoral act in place, when they want to withdraw, electoral act comes into play.. is this not madness??

mutual benefit is worse. They will even eat up your capital join. I believe pencom is reasonable though

when can i collect my money oooo, always seeing the Alert, but cannot access it.Cant wait for Retirement jooor,I need the money sharpenly. In this Naija Economy and buhari admin,you live for today not tomorrow,i don talk my own.

nairaman66:


Why contribute into something you cannot withdraw with ease? When people were contributing, they did it with ease! There was no electoral act in place, when they want to withdraw, electoral act comes into play.. is this not madness??

They invested or lend out the money and expect high returns. Since the money is out they can't pay pensioners regularly.

This country is a prison for its citizens

mexioni:
Story seems much, i need expert advise on this. Am thinking if meeting my employers to write to our PFA so we can withdraw up to 15-20% of our total contribution, how possible is it since we r still in employment?

you cannot. You are only entitled to withdraw up to 25% of your pension fund if you lose your job and unable to get a new employment after 4 months then u can apply for withdrawal of 25% of your contribution

Emeskhalifa:
Is it possible to withdraw all the money with PENCOM in a situation where the owner of the money is late?

If you are the beneficiary Yes,you will be paid.Not that you will go and withdraw what is not yours

Cloud007:
mutual benefit is worse. They will even eat up your capital join. I believe pencom is reasonable though

Those small time 419 people took my N80,000.00 in the name of silly insurance...

Let me see another joker coming to market insurance to me...