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How Pension Managers Are Cheating Nigerians - Investment (13) - Nairaland

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Pension Managers Please Come In. / The Absurd Ways Pension Managers Cheat Nigerians part2. / I Want To Withdraw From My Pension Fund Account! (2) (3) (4)

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Re: How Pension Managers Are Cheating Nigerians by livewithpurpose: 2:52pm On Jan 07, 2021
yetunsbay:
Who has been able to speak with Pencom this year ?

I've not been able to get through to their customer care.
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 3:15pm On Jan 07, 2021
livewithpurpose:


I've not been able to get through to their customer care.
let's keep on trying make we know our stand
Re: How Pension Managers Are Cheating Nigerians by livewithpurpose: 3:22pm On Jan 07, 2021
yetunsbay:
let's keep on trying make we know our stand

Yes o.
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 6:16pm On Jan 07, 2021
livewithpurpose:


Yes o.
I pray they carry both 90 & 91 same time
Re: How Pension Managers Are Cheating Nigerians by singapaul: 8:01pm On Jan 07, 2021
Pension is a legit scam in nigeria
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 8:25pm On Jan 07, 2021
yetunsbay:
I pray they carry both 90 & 91 same time

I pray o, you guys should please update us if you hear anything.

Team #97
Re: How Pension Managers Are Cheating Nigerians by Leezah(f): 8:02pm On Jan 08, 2021
yetunsbay:
talk with his PFA and follow up
Thank you.
Re: How Pension Managers Are Cheating Nigerians by Leezah(f): 8:02pm On Jan 08, 2021
singapaul:
Pension is a legit scam in nigeria
How explain?

1 Like

Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 1:28pm On Jan 12, 2021
livewithpurpose:


Are you serious? I'm batch 90.
what's up bro ? Have you been attended to
Re: How Pension Managers Are Cheating Nigerians by Winter12: 5:57pm On Jan 13, 2021
yetunsbay:
what's up bro ? Have you been attended to
Funds has been released in the sum of 11 billion, but I don't think that they've started disbursement
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 5:59pm On Jan 13, 2021
Winter12:

Funds has been released in the sum of 11 billion, but I don't think that they've started disbursement
what's your projection for commencement pls ?
Re: How Pension Managers Are Cheating Nigerians by Winter12: 11:47pm On Jan 15, 2021
yetunsbay:
what's your projection for commencement pls ?
I think by February, they should commense payment. They might carry five batch along

1 Like

Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 10:57am On Jan 16, 2021
Winter12:

I think by February, they should commense payment. They might carry five batch along
thank you
Re: How Pension Managers Are Cheating Nigerians by frioslegend02: 4:23pm On Jan 18, 2021
I just hope I will collect these funds this year.
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 7:45pm On Jan 18, 2021
frioslegend02:
I just hope I will collect these funds this year.

Hello, how far with the group life? Have you been paid?
Re: How Pension Managers Are Cheating Nigerians by lavylilly: 8:25pm On Jan 18, 2021
Winter12:

Funds has been released in the sum of 11 billion, but I don't think that they've started disbursement
Which state
Re: How Pension Managers Are Cheating Nigerians by Winter12: 12:39am On Jan 20, 2021
lavylilly:
Which state

For federal . Federal staffs that have retired, to cover accrued rights of retirees et cetera
Re: How Pension Managers Are Cheating Nigerians by frioslegend02: 7:56am On Jan 20, 2021
Thefarmer3:


Hello, how far with the group life? Have you been paid?
No bro. I submitted all necessary documents in 2017. The pension desk officer in my father's place of work keeps saying they have not heard anything from Abuja yet. I dont even know how to go about it anymore.
Re: How Pension Managers Are Cheating Nigerians by Winter12: 10:13am On Jan 20, 2021
frioslegend02:

No bro. I submitted all necessary documents in 2017. The pension desk officer in my father's place of work keeps saying they have not heard anything from Abuja yet. I dont even know how to go about it anymore.
If you know anybody in his office, try and talk to him/her. You can get a linkage to someone that will help you to process it fast
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 10:14am On Jan 20, 2021
frioslegend02:

No bro. I submitted all necessary documents in 2017. The pension desk officer in my father's place of work keeps saying they have not heard anything from Abuja yet. I dont even know how to go about it anymore.

Haa! Since 2017, that's too long oo. 08038send an SMS with your number, wanna link you with someone in head of service
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 2:55pm On Jan 20, 2021
Thefarmer3:


Haa! Since 2017, that's too long oo. 08038311437 send an SMS with your number, wanna link you with someone in head of service
bro, could you be kind to squeeze me into one MDA. Na job I really need. God bless
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 3:43pm On Jan 20, 2021
yetunsbay:
bro, could you be kind to squeeze me into one MDA. Na job I really need. God bless

grin grin grin... For where? I no get that kind connection oo. It was when I went to Abj to submit our group life application that I met someone there. The person helped me to confirm that our application has been received.
Re: How Pension Managers Are Cheating Nigerians by Currentlygrown: 4:05pm On Jan 20, 2021
Thefarmer3:


grin grin grin... For where? I no get that kind connection oo. It was when I went to Abj to submit our group life application that I met someone there. The person helped me to confirm that our application has been received.

Good day, Thefarmer3. Honestly, I’ve had this same problem. There’s been no way to confirm if our application has been sent to Abuja. I’d appreciate if you can help me out, It would mean a lot to my family. Can I also text you on your number?
Re: How Pension Managers Are Cheating Nigerians by yetunsbay(m): 5:23pm On Jan 20, 2021
Thefarmer3:


grin grin grin... For where? I no get that kind connection oo. It was when I went to Abj to submit our group life application that I met someone there. The person helped me to confirm that our application has been received.
May God help us all. But why Pencom dey slow down things naw
Re: How Pension Managers Are Cheating Nigerians by frioslegend02: 9:38pm On Jan 20, 2021
Thefarmer3:


Haa! Since 2017, that's too long oo. 08038311437 send an SMS with your number, wanna link you with someone in head of service
Thank you bro. I already sent SMS to you.
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 10:29pm On Jan 20, 2021
Currentlygrown:


Good day, Thefarmer3. Honestly, I’ve had this same problem. There’s been no way to confirm if our application has been sent to Abuja. I’d appreciate if you can help me out, It would mean a lot to my family. Can I also text you on your number?

Okay
Re: How Pension Managers Are Cheating Nigerians by Thefarmer3: 10:31pm On Jan 20, 2021
yetunsbay:
May God help us all. But why Pencom dey slow down things naw

I wonder oo. Money kuku dey
Re: How Pension Managers Are Cheating Nigerians by frioslegend02: 11:10am On Jan 23, 2021
frioslegend02:


FREQUENTLY ASKED QUESTIONS ON GROUP LIFE ASSURANCE SCHEME
1. What does the Pension Reform Act say about Life Insurance?

Section 9(3) of the Act makes it mandatory for every Employer (including the Federal Government and all its Agencies) to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual emolument of the employee.

2. What is a Life Assurance Policy?

Life Assurance is a contract arranged between an Insurance Company and the Policy holder (known as the assured) which provides benefits for the Next-of-Kin or dependents of the assured, upon the death of the assured as a result of natural or other causes covered.

3. What is Group Life Assurance (GLA)?

The Insurance Policy for employees is usually arranged on a group basis whereby all employees are covered under a Group Life Insurance contract. In the event of death of any of the employees covered under the Group Life Policy, the Insurance Company makes payment in respect of the deceased employee.

4. Who pays for the Insurance Policy?

The Employer bears fully, the cost of the Insurance Policy.

5. What constitutes the Group Life Assurance Benefit?

The beneficiary of the deceased is entitled to three (3) times the Gross Annual Total Emolument of the deceased Officer.

6. When did this Scheme take effect?

The Group Life Assurance Scheme for Federal Government Employees took effect from 1st July, 2004

7. What are the categories of Federal Employees Covered by this Scheme?

All employees of the Federal Government in Ministries, Departments and Agencies, including Paramilitary and the Intelligence Community.

8. Who is qualified to benefit from Group Life Assurance Scheme?

Federal Government employees who died whilst in service or in the case of missing persons (presumed dead after a year from the date declared by a Board of Inquiry set up by the National Pension Commission) are qualified to benefit from the Scheme.

9. What happens if Government does not procure Cover for Federal Government Employees?

In cases where Government fails to procure Insurance Cover for Federal Government Employees, such periods are referred to as “Backlog” period and all claims that fall under this period are referred to the Office of the Head of the Civil Service of the Federation (OHCSF) for processing and settlement.

10. What are the periods of Cover since inception? The following periods are the periods when Insurance Companies were appointed to provide Group Life Insurance Cover for Federal Government Employees:

⦁ 1st January 2008 – 31st December, 2008

⦁ 1st March, 2010 – 31st March, 2011

⦁ 1st April, 2011 – 31st December, 2011

⦁ 1st January, 2012 – 31st December, 2012

⦁ 24th December, 2013 – 23rd December, 2014

⦁ 13th August, 2015 – 12th August, 2016

⦁ 20th April, 2017 – 19th April, 2018

11. Who is responsible for the settlement of claims under the Periods of Cover?

Insurance Companies and Brokers are appointed by the Federal Government and thereafter assigned to Ministries, Departments and Agencies (MDAs) to provide Insurance Cover for the Employees of those MDAs. It is their responsibility to process and settle death claims that occur in their assigned MDA

12. What are the periods since inception for which no Insurance Cover was procured?

⦁ 1st July, 2004 – 31st December, 2007

⦁ 1st January, 2009 – 28th February, 2010

⦁ 1st January, 2013 – 23rd December, 2013

⦁ 24th December, 2014 – 12th August, 2015

⦁ 13th August, 2016 – 19th April, 2017

⦁ 20th April, 2018 – date

13. How are Insurance Companies and Brokers selected to handle the Scheme?

The Office of the Head of Civil Service of the Federation advertises for Prequalification of interested Insurance Companies and Brokers to participate in the Scheme. The process of Selection of credible Insurance Companies and Brokers are carried out in line with the Public Procurement Act, 2007.

14. How is Group Life Assurance death claim processed?

For deceased Officers whose death claims fall under the period of Insurance Cover, the Pension/Insurance Desk Officer of the deceased’s MDA is required to immediately notify the appointed Insurance Broker of the demise of any Officer in their MDA for necessary documentation and processing of claims
In addition to the notification, the Desk Officer is required to forward a duly completed Death Notification Form (DNF) in respect of each deceased Officer with relevant documents attached as provided on the DNF duly signed by the Director Human Resources Management of the deceased Officer’s MDA.

15. What are the documents required for processing of the death claims?

⦁ Evidence of death/burial Issued by Imam or Pastor

⦁ Certificate of registration of death

⦁ Police report (if death is by accident)

⦁ Burial warrant issued by Local Government Council

⦁ Certificate of death/cause of death

⦁ Copy of Obituary poster (if any)

⦁ Declaration of Wish/Evidence of nomination of next-of-kin

⦁ Letter of Administration

⦁ 3 months payslip preceding the date of death`

16. Can an Employer deduct any outstanding debts of the employee from the benefits payable in the event of death?

The Employer does not have the right to make any deduction from the benefit payable. The total amount of benefits must be paid in full.

17. How long does it take for claims to be paid under the circumstances below, to Next-of-Kins or Dependents of deceased Officers? Benefits?

When there is Insurance Cover, Claims notified, with complete documentation are processed and settled within One (1) month of receipt of such request by the Insurance Company.

When there is no Insurance Cover (Backlog Period)
Claims are processed within 5 days of notification by the Office of the Head of the Civil Service of the Federation and inputed into the Database, waiting to be paid as soon as funds are released by the Federal Ministry of Finance, on a first come first serve basis.
This information about Group life still stands. The issue now is that pension desk officers are not willing to tell beneficiaries the brokers in charge. This have caused many families to have unnecessary delays in getting their group life. This country really needs to grow.

1 Like

Re: How Pension Managers Are Cheating Nigerians by livewithpurpose: 12:31am On Jan 24, 2021
frioslegend02:

This information about Group life still stands. The issue now is that pension desk officers are not willing to tell beneficiaries the brokers in charge. This have caused many families to have unnecessary delays in getting their group life. This country really needs to grow.

This is so true. In my own case, we had a very helpful pension desk officer (May God keep blessing her). She told us the broker in charge, their address and gave us all the documents we needed to process the group life. I personally chased the broker and insurance companies. We got paid within two months from submitting to the broker. There were different insurance companies on the discharge voucher so they paid at different times. First insurance company within a month and last one was in four months.
Re: How Pension Managers Are Cheating Nigerians by Winter12: 10:44pm On Jan 26, 2021
Thefarmer3:


I wonder oo. Money kuku dey

Let's hope and pray.
Let's always try to get pencom on calls or twitter
Re: How Pension Managers Are Cheating Nigerians by Pojomojo: 11:17pm On Jan 26, 2021
Winter12:


Let's hope and pray.
Let's always try to get pencom on calls or twitter
They don't respond on Twitter
Re: How Pension Managers Are Cheating Nigerians by Winter12: 7:32pm On Jan 27, 2021
Pojomojo:
They don't respond on Twitter

Its almost February, let's watch and see what pencom wants to do with the funds released for pensioners

1 Like

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