Hello Guys and gurus in the house.

Please someone dearly needs your financial advice.
My friend Joe (not real name) resigned early from his working place in 2019 and before the resignation, he had a pension plan with a Pension Company (name withheld). With the little he got from his former working place, he applied to retrieve his pension from the pension company but was told that he could only access 25% of the pensions for now.

The remaining funds, according to what he said they told him, can only be accessed when he clocks 50. That's more than a decade plus from the time of his resignation.

The funny thing about the whole ish is that, within the period he resigned, some older staffs(who were not up to 50 years in age) also resigned and had the same pension plan with him. They were also told the same thing about the 25% thing. Joe, called me up about a month ago and told me he and one of his old colleague that resigned the same time with him met at an event and they tried to catch up on how they've been fairing after resigning.

The discussion led to the friend laughing at Joe (in a mocking way), telling him that HE HAS GOTTEN FULL ACCESS TO THE REMAINING FUNDS IN HIS PENSION ACCOUNT. This guy is like a year or two older than Joe.

When Joe asked him how, he said he can't tell him how but he should understand that this is Nigeria. Joe has been begging this guy ever since to tell him not until yesterday that he sent a number to him via text telling him to call the number and tell the lady that he is from Joe's friend. He said the lady will link him up.

So guys and gurus in the house, I decided to throw this question here because I know most pension funds are handled by PENCOM and if it's still the same PENCOM I know, that rule of 50 years still stands.

So guys, please is it possible for someone to really have access to all his pension funds before he or she clocks 50? Sorry for the errors you might have encountered while reading and also the long post. Will appreciate if a response can be gotten as soon as possible. Thanks

Pencom is the central regulating body just as we have CBN to commercial Bank... The distribution and codination is handle by baby companies... But yes as U said he can get it even at Ealy age depend on the retirement plan ..but mind U bikiafull if he must give them something it should be after the money have being disbursed

Zaxbash1:
Pencom is the central regulating body just as we have CBN to commercial Bank... The distribution and codination is handle by baby companies... But yes as U said he can get it even at Ealy age depend on the retirement plan ..but mind U bikiafull if he must give them something it should be after the money have being disbursed

Is it possible? Won't there be a trace from the PENCOM audit section? The thing just dey baffle me. Also, my guy Joe after getting some other advices from some of his learned friends in the banking sector, only two out of 10 say it's very possible

kinglee007:


Is it possible? Won't there be a trace from the PENCOM audit section? The thing just dey baffle me. Also, my guy Joe after getting some other advices from some of his learned friends in the banking sector, only two of of 10 say it's very possible

it's possible only that he have to do it Nigerian way

Hmmm

Lol... Why u dey rush pass ur shadow? Be calming down pls.

Damnnn niggar
Hell no .....

Anyway anything is possible in this gadmnnn world.....so I will grab my weed and learn

U say

This is the ONLY official answer to your question,
Coming from NATIONAL PENSION COMMISSION.

Access to the RSA will only be allowed upon retirement.
If an employee retires at the age of 50 years or more he/she can have immediate access to the RSA. Similarly, if an employee retires before the age of 50 years due to mental or physical incapacity, he or she can have immediate access to his/her RSA.

Whereas an employee who retires under the age of 50 years in accordance with the terms and conditions of employment will not access the RSA until after six months of such retirement if he/she does not secure another employment.

Goodluck to your friend!

Sapa

You want to chop your future before e reach.

Buhari regime record breaking effect

I know only the official one you mentioned oooo....

Dt guy must be lying or he is part of an elaborate fraud if he got over 25%. This is how the system works.

1) Pension Fund Administrator. eg ARM, trustfund, manages the funds.ie. they get clients, register the client staff, invest the funds collected, keeps client database. Only they have information on who paid and who gets paid.


2) Pension Fund custodians .eg. Zenith pension custodian, first bank Pension custodians keep the actual money. These are the bank accounts the clients pay into. So when ARM gets clients, the money doesn't go to them, but directly to the PFC (which are all banks). The custodian doesn't have access to any customer info. They're just getting credit alerts from different businesses every month.


3) PENCOM regulates the system. They monitor the PFCs and PFAs very closely. If the PFA wants to invest 500million of the pension fund in bonds or real estate, they must get approval from PENCOM. Before the PFCustodian can transfer the money for the bond or the real estate, they must also get approval from PENCOM which will check the prior pencom-approved PFA instruction.
Basically before any of them coughs they must get PENCOM approval. PENCOM also audits the PFC accounts monthly and reconciles it wt the PFA databases.

So if this kind of scam occured, dt means a fraudulent PFA sent a payment schedule to the PFC with the wrong amount. That schedule must have been approved by a fraudulent PENCOM staff, cos PENCOM recalculates everything before approval.

PS - PENCOM is notoriously hostile to PFAs, so I still find this quite unbelievable tbh. All three arms make fat %es from these funds & stand to gain nothing paying out full money to clients ahead of time.
The common type of pension fraud is when they spend dt 500million I talked about above. Especially if it's on real estate. Eventually they get queried when ROIs are low or any investment is losing money though.

Yes, but can't touch

Gadafii:
this nigeria na better ogbonge scam

so, i am planning to resign by end of this year and i am barely 28yrs old. u will now expect me to wait for another 25 years before i can have my money, money that MAINAs will still loot, if Maina no loot am, na wahal for pensioners to collect their money, until they wuq and die standinmg under hot sun protesting

Pls can you send me the contact?
I need to access mine too

I dont tink so

what 9ja cannot do doesnt exist

At the age of 50years

I seriously doubt this

I need the bankers to confirm this.

Its possible, you can access a quarter of the cumulative amount provided you lost your job and couldn't secure any for a period of 3months.

me just wan learn from the ogas wey dey d ouse.

I laff, that ur guys former colleague want to use ur man cash out.
People that retired at old age are protesting almost everyday, I mean grandpa's and mas, yet they are not getting their pension, not to talk of u that resigned..... Ur Joe better wait until he is 75 and above......

Yes. But only 25% of the total sum. And you have to prove you are not under any employment for at least 3 months to get access to the funds, that's if you can't wait for retirement.

Download the Pension act and go through it

Very interesting, please let the knowledgeable NLders enlighten us before BuBu borrows our small pension from the Pension fund administrators..

As them too like borrow borrow for this regime...

You can only access a certain percentage if you are out of job for more than 3months or when you clock the age of 50 you will also have access to a certain percentage.

Yes, you can. 25% of your total sum can be given once. Currently, National Assembly are currently working on a bill that would allow individual access more that 50% of total amount.