I just put in my application with my exit/acceptance of resignation from last employer on 21st June and did date recapture same day, by 24th I got message that my data has been updated, I am yet to get any other response so far! I just pray it goes well and there are no issues

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codedprince20:
I just put in my application with my exit/acceptance of resignation from last employer on 21st June and did date recapture same day, by 24th I got message that my data has been updated, I am yet to get any other response so far! I just pray it goes well and there are no issues

I applied in June with Leadway Pensure on their mobile app. They changed the status of my application to “AWAITING PENCOM APPROVAL” on 25th of June and that’s how it has remained. Leadway told me they will disburse the funds when they get PenCom approval. I tried to contact PenCom for an update, but they don’t respond to their calls or email.

Selflessman:

I applied in June with Leadway Pensure on their mobile app. They changed the status of my application to “AWAITING PENCOM APPROVAL” on 25th of June and that’s how it has remained. Leadway told me they will disburse the funds when they get PenCom approval. I tried to contact PenCom for an update, but they don’t respond to their calls or email.

Leadway is one of the worst PFA, port to stanbic

Heart2heart:
Let me state it clearly from albinitio, what informs this narrative. I am seriously motivated to write this for two reasons:

1. StanbicIbtc pension's unbelievable service delivery.
2. My dad encouraged me to always share some of my stories for it may be someone's last hope.

I started out as a contract staff in one of the main IOCs in Nigeria as contract staff, worked for 7years as a contract staff. The experiences as a CS in O/G industry begs for another thread. So, I got a better job in Angola(permanent job) five months after my contract was terminated. Of course it put an end to my pension contribution with my PFA(stanbic pensions). After 7months of leaving that contract job, one day I was arranging my document box, I carelessly stumbled on my pension documents, there I dioscovered that I can actually withdraw 25% of my total RSA(savings). So simple a step!

I pieced together the documents needed, and threw in my application. The next day, I got an sms acknowledging the receipt of my application. In the sms was a catchy phrase that says "stanbic ibtc pension requires u not to give any gift or recharge card for the processing of ur application" (permit my urban writing). Hmm! I was like, in this country? Is this for real or one of those image-saving auto responder texts? I was already eulogizing them; rhapsodizing about their straight-forwardness more than their marketers though bellied with bouts of doubts and skepticism.

I got an sms-friendly format to check the status of my application. It is: Status of Benefit Appl: eg: text "APP PEN11100000 to 30388. (The PEN** is ur PIN). I tried it first, th immediate reply was "ur application is being processed for submission to Pencom for payment approval". Wow! I screamed. Early days of the Second week, I checked my application status by texting the above to 30388, the immediate reply said "ur application has been submitted to pencom for approval, u will be notified of the outcome once out". Unbelievable!

Tuesday of the 3rd week, I got an sms from stanbicIbtc pension saying, "ur application has been approved for payment by pencom, u will receive your fund in the next 24hrs, check with ur bank" -it is a lie! I screamed. In same week on thursday morning by 10:42am dot(I saved the time). I got a Gtb sms alert. Hurray! It was my 25%. From my calculation I was expecting 2.1ml+ but I saw an extra 25k. I was miscalculating I guess. All happened under 3weeks. I was monitoring my application status via my phone. No need to go visit any office or lobby any jack. From the day I dropped that application till payment, I was a doubting thomas. So such a thing does happens in a firm in Nigeria? Just wanna shout out to StanbicIbtc, u guys rock! So u don't need to wait till u are 50years of age. Enjoy ur 25% for now, at least future will sort itself out esp in naija. Lolz!

I hear a lot of people complaing of their PFAs; please you administrators, stop frustrating we poor masses over our meager life savings. We toiled for it. Stop putting us under undue stress to lay hands on the evidence of our sweats(pension etc). Thanks!

Jice to hear from ur experience but i have a question.
Can one apply while still working with his/her employer or the law allow persons who no longer in service with his/her employer?

akaahs:

Jice to hear from ur experience but i have a question.
Can one apply while still working with his/her employer or the law allow persons who no longer in service with his/her employer?

You must be out of employment (resignation, termination, or dismissal) for at least 4 months without gaining another employment to qualify for the 25% Lump Sum withdrawal. And the fund can only be accessed once before retirement.

QuinModah:
Leadway is one of the worst PFA, port to stanbic

Has anyone in the house using another Pension Company been paid during this timeline? Because Leadway told me that PenCom approves in batches and that it usually takes them 10 to 25 working days which could take longer or shorter depending on PenCom’s timeline.

Selflessman:

Has anyone in the house using another Pension Company been paid during this timeline? Because Leadway told me that PenCom approves in batches and that it usually takes them 10 to 25 working days which could take longer or shorter depending on PenCom’s timeline.

Send a mail to Pencom. Or call their CC line. If your application has been submitted by Leadway and is under review, they'll let you know.

Nadingo:
Send a mail to Pencom. Or call their CC line. If your application has been submitted by Leadway and is under review, they'll let you know.

I have sent an email to PenCom 3wks ago, 2wks ago, and last week, all of which they failed to respond to. Their national CC number is not functional and their SW regional CC team told me to inform my pension administrator (Leadway) to do a follow up for me when I called them. It’s ridiculous, because PenCom stated on their website that approval takes within 5 working days whereas my application has been pending PenCom approval (since 25th June) for 17 WORKING DAYS!!!

Selflessman:

I have sent an email to PenCom 3wks ago, 2wks ago, and last week, all of which they failed to respond to. Their national CC number is not functional and their SW regional CC team told me to inform my pension administrator (Leadway) to do a follow up for me when I called them. It’s ridiculous, because PenCom stated on their website that approval takes within 5 working days whereas my application has been pending PenCom approval (since 25th June) for 17 WORKING DAYS!!!

Never knew Pencom has gotten this bad. When I processed mine, their CC was always available and even the email channel. They were responsive and my application was processed within a week I think. The only delay I had was was with Stanbic Ibtc's "verification of signature" and Stanbic ibtc guided me every step of the way.

Nadingo:
Never knew Pencom has gotten this bad. When I processed mine, their CC was always available and even the email channel. They were responsive and my application was processed within a week I think. The only delay I had was was with Stanbic Ibtc's "verification of signature" and Stanbic ibtc guided me every step of the way.

PenCom is now very terrible. I started the application in May and Yet to be paid in August for no reason at all. They are now running a Ponzi Scheme not a Pension Scheme