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Nairaland Forum / Nairaland / General / Investment / How Pension Managers Are Cheating Nigerians (86084 Views)
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 Gentlebabs(m): 5:57am On Feb 18, 2015 |
[quotVisit any of the PENCOM Zonal centres. If you are in Lagos, visit: 88a, Oduduwa Crescent, Ikeja GRAHAM, Ikeja. Or call: 09 460 3930 Abuja, 0805 599 8776 Lagos. I travel around to conduct retirement and sensitization program, showing people how "Bea-ri-ful" the new scheme is. You can check me out on Facebook by adding: gentle_babs@yahoo.com or add Babatunde Raimi. =morningsta post=19071657]@Op, I'ld love to say you are wrong but sadly that's the truth. In my office, our HR usually assist next of kin of late employees in processing pension but recently, we were informed that henceforth, next of kins would be solely responsible for processing pension of late employees because the business got tired of unofficial settlement. The PFAs have perfected means of frustrating people to part with a substantial part if their pensions. [/quote Visit any of the PENCOM Zonal centres. If you are in Lagos, visit: 88a, Oduduwa Crescent, Ikeja GRAHAM, Ikeja. Or call: 09 460 3930 Abuja, 0805 599 8776 Lagos. I travel around to conduct retirement and sensitization program, showing people how "Bea-ri-ful" the new scheme is. You can check me out on Facebook by adding: gentle_babs@yahoo.com or add Babatunde Raimi. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:01am On Feb 18, 2015 |
eluquenson:we need to talk: 08035063895 |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:02am On Feb 18, 2015 |
lonelydora:My dear, the modalities for transfer of PFA have been set-out, but hasn't been opened. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:06am On Feb 18, 2015 |
fullblast:Truth is, the PFA is the one mandated to pay the insurance benefit, not PENCOM. However, you can help other people who are in the same boat by asking them to visit any PENCOM zonal centre for advise. Believe me dear, it is not as difficult as it used to be any longer. I am currently handling 2 of such cases from Airforce School, Ibadan. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:09am On Feb 18, 2015 |
Joeadamxx:Sec. 7 (2) of PRA 2014, where an employee voluntarily retires, disengages or is disengaged from employment as provided for under Section 16(2) & (5), the employee may with the approval of the Commission, withdraw an amount not exceeding 25% of d amount credited to his RSA, PROVIDED that such withdrawals shall only be made AFTER 4 MONTHS, of such retirement or CESSATION of employment & the employee does not secure another employment). |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:11am On Feb 18, 2015 |
chucky234:Have you got a C.A.P. Nice move for visionaries like you. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:12am On Feb 18, 2015 |
vanstanzy:it's shocking to note that as an insider, you do not know the basic rules of RSA transfer... |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:15am On Feb 18, 2015 |
davide470:The multinationals who were licensed by PENCOM to run their own pension is called (Closed Pension Fund Adminiatrator). |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:23am On Feb 18, 2015 |
yoddy:Thank you for giving Nigeria n's something to belief in, except that the bonded part is not too correct. From experience, the payment from the insurance part is usually higher with a 10 years guaranteed period, and thereafter, payable for the rest of the retirees life. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:25am On Feb 18, 2015 |
yetseyi: |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:36am On Feb 18, 2015 |
Mike2580:I work with AIICO Insurance - American International. We are also a PFA and and a major player in the retirement industry. I have assisted people in this regards with proves. So my dear, I am sharing with you what I know, not only on paper. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:39am On Feb 18, 2015 |
pantherapardus:REQUIREMENTS: Medical Certificate of Death/Cause of Death; Certificate of Registration of Death (if available); Police Report (if death is by accident); Letter of Administration or Will submitted to Probate; and Declaration of Wish/Evidence of Nomination of NOK, Means of identification of NOK (Drivers license, National ID and International Passport). When you have these documents, take it to his PFA, and please do not stop there. Also, get advise from the human resource department of his organisation. |
Re: How Pension Managers Are Cheating Nigerians by TheMan3: 8:39am On Feb 18, 2015 |
Gentlebabs: After submitting all the documents to ARM pension it took me another eight months of waiting befor I traveled to Abuja myself to submit the documents streight to pencom. They paid the accrued right, but now five years after my dad passed on, I am still expecting the group life insurance. My dad started working with federal government in 1981, and he was under the new scheme |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 9:06pm On Feb 18, 2015 |
TheMan3:You need to write a letter to ARM Pension, copy PENCOM, and copy any of your lawyer friend also. The letter you will send to ARM pension has to be by DHL, so that it will be properly receipted for. Afterwards, you can do a reminder letter to PENCOM and copy ARM pension. I am sure they will listen to you from experience. Let me know if you need more clarifications. 1 Like |
Re: How Pension Managers Are Cheating Nigerians by TheMan3: 9:17am On Feb 19, 2015 |
Gentlebabs: Thanks for the reply, pencom said they are not in charge of the group life, it's been handled by the office of the head of civil service of the federation. We have been waiting for them. They finally said that we would be paid by last December, but they are waiting for permission from ministry of finance. As we speak now, all the widows of deceased civil servants waiting for the group life money since 2010, are coming to Abuja. We are planning a very big protest to draw attention to the situation. It is not fair at all |
Re: How Pension Managers Are Cheating Nigerians by Babalakin(m): 12:35pm On Feb 19, 2015 |
When will this country ever get things right?..my dad ,a police officer passed away around June 2011,we have only accessed his RSA contribution while we are still expecting his accrued rights and group life assurance benefits.i completed d documentation around may last year with first guarantee pensions after which pencom placed us on batch 34.as at August last year when we received his outstanding contribution,pencom was paying batch 27.surprisingly,when I called customer care at pencom I was informed they were just processing batch 29 for d next payment.that means from August last year to date they have only paid 2 batches.one wonders how long it will take before it finally gets to batch 34..please I was thinking d accrued rights and group life will b paid simultaneously, do I need to go to d office of d head of civil service to process d group life?..I've been to d police head quater at Ikeja to make a complaint, they referred me to my dad's PFA and didn't mention anything about d office of d head of civil service. Thanks for ur kind replies |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 2:00pm On Feb 19, 2015 |
TheMan3:Section 8(1) says "Where an employee dies, his entitlement u ser the life insurance policy maintained under Section 4(5) of this Act shall be paid by an underwriter to the named beneficiary in line with Section (57) of the Insurance Act. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 2:08pm On Feb 19, 2015 |
Gentlebabs:GROUP LIFE INSURACE FOR RSA HOLDERS Section 8(2) Upon receipt of a valid WILL admitted to Probate or a Letter of Administration confirming the beneficiaries under the estate, the pension fund administration shall, with the approval of the Commission release the amount standing in the retirement savings account of the deceased or to any other person, as may be directed by a Court of competent jurisdiction, in accordance with the terms of the WILL... |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 2:17pm On Feb 19, 2015 |
Babalakin:Sections 8(1 & 2) is the main reason they referred you to the PFA. The Civil Service has nothing to do about this. Go to your late Dad's PFA armed with these relevant Sections and tell them what the laws says. The money is the direct responsibility of your Dad's PFA, not Civil Service. These things have been clearly delegated with effective monitoring. I am not telling you what I heard, I an telling you what works. |
Re: How Pension Managers Are Cheating Nigerians by TheMan3: 2:30pm On Feb 19, 2015 |
Gentlebabs: What they are saying is that in 2010 the government didn't pay premium on time that year, so the government is taking responsibility for the deaths that occurred during the time because of the no premium no cover policy. |
Re: How Pension Managers Are Cheating Nigerians by TheMan3: 2:31pm On Feb 19, 2015 |
From 2010 till now is a long time, five years... |
Re: How Pension Managers Are Cheating Nigerians by nissparts(m): 3:17pm On Feb 19, 2015 |
Gentlebabs: Oga, please dont mislead people here. What has a PFA got to do with paying group life or accrued rights that this poster is referring to. The accrued can only be paid after PENCOM has processed and group life is paid by insurance companies. |
Re: How Pension Managers Are Cheating Nigerians by Babalakin(m): 7:29pm On Feb 19, 2015 |
nissparts:Pls where can I locate d office of d head of val civil service?..maybe I should go lodge a formal complaint with respect to d group life..thanks |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 7:31am On Feb 20, 2015 |
TheMan3:Thank you for this clarification. I am not directly involved, so I am not aware of this development of government not paying premium... |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 7:39am On Feb 20, 2015 |
nissparts:I have tried to clarify these people who needs this information by the book, shown me the section in the PRO 2014, that says Government is responsible for paying insurance benefits for a dead employee. I proved to you that this responsibility has been shifted to the Pension Fund Administrators, hence the employers are directing the concerned to their administrators. The man just told you the reason why Government might be responsible for a particular batch. Please, I am not hear to argue with a Pension Guru like you, but to sharewwith people what I know about the pension matters. For your information, I will be speaking with some MOD staffs on pension in I linin next week and Lagos sometime next month. This is what I do daily, so it is my duty to keep abreast of developments in the industry.. |
Re: How Pension Managers Are Cheating Nigerians by nissparts(m): 8:35am On Feb 20, 2015 |
Gentlebabs: Reading is not difficult. Look at the very section you posted. I am talking about group life payments. They are made by insurance companies and not PFAs oga. Do you have underwriters in PFAs. SMH |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 4:36pm On Feb 20, 2015 |
nissparts:Well, this is the final time I will respond to this particular question from you. For instance, you work with as a Teacher or Administrative officer with the Ministry of Defence, you are regarded as an MOD staff. Your employer, that is (MOD) are expected to maintain a Group Life insurance for you all which they maintain through the PFA, for which premium is paid by the same employer. Call PENCOM and ask questions. Their Facebook account is also very active. Add them, and they will respond to you accordingly. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 4:51pm On Feb 20, 2015 |
nissparts:Go to www.pencom.gov.ng,, go to regulations and download GUIDELINES FOR LIFE INSURANCE POLICY FOR EMPLOYEES. It was jointly signed by PENCOM & NAICOM. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:30pm On Feb 20, 2015 |
Babalakin:OFFICE IF THE HEAD OF SERVICE: Radio House, Herbert Macaulay Way (South) Area 10, P.M.B. 247, Garki - Abuja E-mail: info@nigeria.gov.ng |
Re: How Pension Managers Are Cheating Nigerians by nissparts(m): 5:04am On Feb 21, 2015 |
Gentlebabs: I dont need to. You are wrong |
Re: How Pension Managers Are Cheating Nigerians by yetseyi(f): 3:28pm On Feb 21, 2015 |
[quote author=Gentlebabs post=30835727][/quote] Mr gentlebabs not teaching. She uses ARM retiring next year. Are there any documents or things to put in place before she.retires to avoid late payment? TheARM peeps have.been sending alerts every month and statement of account every 3 months. |
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 11:59pm On Feb 21, 2015 |
yetseyi:. 1. a) Application Form This is the duly completed and signed application form which clearly states the client is applying for the Employee portion of the contributions in his/her RSA. b) The RSA holder’s signature on the application must be the same as that on our records. 2. Passport Photograph One passport photograph of the applicant is required. 3. a) Birth Certificate/Age Declaration It is required that the client provides his/her birth certificate. b) In the absence of a birth certificate, an age declaration from the Court will suffice. PLEASE NOTE THAT the age on the means of ID and birth certificate must be same as on our records. 4. Letter of Appointment a) The official letter of appointment is required b) In the absence of a letter of appointment, a copy of the official gazette with the client’s name listed will suffice. 5. Retirement/Disengagement letter The retirement/disengagement letter (which should be on the letter head of the employer) must state the effective date of retirement. 6. Last Payslip The pay slip must be within 3 months of the client’s retirement (for example, where a client retired 31 Dec 2008, the payslip to be submitted should be either Oct, Nov or Dec 2008). 7. Retiree Severance Payslip (Right sized employees of the Federal Government only) a) This is required for disengaged retirees ONLY b) This must be issued by the Office of the Accountant General of the Federation (OAGF |
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