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How Pension Managers Are Cheating Nigerians - Investment (6) - 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 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:
Based on my knowledge, pension managers are good & pay beneficiaries as at when due for retirement, my mum was a federal ministry worker, she retired last year & she was paid this year.
Subsequently, she receives 35% of her (then)take home on monthly basis now...NLPC PFA grin
The issue about the demise of a beneficiary's next of kin having difficulties getting the entitlement is not limited to the pension managers alone, its the rudiment of our financial sector, even in the banks it happen, a letter of administration is very key.
we need to talk: 08035063895
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:02am On Feb 18, 2015
lonelydora:
And I use ARM PenSions. Will soon switch to IBTC like many of my colleagues.
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:
Are you aware that Pecom must pay 3times annual pay ǿſ d deceased FGN staff †φ d NOK by 2weeks? ...Ordinary sweet talk very similar †φ yours.I am a full proof victim, it took four angonizing years †φ get d full death benefit as d next ǿſ kin. Before 2004, it takes about 3months †φ effect payement ǿſ death benefits tφ d family ǿſ an FG staff, ǿſ this I am very sure . After d commencement ǿſ d pensions act, d capitalists n more corrupt took over and we are still reaping d dividends. These wicked hurdles set by Pencom n d PFAs make it seem as if being BEREAVED is a crime. It was a really horrible experience for me n siblings. Thank GOD, d storm is over
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:
Yababoy,

Agreed that the Pension Act as it is now is better than what it was before. But the thread Captain made a valid argument as I have colleagues going through the same experience with IBTC. When we were leaving our last employment, we were assured our 25% withdrawal will be ready within 2 months, 3 months down the line, it is only story. I am really afraid as I have a lot of money I cannot mention here in their coffers
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:
Who give a fvck about PFA, I am in control of my own pension by operating a separate savings account with no option for withdrawal no matter how hard things may be,also have another fixed for 18yrs for my daughter.
Be smart and dont work for those goons called PFA.
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:


With this story, i am wasting no time in changing my pension managers to Stanbic IBTC pensions. At least i have an insider there and i can hold them. @op, thanks for the eye opener.
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:

Stanbic IBTC is good! One of the best PFA in Nigeria. Remembered when my dad retired then, he was paid 30% of his money after a few months... And the fraction payment started immediately the next month and always on the stipulated date. He was also getting interest on the remaining part monthly..

But..

He died a year and half ago, and my senior bro (next of kin) has been trying to get the remaining part..just that blo*dy Letter of Administration delay!

That's why Multinationals have decided to create their own PFA departments.
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:


@op i beg to say you are wrong. I have a relative that retired november 2012 and by february 2012, the pension was coming in. During this period, i was exposed to the processes involved.

A lot of documentation was involved though but its just for verification. Bottom line is that half of your pension savings is given as a lump sum and the remaining is paid monthly in equal installments for an agreed amount of years. If one dies before the said number of years, the rest of the money is paid to the next of kin. If one outlives the number of years, the payment stops after the agreed number of years.

Alternatevely, the pension company transfers your contributions to an insurance company which does basically same thing above except that your monthly payment is slightly reduced [b][/b]and they keep paying you till you pass on.

The LETTER OF ADMINISTRATION is a legal thing and is usually required to absolve the payers of liabilities. A shortcut is to educate your loved ones to prepare a valid will stating all these things clearly.
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:
From the comments so far It seems the stress is when the retiree is dead nd next of kin needs 2 collect d admin letter.

My mum works with LASG nd is due 2 retire soon. ARM pensions. Pls what documents are needed to facilitate d payment. Is it teaching service of otherwise ?
Re: How Pension Managers Are Cheating Nigerians by Gentlebabs(m): 6:36am On Feb 18, 2015
Mike2580:

Pencom serves to regulate, monitor and melt out punitive measures to any of thw 24 PFA or 4 PFC's who errs... That's on paper, naija is f*cken bureaucratic. The re always coping other nations but forgot that the don't hv the same conscience with them. So stop talking crap & check out whats on ground b4 praising whats on paper
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:
Today marks 6 years since my dad passed on to glory. He was a lecturer at a federal government institution. Till date, we still haven't got his gratuities. Someone should please help out by telling me the processes involved to get this money. Thanks!
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:
REQUIREMENTS TO PROCESS DEATH BENEFITS UNDER THE PRA 2014. 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). However, if the letter of Administration took time, is it the fault of the PFA or PENCOM? If your Dad died under the new scheme, you are entitled to 3 years of his monthly salary as the insurance benefits, including asides the amount in the RSA and the ACCRUED RIGHTS which he qualify for; if he started working for government before you 2004.

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:


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
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:
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.

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:


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
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:
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.
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:
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
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:
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.

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:
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.

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:


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.
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:


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.
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:


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.
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:
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.


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:
[/b]

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
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:
[/b]

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
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:
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
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:
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.

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:


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.
. 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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