adeaks:


I didn't follow you. I came here to talk about pension only to see you two lovebirds talking about coke and kunu

I am not d one. Nobody mentioned me yesterday..... I am unknown in this forum

daddy you can lie o...oya wen u came to talk abt pension, y r u not minding wat u came to do ...na coke nd kunu matter u dey see

goldendainty:



do u like it chilled? BTW, we are derailing o

Yea I'll manage the chilled one...the thread was dead already jare so derailing is allowed

ElDeeVee:


Yea I'll manage the chilled one...the thread was dead already jare so derailing is allowed

Did you see the man up there? mr adeaks...abi he wants to beg kunu from you



Hahahahaha

goldendainty:
Did you see the man up there? mr adeaks...abi he wants to beg kunu from you



Hahahahaha

Don't mind him jare..oya bring the kunu before I change my mind

goldendainty:
Did you see the man up there? mr adeaks...abi he wants to beg kunu from you



Hahahahaha

I don't want your kunu or coke.

I just want to talk about my pension

but you av turned this thread to a kunu selling joint.

adeaks:



I don't want your kunu or coke.

I just want to talk about my pension

but you av turned this thread to a kunu selling joint.

ElDeeVee:

Don't mind him jare..oya bring the kunu before I change my mind

tk jare, do u care for fried meat?

goldendainty:
:Ptk jare, do u care for fried meat?

Yea I care...thanks

Kollyman:
I have heard people complaining about the quality of service renders by their Pension Fund Administrators (PFAs) the truth is that the PFAs don't exist in isolation, they have rules, guidelines and the PRA 2004 & 2014(as amended ) guiding their modes of operations. I want to seize this opportunity to say that the guides stated above are not inhumane but the interpretations by various PFAs creates the bottle neck that makes clients (RSA holders) suffers.

The truth is that most of the guidelines are available for the public consumptions but due to our attitudes to reading things we felt would not add an immediately value to our lives, we allow it slip through our hands.

I can confidently tell you that "if your PFA knows that you know where to run to when they give bad service, they wouldn't try mess with you". I remember those days when we have some customers walk-in through our door, we quickly assign the best hand to attend to them. This is due to the fact that if we misbehave in anyway as an organisation, we would be in for a serious trouble.

I have worked in various departments of one of the biggest PFAs in the country and I am privilledged to have access to some vital informations which could be useful to RSA holders.

Please note:

1. This thread is not meant to promote/demote any PFA
2. It is not meant to market any PFA or insurance products
3. Any service/advise given on this thread is without any cost /fee
4. Do not disclose your pension information to anybody
5. Other pension gurus in the house are also free to contribute

If your issues cannot be solved on this thread, I can likewise provide you with contact details of some top officials of some of the big PFAs in the country to enable you escalate to a higher authority within the organisation.

Please feel free to ask any questions with regards to your pensions.

Thanks for this page... Please explain how it works... After retiring, do you get all the money in the pension account at once? Can you use it to start a business if you do? Can you change PFA providers? If the PFA decide to pay in instalments after ones retirement, do you determine how much they give you? what happens if there's a lot of money left and the owner dies? Please explain to me... Thanks

@kollyman, what will one do to a company that doesnt remit the pension benefit of her staff over 7months running...meanwhile they have been deducting it,when they want,how they want and so on. It is so sad that alot of companies in nigeria have been doing this and i have a brother who is currently in one.
How can one resolve it? abii to sue the company?

If he has any evidence of deduction(payslip) he can take it to his PFA, who have Relationship Management officers to follow up on his behalf. If the employer still did not remit his contributions, the PFA can lodge a complain to PENCOM and organization would be penalised and probably licensed withdrawn

debbie:
@kollyman, what will one do to a company that doesnt remit the pension benefit of her staff over 7months running...meanwhile they have been deducting it,when they want,how they want and so on. It is so sad that alot of companies in nigeria have been doing this and i have a brother who is currently in one.
How can one resolve it? abii to sue the company?

Ok,thanks.....but the fear of loosing his job because he reported his company is what is limiting him. License revoked?...looks scary in this age and time.

chidamysy:
If he has any evidence of deduction(payslip) he can take it to his PFA, who have Relationship Management officers to follow up on his behalf. If the employer still did not remit his contributions, the PFA can lodge a complain to PENCOM and organization would be penalised and probably licensed withdrawn

Thats why i suggest he meets his PFA. it wont be that he is the one reporting, but they would act as compliance since they have not be remitting his contributions to them.

debbie:
Ok,thanks.....but the fear of loosing his job because he reported his company is what is limiting him. License revoked?...looks scary in this age and time.

Alright...i have another question.What can one do concerning a company that doesnt have any pension plan for her staff? Though they generate so much revenue...Pension is not part of their benefits.

chidamysy:
Thats why i suggest he meets his PFA. it wont be that he is the one reporting, but they would act as compliance since they have not be remitting his contributions to them.

Well for now we really understand that the Nigeria Pension Industry is still in his cradle stage, so much cant be done to those employers that falls under this category. But one day if they try to venture into getting govt contracts,recognition e.t.c. They would be required to provide PenCom compliance certificate(for them to get that, they must have evidence of pension remittance up to date)before such contract is established.

debbie:
Alright...i have another question.What can one do concerning a company that doesnt have any pension plan for her staff? Though they generate so much revenue...Pension is not part of their benefits.

Hummmm really sad and discouraging i must say. All the same i appreciate your explanations. Guess one will thread with caution now.

chidamysy:
Well for now we really understand that the Nigeria Pension Industry is still in his cradle stage, so much cant be done to those employers that falls under this category. But one day if they try to venture into getting govt contracts,recognition e.t.c. They would be required to provide PenCom compliance certificate(for them to get that, they must have evidence of pension remittance up to date)before such contract is established.

You are welcome

debbie:
Hummmm really sad and discouraging i must say. All the same i appreciate your explanations. Guess one will thread with caution now.

Hello,

I'm very sorry for not attending to your questions, I have been very busy.

I promise to attend to them all as soon as possible.

Cheers.

ibkladunni:


Thanks for this page... Please explain how it works... After retiring, do you get all the money in the pension account at once? Can you use it to start a business if you do? Can you change PFA providers? If the PFA decide to pay in instalments after ones retirement, do you determine how much they give you? what happens if there's a lot of money left and the owner dies? Please explain to me... Thanks

Real retirement in pension means you are 50 years and above except some retirement that is based on terms and conditions of some organisations which is the only way by which you could regarded as a retiree when you are below 50 years.

Let's talk about retirement after the age of 50 years, you can be allowed to withdraw everything in your pension account when you have less than #550,000 in your retirement savings account (RSA). It is called enbloc withdrawal.

But if the fund in your RSA is above 550k, it would be programmed I.e you would have a lump sum which varies from 25% - 50% (as determined by the PENCOM template which also works with your final salary) of what you have accrued in your RSA while the remaining balance would be programmed by the PFA (paying you monthly pension for as long as the fund in your RSA can finance) or you use the fund to purchase annuity (Annuity is an insurance policy which enable the retiree to earn monthly pension so long as the person lives).

As explained earlier, if the fund in your RSA is less than 550k, you can have everything in your RSA and you can do what ever you like with it after being paid. But if above 550k, you cannot gain total access to the fund except the lump sum and monthly pension.

There is provision for RSA holders to change their PFAs but the platform has not been implemented by PENCOM. They call it "transfer window". As soon as the platform is opened, your PFA would surely make it known.

Like I said earlier, you don't determine what you get on monthly basis, the PENCOM retirement template used by the PFAs does. The calculator/template works with your final salary which is a product of your basic salary+housing allowance+transport allowance which can be derived from your payslip which must be within the last 3 months of retirement.

If the RSA holder/retiree dies while still having fund (whether huge or small) in his/her RSA, the beneficiary can apply for the payment of the funds in the deceased RSA which would be paid encloc by the PFA. However, let me shed more light on the term " beneficiary" as stated above, a beneficiary is anybody that is mentioned by a letter of administrator (LOA) as an administrator to the estate of the deceased person. The LOA is a principal requirement when the beneficiary want to apply for the fund in the RSA of a deceased person and you can get this LOA from the state probate. There is a little technicality on the LOA thing but I belief your PFA should be able to attend to your further enquiries on this. But if you are still not satisfied, you can revert. I would be here to shed more light on what ever enquiry you have.


Apologies for delayed response.

debbie:
@kollyman, what will one do to a company that doesnt remit the pension benefit of her staff over 7months running...meanwhile they have been deducting it,when they want,how they want and so on. It is so sad that alot of companies in nigeria have been doing this and i have a brother who is currently in one.
How can one resolve it? abii to sue the company?

chidamysy:
If he has any evidence of deduction(payslip) he can take it to his PFA, who have Relationship Management officers to follow up on his behalf. If the employer still did not remit his contributions, the PFA can lodge a complain to PENCOM and organization would be penalised and probably licensed withdrawn

Cool responses chidamysy, at Debbie apologies for late response.

The truth is that not all pension deductions that is not showing in your RSA statement were not remitted by employers. There are times that when the employers make remittances to the PFAs/PFCs but would not be uploaded into your RSA simply because of some contrasts between the remittance schedule receives from the employer and the one received from the pension custodian. The contrast could be as a result of amount, name, RSA PIN or period of remittance disparity and more.

In the afore mentioned case, the PFA have the remittance uploaded into TCF which is like stopgap pending the resolution of the disparity and the fund uploaded accordingly. Pls note that pending the resolution of the disparity, the fund in the TCF is not dormant and the fund also accrue interest. I must also tell you that it sometimes take weeks, months or year in some cases before rectifying the discrepancies. The period of resolution is determined by when the concerned parties (employer, PFA & PFC) respond/ resolve the issue.

How can you know if your deducted remittance is in TCF?
First confirm from your HR office if the pension remittance for the affected period has been made, if yes, visit any branches or service centres of your PFA to inquire why the remitted contribution is not reflecting in your RSA statement and where the fund is. You could as well send them an email.

Hope this response if useful.

Do not hesitate to revert is need be for further clarifications.

.....

How often do you check your RSA statements?

Don't just see your pension deducted from your salary, start monitoring your retirement from now.

Kollyman:
How often do you check your RSA statements?

Don't just see your pension deducted from your salary, start monitoring your retirement from now.

1.Please the 8% prescribed by the pension act, how is it calculated? is it total take home after tax or its calculated from the basic or what?

assuming this were to be my payslip, how will you calculate my pension

basic salary-50,000
housing-20,000
transport-10,000
meal subsidy-5,000
utility-5,000
medical-10,000


outstation allowance-15,000
feeding incentive-20,000

lets assume take home after tax to be 127,000


what will be my pension?

2.if its discovered that my deductions over the months have been wrongly computed, how do i seek redress?


3. I have been working with this firm since 2010, no pension deductions were made until 2013.

can the company be made to pay their own contribution(employers contribution) from 2010-2013?

I know it might be argued that since it wasnt deducted from my pay, technically i was paid my pension but what about their own part?

I feel aggrieved because they have robbed of the opportunity to have, had some good savings(2010-2013)



CC:chidamysy

Hello, Nannymcphee

1. 8% monthly, which is being deducted from your Basic,Housing,Transport on a monthly basis. With the figures you have here, Your deductible pension is N6400.

2.To seek redress, you need to have a form of evidence to ascertian that the deductions where wrongly computed. You need to have a payslip for the stated periods you find the shortage. Then you can seek advice from your PFA. They have Relationship Mangers to follow up with your employers on your behalf

3. What was stated on your employment letter, was your offer pensionable from day one?, If your employer did not make any deductions from your end, then am afraid they wont remit, The reason is this, Pension is a contribution between the employer and the employee. Since the Employer did not make any form of deductions from your Salary, then they can state that your role as at that time is not Pensionable(You can also check your payslip for those period to ascertain this).

Let me know if you still need further clarifications.

nannymcphee:


1.Please the 8% prescribed by the pension act, how is it calculated? is it total take home after tax or its calculated from the basic or what?

assuming this were to be my payslip, how will you calculate my pension

basic salary-50,000
housing-20,000
transport-10,000
meal subsidy-5,000
utility-5,000
medical-10,000


outstation allowance-15,000
feeding incentive-20,000

lets assume take home after tax to be 127,000


what will be my pension?

2.if its discovered that my deductions over the months have been wrongly computed, how do i seek redress?


3. I have been working with this firm since 2010, no pension deductions were made until 2013.

can the company be made to pay their own contribution(employers contribution) from 2010-2013?

I know it might be argued that since it wasnt deducted from my pay, technically i was paid my pension but what about their own part?

I feel aggrieved because they have robbed of the opportunity to have, had some good savings(2010-2013)



CC:chidamysy

chidamysy:
Hello, Nannymcphee

1. 8% monthly, which is being deducted from your Basic,Housing,Transport on a monthly basis. With the figures you have here, Your deductible pension is N6400.

2.To seek redress, you need to have a form of evidence to ascertian that the deductions where wrongly computed. You need to have a payslip for the stated periods you find the shortage. Then you can seek advice from your PFA. They have Relationship Mangers to follow up with your employers on your behalf

3. What was stated on your employment letter, was your offer pensionable from day one?, If your employer did not make any deductions from your end, then am afraid they wont remit, The reason is this, Pension is a contribution between the employer and the employee. Since the Employer did not make any form of deductions from your Salary, then they can state that your role as at that time is not Pensionable(You can also check your payslip for those period to ascertain this).

Let me know if you still need further clarifications.

Cool answers!

chidamysy:
Hello, Nannymcphee

1. 8% monthly, which is being deducted from your Basic,Housing,Transport on a monthly basis. With the figures you have here, Your deductible pension is N6400.

2.To seek redress, you need to have a form of evidence to ascertian that the deductions where wrongly computed. You need to have a payslip for the stated periods you find the shortage. Then you can seek advice from your PFA. They have Relationship Mangers to follow up with your employers on your behalf

3. What was stated on your employment letter, was your offer pensionable from day one?, If your employer did not make any deductions from your end, then am afraid they wont remit, The reason is this, Pension is a contribution between the employer and the employee. Since the Employer did not make any form of deductions from your Salary, then they can state that your role as at that time is not Pensionable(You can also check your payslip for those period to ascertain this).

Let me know if you still need further clarifications.

Wow, thanks

What was the big deal about the calculation that they refused to reveal this to us.(I had written to admin dept)


1.I thought the 2014 pensiom act says it should be 8% of one's emolument?

Emolument in the 2014 act means

"Total emolument as defined in the employee’s contract of employment provided it is not less than the total of the employee’s basic salary, housing and transport allowance"

So why are companies just sticking to basic, housing & transport? I guess it's a way of reducing what they ought to contribute

So how do I go about ensuring that other emoluments are deducted?


2.my offer letter till date doesn't mention pension but money is being deducted & my RSA Is being funded

Offer letter or not, I thought the pension act makes it compulsory for all employers to make deductions


So if my company denied me the opportunity to save towards my pension, aren't they liable? At least to pay their own contribution since they allowed me to "eat" my part for those period deductions werent made?

3.what's the channel of laying complaints to PENCOM

CC:kollyman

nannymcphee:


Wow, thanks

What was the big deal about the calculation that they refused to reveal this to us.(I had written to admin dept)


1.I thought the 2014 pensiom act says it should be 8% of one's emolument?

Emolument in the 2014 act means

"Total emolument as defined in the employee’s contract of employment provided it is not less than the total of the employee’s basic salary, housing and transport allowance"

So why are companies just sticking to basic, housing & transport? I guess it's a way of reducing what they ought to contribute

So how do I go about ensuring that other emoluments are deducted?


2.my offer letter till date doesn't mention pension but money is being deducted & my RSA Is being funded

Offer letter or not, I thought the pension act makes it compulsory for all employers to make deductions


So if my company denied me the opportunity to save towards my pension, aren't they liable? At least to pay their own contribution since they allowed me to "eat" my part for those period deductions werent made?

3.what's the channel of laying complaints to PENCOM

CC:kollyman

1. The truth is that those three variables are always constants from organisations to organisations aside from some few private firms and government establishments that use consolidated salary structure. Even most PFAs when calculating for final salary at the point of retirement often limit themselves to those variables except where you are opting for annuity rather than programmed withdrawal.

Also as you said, some organisations might just view it as an escape route to reduce what they pay for employees. Anyhow it is, one can always make his/her intention known to admin/hr dept to consider other allowances on the payslip for an increment in pension contributions. If it is cool wit the firm, it might be considered but if otherwise.......

2. Yes! Your organization is liable. However, you need to apply a lot of cautions when handling this matter with your employer as it might be wrongly perceived.


3. (a) you can send them an email.

(b) you can write them directly through their Adetokunbo Ademola address.

(c) you can likewise write the commission through your PFA

Note: you can get all these addresses on their website. www.pencom.gov.ng

Hope this information is helpful.

Kollyman:
I have heard people complaining about the quality of service renders by their Pension Fund Administrators (PFAs) the truth is that the PFAs don't exist in isolation, they have rules, guidelines and the PRA 2004 & 2014(as amended ) guiding their modes of operations. I want to seize this opportunity to say that the guides stated above are not inhumane but the interpretations by various PFAs creates the bottle neck that makes clients (RSA holders) suffers.

The truth is that most of the guidelines are available for the public consumptions but due to our attitudes to reading things we felt would not add an immediately value to our lives, we allow it slip through our hands.

I can confidently tell you that "if your PFA knows that you know where to run to when they give bad service, they wouldn't try mess with you". I remember those days when we have some customers walk-in through our door, we quickly assign the best hand to attend to them. This is due to the fact that if we misbehave in anyway as an organisation, we would be in for a serious trouble.

I have worked in various departments of one of the biggest PFAs in the country and I am privilledged to have access to some vital informations which could be useful to RSA holders.

Please note:

1. This thread is not meant to promote/demote any PFA
2. It is not meant to market any PFA or insurance products
3. Any service/advise given on this thread is without any cost /fee
4. Do not disclose your pension information to anybody
5. Other pension gurus in the house are also free to contribute

If your issues cannot be solved on this thread, I can likewise provide you with contact details of some top officials of some of the big PFAs in the country to enable you escalate to a higher authority within the organisation.

Please feel free to ask any questions with regards to your pensions.

Hi helpful Nairalander. just stumbled on this topic and remembered that i also have an outstanding issue.

Left my former place of employment for a new place in 2010. I was using Trustfund then before moving to ARM. I went to Trustfund office at PH in 2011 to ask if i could move my funds with them to my new partners but the babe i met there said something like "The market wasn't open then so i had to wait" and since then, i just forgot about it until i stumbled on this thread.

How do i go about transferring my funds from Trustfund to ARM?

Thank in anticipation bro.

@nannymcphee, longest time sister. How are you doing?

Candour:


Hi helpful Nairalander. just stumbled on this topic and remembered that i also have an outstanding issue.

Left my former place of employment for a new place in 2010. I was using Trustfund then before moving to ARM. I went to Trustfund office at PH in 2011 to ask if i could move my funds with them to my new partners but the babe i met there said something like "The market wasn't open then so i had to wait" and since then, i just forgot about it until i stumbled on this thread.

How do i go about transferring my funds from Trustfund to ARM?

Thank in anticipation bro.

@nannymcphee, longest time sister. How are you doing?

Hello sir,

The truth is that you are not expected to have more than one RSA PIN I.e, you are not expected to register with more than one PFA. When you moved from your previous work place, you were supposed to continue using your PIN with Trust fund PLC by just giving your HR your PIN and they continue remitting with it to trust fund.

Though, the commission has been promising since 2010 or even before then that they were going to open transfer window (platform that enable RSA holder move their pension contributions from one PFA to another while still using the same RSA PIN). This has not been done probably due to some remittance/record issues on the part of the PFAs/PFCs.

Back to your main question, it is impossible for now to move your pension contributions from Trust Fund Pension to ARM since the transfer window is yet to be declared opened by PenCom. However, if you want all your contributions to be together I.e one PFA (which is my kind advice) all you need to do is for you/employer do a letter to ARM pension stating that your RSA with them is an error that you already have one with trust fund and likewise implore them to transfer all your contributions with them to trust fund pension.

Note: this might take a while to be done as ARM might have to write the Commission for approval. Doing it now will save you from stories when you are set to collect your money.

Hope this information is helpful.

chidamysy:
Hello, Nannymcphee

1. 8% monthly, which is being deducted from your Basic,Housing,Transport on a monthly basis. With the figures you have here, Your deductible pension is N6400.

2.To seek redress, you need to have a form of evidence to ascertian that the deductions where wrongly computed. You need to have a payslip for the stated periods you find the shortage. Then you can seek advice from your PFA. They have Relationship Mangers to follow up with your employers on your behalf

3. What was stated on your employment letter, was your offer pensionable from day one?, If your employer did not make any deductions from your end, then am afraid they wont remit, The reason is this, Pension is a contribution between the employer and the employee. Since the Employer did not make any form of deductions from your Salary, then they can state that your role as at that time is not Pensionable(You can also check your payslip for those period to ascertain this).

Let me know if you still need further clarifications.

Hi Sir, I think your calculation is base on the old format of 7.5% of Basic Salary, Housing & Transportation from the employers & employees. New Pension Reform Act of 2014 is now 10% & 8% of GROSS INCOME of the employee contribute both by employers & employees respectively. As for figure above, 8% of employee monthly contribution is N 10,800, while employer will contribute N13,500 monthly.

I stand to be corrected though

A friend of mine is planning to collect his pension benefits .he said he want to ask the company stop paying his monthly pension to his present PFA.so he can go and access the current amount in his account.he plans to register with a new PFA afterwards.pls what are his chances and the processes involved

Kollyman:



Hello sir,

The truth is that you are not expected to have more than one RSA PIN I.e, you are not expected to register with more than one PFA. When you moved from your previous work place, you were supposed to continue using your PIN with Trust fund PLC by just giving your HR your PIN and they continue remitting with it to trust fund.

Though, the commission has been promising since 2010 or even before then that they were going to open transfer window (platform that enable RSA holder move their pension contributions from one PFA to another while still using the same RSA PIN). This has not been done probably due to some remittance/record issues on the part of the PFAs/PFCs.

Back to your main question, it is impossible for now to move your pension contributions from Trust Fund Pension to ARM since the transfer window is yet to be declared opened by PenCom. However, if you want all your contributions to be together I.e one PFA (which is my kind advice) all you need to do is for you/employer do a letter to ARM pension stating that your RSA with them is an error that you already have one with trust fund and likewise implore them to transfer all your contributions with them to trust fund pension.

Note: this might take a while to be done as ARM might have to write the Commission for approval. Doing it now will save you from stories when you are set to collect your money.

Hope this information is helpful.

Thanks a lot for the info. My new employers said they already had a PFA for all staff so i had no choice but to fall in line though if i had the info you just gave now, i would have insisted and retained trustfund.

Well, i guess i'll have to wait for the window to be declared open by PENCOM so i can consolidate both.

Thanks once again for your kind response.

God bless