Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,196,651 members, 7,962,118 topics. Date: Sunday, 29 September 2024 at 11:21 PM |
Nairaland Forum / Nairaland / General / Career / How Long Does It Take Pencom To Give Approval? (42054 Views)
How Long Did It Take You To Get A Job After You Graduated From The University? / You Can Only Withdraw From Contributions Once In 2yrs — PENCOM / Pencom: Pension Fund Administration Finally A Blessing?-photo (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:20am On Feb 03, 2018 |
Olutola88: 1 Like |
Re: How Long Does It Take Pencom To Give Approval? by komols856: 9:20am On Feb 03, 2018 |
can everyone access 25% of RSA pension whether you are still in active service or not? 1 Like |
Re: How Long Does It Take Pencom To Give Approval? by Nobody: 9:20am On Feb 03, 2018 |
Kog45: Voluntary contributions are contributions where you are free to choose the frequency and amount of contributions at any time. Your employer does not contribute to this unlike in RSA. You can access 50% of money contributed in your VC after two years though. In RSA, you can access only 25% till when you are fifty years. As earlier stated, these apply to Stanbic IBTC Pension Managers which I use. |
Re: How Long Does It Take Pencom To Give Approval? by Nobody: 9:23am On Feb 03, 2018 |
komols856: You can access 25% RSA three months after you leave your previous employer. It does not matter whether you are still in active service or not. |
Re: How Long Does It Take Pencom To Give Approval? by arado: 9:33am On Feb 03, 2018 |
You may need to follow up with your Pension administrator. I use stanbic and got mine within 3weeks. |
Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:34am On Feb 03, 2018 |
Stanbic ibtc is one of the worst pfa when it comes to customer relationship for those trying to defend them when you have an issue try and visit there office and see how the will treat you. Stanbic ibtc is strong because they are the first pfa to get operating licence in Nigerian. When the got the licence the will go to any ministry and all the staff of the ministry will join que to fill ibtc form that what give them edge over other pfa and this happen for several years before other pfa got there licence. Many people are stock in ibtc without no way out only waiting for when window of transfer will be open Sorry to say this when the transfer window will be open stanbic ibtc will surely drop as the giant of the industry and there will be a massive earthquake in the pension industry |
Re: How Long Does It Take Pencom To Give Approval? by Osyxcel(m): 9:37am On Feb 03, 2018 |
boostdom: It applies to all Pension Fund Administrators 1 Like |
Re: How Long Does It Take Pencom To Give Approval? by Osyxcel(m): 9:40am On Feb 03, 2018 |
Asquare84: I disagree with you. Stanbic IBTC is one of the best and most widely used PFAs in Nigeria today, especially in the private sector. 2 Likes |
Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:46am On Feb 03, 2018 |
Osyxcel: Ibtc is not they best other pfa like premium and arm pension are strongly coming up against stanbic ibtc like I earlier mention stanbic is big because they first got operational licence before other pfa |
Re: How Long Does It Take Pencom To Give Approval? by Asquare84(m): 9:50am On Feb 03, 2018 |
IEI-ANCHOR PENSION is a very good PFA |
Re: How Long Does It Take Pencom To Give Approval? by ochiosa(m): 9:56am On Feb 03, 2018 |
montanaguy:try to find out if they still need any document from u because all the process are not purpose to take more than one month. I got alert within 3 weeks from crusade sterling pension |
Re: How Long Does It Take Pencom To Give Approval? by SuccesYear: 10:50am On Feb 03, 2018 |
I plan to process Letter of Administration (LoA) personally with a lawyer. How many months can it take? Is it advisable? 1 Like |
Re: How Long Does It Take Pencom To Give Approval? by OHCOMEON: 11:36am On Feb 03, 2018 |
Akeemj189:I got mine within 30 days and i use PAL PENSIONS, though they don't update you of the progress except you call. |
Re: How Long Does It Take Pencom To Give Approval? by Gideonmi(m): 11:40am On Feb 03, 2018 |
When an employee is out of job for at least 4 month. He or she can access 25% of his total RSA balance. salt1: 2 Likes |
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 11:42am On Feb 03, 2018 |
montanaguy: PENCOM is a govenrment organisation who still believe in hard copy letters, memos instead of e-mails. I was even surprised they responded to mails after 2 weeks. If you haven't settle this...pm let me give you a number to call for immediate actions. 2 Likes 1 Share |
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 11:44am On Feb 03, 2018 |
niggi4life: It's your right....make sure you get it. |
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 11:47am On Feb 03, 2018 |
Olutola88:What of ARM Pensions? |
Re: How Long Does It Take Pencom To Give Approval? by lonelydora: 11:49am On Feb 03, 2018 |
boostdom: For ARM Pensions...you cam access your 25% after 4 months of not securing another job. 3 Likes |
Re: How Long Does It Take Pencom To Give Approval? by Adagba1: 12:29pm On Feb 03, 2018 |
Got mine from IBTC after one month of application |
Re: How Long Does It Take Pencom To Give Approval? by Satioshi: 12:45pm On Feb 03, 2018 |
salt1: If your are less than 50, you can apply for a quarter(25%) of the balance in your Retirement savings account (RSA) after four months of exiting your job(no matter whether the exit is voluntary or involuntary). However, starting from Dec. 1 2017, you could only access 50% from your Additional voluntary contributions (AVC) after two years of making the contributions subject to a tax on the interest generated. The balance of 50% is added to the mandatory contribution at retirement. Certain categories of people are however exempted. 1. Retirees 50 years and above and on pension who have gone back to work can only make AVC, hence can make a withdrawal of 100% after 2 years of contributions but subject to tax on both principal and interest. 2. Foreign employees in Nigeria can withdraw 100% subject to a tax on principal and interest when returning to their country. 3 Employees of companies like Exxon Mobil, Shell, Chevron etc who operate Closed Pensions can withdraw 100% subject to tax on principal and interest. Note the conditions on withdrawal of AVC was made this stringent because employees deviced a way of avoiding tax by paying up to 90% of their salary into their AVC thereby reducing tax by up to 95% and is denying the tax authorities the income from tax. |
Re: How Long Does It Take Pencom To Give Approval? by mecussey(m): 12:49pm On Feb 03, 2018 |
ifymadu: Can someone get 25% even when you never reach 50yrs |
Re: How Long Does It Take Pencom To Give Approval? by Satioshi: 12:58pm On Feb 03, 2018 |
Processing on the average should take about four weeks give or take a few days. In Stanbic IBTC Pensions, when applications are received, a lettter is forwarded to client's last contributing employer for confirmation of dates of birth, appointment, exit etc and a clause is inserted in the letter to the effect that application will be processed if a response is not received withing 5-work-days of employer receiving the letter. This helps to forestall situations where employers may want to deliberately frustrate a former employee. When no response is received, the acknowledgement by the employer is used in lieu of their response as evidence that letter was received but not responded to. Once this has been resolved, application is then forwarded to National pension commission for approval where a dedicated liaision officer follows up to ensure prompt approval is given. Payment is received within 48 hours of approval by Pencom. 3 Likes |
Re: How Long Does It Take Pencom To Give Approval? by mechanics(m): 1:13pm On Feb 03, 2018 |
lollmaolol:hahahah, that's what the person is expecting o. |
Re: How Long Does It Take Pencom To Give Approval? by SuccesYear: 3:00pm On Feb 03, 2018 |
Pls kindly reply to this as it is urgent: I plan to process Letter of Administration (LoA) personally without a lawyer. 1. How many months can it take processing without their service? 2. Is it advisable? 3. Hv scale thru LoA with PFA . What's d duratn of Pencom & CBN paying a deceased 'Bond benefits' to PFA? |
Re: How Long Does It Take Pencom To Give Approval? by edithokoye0096: 3:34pm On Feb 03, 2018 |
Asquare84: Na so it pain you reach. Your mumu no get part 12. |
Re: How Long Does It Take Pencom To Give Approval? by fortunejum: 3:36pm On Feb 03, 2018 |
Aiico pension is the worst. I could not get mine for six months now. 1 Like |
Re: How Long Does It Take Pencom To Give Approval? by edithokoye0096: 3:38pm On Feb 03, 2018 |
Asquare84: Oga, you must be on the payroll of any of these PFAs you mentioned. I can only sense insecurity in your post. Where was other PFAs when Stanbic was putting their acts together to get the licence? I bet you've never heard of "First Mover's Advantage". Google it to enhance your knowledge instead of spewing thrash (ignorance) here. |
Re: How Long Does It Take Pencom To Give Approval? by wittyguy(m): 5:52pm On Feb 03, 2018 |
lwisee: Hmmm, wait until you come across Trustfund pension, then you'll know the real meaning of worthless. 1 Like |
Re: How Long Does It Take Pencom To Give Approval? by montanaguy(m): 8:27am On Feb 04, 2018 |
I thank all of you for your inputs. I have since been paid my 25% by Pal. I had an issue with them which I think the govt should revisit the pension acts. If one is already a pensioner on federal govt payroll and below 50yrs, he then worked in another place and resigned, to me, the person should be paid his AVC, that's, all the money he contributed should be paid to him by his PFA and not 25% because he is below 50yrs. I was already a pensioner when I joined the bank. Why must I wait to clock 50yrs to get my remaining funds? do I need to be on double pensions? they should look into this. People who are already receiving pension from their previous working place should be paid all their contributions they made when they got another job because they are pensioners. |
Re: How Long Does It Take Pencom To Give Approval? by komols856: 2:48pm On Feb 06, 2018 |
boostdom: I have spent more than 4 years with my employer and am still working with my employer currently, please can I still access 25% of my RSA for investment purposes. I am in my thirties 1 Like |
Re: How Long Does It Take Pencom To Give Approval? by Nobody: 7:17pm On Feb 06, 2018 |
komols856: You have to leave your current employer for at least three months before you can access 25% of your RSA. There will be a confirmatory enquiry from your pension manager to your previous employer about your employment status before you can be paid. |
Re: How Long Does It Take Pencom To Give Approval? by ifymadu: 9:21pm On Feb 11, 2018 |
mecussey:You get 25% three months after you stop working and 50% of the remaining balance when you clock 50. |
This 24-year-old Makes Millions Playing FIFA / Nigeria’s First Women In Various Professions / Victor Agunbiade: US Navy Honours Nigerian Officer For Accountability
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 61 |