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Nairaland Forum / Nairaland / General / Career / You Can Only Withdraw From Contributions Once In 2yrs — PENCOM (22708 Views)
Economic Hardship: Workers Swoop On Their Pension Contributions / How Can One Force His Ex Employer To Pay Pension Contributions In Redundancy? / How Long Does It Take Pencom To Give Approval? (2) (3) (4)
You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Okwyla: 10:09am On Jul 25, 2018 |
National Pension Commission, PenCom, has said the Pension Reform Act, 2014 allows employees under the Contributory Pension Scheme, CPS, to contribute voluntarily in addition to the mandatory contributions into their respective Retirement Savings Account, RSA, to augment their pension at retirement. The Act also allows exempted employees from CPS to participate involuntarily in the CPS subject to a guideline issued by the Commission. Meanwhile, the Commission said it has observed a tendency for requests for withdrawals by Pension Funds Administrators and especially the significant amount withdrawn, usually within a short interval of lodgment in the RSA both of the mandatory and exempted contributors thereby defeating the purpose of voluntary contributions which is meant to enhance pension at retirement adding “also the short intervals between the date of contributions and withdrawals, results in significant tax payable to the relevant tax authorities.” To check this tendency, PENCOM said all PFAs/PFCs (Pension Funds Custodians) must ensure that “withdrawals from voluntary contributions is allowed once every two years from the last approved withdrawal date. Subsequent withdrawals shall only be on the incremental contributions from the date of last withdrawal. For mandatory contributors, the amount remitted as voluntary contributions shall be as follows: 50% shall be treated as contingent, available for withdrawal within the stipulated timeframe of 2 years. Taxes would be deducted on income earned in line with Section 10 {4} of the PRA 2014. The balance of 50% shall be fixed for pension and utilized at date of retirement to augment the contributor’s retirement benefit.” Foreign contributors The commission says “The time frame for withdrawal of once every 2 years in clause 5 {a} above shall be adopted. The contributor is allowed to withdraw all the funds in his/ her account after two years of contribution, subject to deduction of taxes on both income earned and principal when withdrawal is made in less than five years of the contribution. PFAs shall forward requests for approval to the commission using the revised schedule for voluntary contribution withdrawals. Both PFAs and PFCs are required to inform the Economic and Financial Crimes Commission of any single lodgment of N5 million and above. Henceforth, all tax deductions shall be remitted to the relevant tax authorities within 21 days after the end of the month of deduction and render returns to the Commission twice yearly of such remittance”. http://www.akelicious.net/2018/07/you-can-only-withdraw-from.html 1 Share
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Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by OboOlora(f): 10:24am On Jul 25, 2018 |
WTF mehn!!!! TF am I the first person to comment on this post, where’s that Meisuya, kilichi reseller (in MI’s voice) Is he dead? Did he commit suicide after his Boss lost the fight to Don Saraki yesterday? Meanwhile, Femi Gbajabiamila just got my best friend pregnant and he’s not picking her calls! 8 Likes 3 Shares |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by nairaman66(m): 10:24am On Jul 25, 2018 |
Pension Reform Act, 2014 allows employees under the Contributory Pension Scheme, CPS, to contribute voluntarily in addition to the mandatory contributions into their respective Retirement Savings Account, RSA, to augment their pension at retirement. Why contribute into something you cannot withdraw with ease? When people were contributing, they did it with ease! There was no electoral act in place, when they want to withdraw, electoral act comes into play.. is this not madness?? 49 Likes 2 Shares |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by alphaconde(m): 10:25am On Jul 25, 2018 |
the money mania stole form this office has he returned it? |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by joeace2020(m): 10:25am On Jul 25, 2018 |
hmmm |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by benzema8(m): 10:25am On Jul 25, 2018 |
cool |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Nobody: 10:25am On Jul 25, 2018 |
K |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Sirpaul(m): 10:25am On Jul 25, 2018 |
one of my guy wan dey withdraw every 2months |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by uchman46(m): 10:25am On Jul 25, 2018 |
Issorite |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by AbiBuruji722(m): 10:25am On Jul 25, 2018 |
So I still don't av access to my money |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by bobokeshington: 10:26am On Jul 25, 2018 |
OK |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by zubby4567(m): 10:26am On Jul 25, 2018 |
we don hear |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Nobody: 10:26am On Jul 25, 2018 |
nairaman66:Why?? Need more explanation |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Mdaz(m): 10:27am On Jul 25, 2018 |
Bancroft Withdraw all the money nah...... After all once na once.... |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by notoriousbabe: 10:27am On Jul 25, 2018 |
Ayam not understanding o 1 Like |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by MANNABBQGRILLS: 10:27am On Jul 25, 2018 |
That is cool. Only for the discipline . 2 Likes 2 Shares |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by eluquenson(m): 10:27am On Jul 25, 2018 |
okay |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by domack99(m): 10:29am On Jul 25, 2018 |
Withdrawal is only on Voluntary Contribution, how many employee are doing this voluntary contribution. They should soft pedal on the main contribution to like once in 5 years also and not when you lost your job 9 Likes |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by nairaman66(m): 10:29am On Jul 25, 2018 |
davjos: Go read the PENCOM electoral act |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by mexioni(m): 10:29am On Jul 25, 2018 |
Story seems much, i need expert advise on this. Am thinking if meeting my employers to write to our PFA so we can withdraw up to 15-20% of our total contribution, how possible is it since we r still in employment? 2 Likes |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by sunbilor(m): 10:32am On Jul 25, 2018 |
I need a pension expert to advise me on an issue regarding to pension laws. |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by chigoziri2403(m): 10:35am On Jul 25, 2018 |
is it the AVR?
WHY SHOULD I NOT ACCESS MY MONEY |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Emeskhalifa(m): 10:35am On Jul 25, 2018 |
Is it possible to withdraw all the money with PENCOM in a situation where the owner of the money is late? 1 Like |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Cloud007: 10:38am On Jul 25, 2018 |
nairaman66:mutual benefit is worse. They will even eat up your capital join. I believe pencom is reasonable though 1 Like |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by realitychick: 10:41am On Jul 25, 2018 |
when can i collect my money oooo, always seeing the Alert, but cannot access it.Cant wait for Retirement jooor,I need the money sharpenly. In this Naija Economy and buhari admin,you live for today not tomorrow,i don talk my own. 8 Likes |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by Emekus92(m): 10:41am On Jul 25, 2018 |
nairaman66: They invested or lend out the money and expect high returns. Since the money is out they can't pay pensioners regularly. This country is a prison for its citizens 5 Likes |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by franchasng: 10:42am On Jul 25, 2018 |
mexioni:you cannot. You are only entitled to withdraw up to 25% of your pension fund if you lose your job and unable to get a new employment after 4 months then u can apply for withdrawal of 25% of your contribution 4 Likes 1 Share |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by nakoks(m): 10:45am On Jul 25, 2018 |
Emeskhalifa:If you are the beneficiary Yes,you will be paid.Not that you will go and withdraw what is not yours |
Re: You Can Only Withdraw From Contributions Once In 2yrs — PENCOM by maestroferddi: 10:45am On Jul 25, 2018 |
Cloud007:Those small time 419 people took my N80,000.00 in the name of silly insurance... Let me see another joker coming to market insurance to me... 2 Likes |
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