ok, it actually mk sense

coolkaboom:
u r very wrong. At best, d individual staff members r responsible for allowing their employer short-change them by a conspiracy of silence / cooperation. When u get ur statement and it reveals short-funding / nil funding..never keep quiet. There are enough remote discrete whistle-blowing channels for escalating dubious HR/admin managers who surpress remittances. Its ur money and ur future, take active control and guard it zealously.

If you are not notified monthly, aw do u know if they have paid or not. I will repeat again. The pension company takes the blame cos if you extract from A,you must also extract from B.its a law and must be monitored.

vitality22:

What is the guarantee period of annuity please?
And at the death of the owner of the annuity account after the guarantee period, what happens to the next of kin?
Am waiting for your reply please

Guarantee period is 10 years and if the annuitant is no more, the income will continue to be paid to the named next of kin and percentage of allocation as instructed by the annuitant prior to the purchase of the annuity. This will make sure the annuitant or next of kin get back initial purchase fund.

Also if the annuitant is alive after 10 years, he or she will still be paid but the next of kin benefits will not apply

bookkeepers:
I won't advice any1 to take up an annuity. I once witnessed a situation where at the death of a retiree, her children were paid less than the balance on the annuity. The balance was 5m, they paid them 3.7m. A pension fund administrator will pay the full sum at death. The kids felt cheated.

By the Pension act, the annuitant cannot surrender because the fund has been calculated to ensure that income is received as long as he or she lives. It can only be transferred to another insurance company after seeking approval from PENCOM. The next of kin will continue to be paid exactly the amount for the remaining years the annuitant was meant to collect within the guaranteed period.

If the next of kin insist on terminating or surrendering or collecting the full value or lump sum fund after the annuitant is no more, the value will be discounted according to the interest not earned as the fund will no longer be with the Insurance company, standard charges and fines will be applied. This is to encourage the next of kin to keep receiving the monthly income just as if the annuitant is still alive.

Please always ask more questions to avoid sentimental or wrong information.

Jamean:
Pension administration in Nigeria is now very effective due to the new pension reform act.

Upon retirement or been out of paid employment for a fixed period of time, there is a stress free access to collection of your accumulated pension remittances.

Although the interest yield is very little but pension can serve as another source of fixed sum aside other investments you've built up while working.

Ensure that your employer is consistent with remittances and the applicable rate is used.

Lol my dear that's what they tell you on paper...on ground its a different ball game. Most next of kins have given up collecting their deceased parents pension as a result of the kind of stress this PFA's put people through.

From telling you to bring one document or the other, to unnecessary delays...at the end of the day, you might even spend more than what you're even expecting to collect. That's if you even collect the money.

Thank you very much for your comments and questions. All the information collated here will be shared with all parties concerned, including the PFAs themselves. Pensions are very important, and Nigerian workers must be made to know exactly what they are getting into from the very beginning.

jibbish:

If you are not notified monthly, aw do u know if they have paid or not. I will repeat again. The pension company takes the blame cos if you extract from A,you must also extract from B.its a law and must be monitored.

why are u waiting to be notified..this is 2015. your PFA's website has a client interface where you can independently view, download and print your statements at will (even daily). information dey ur fingertips, you still dey find wetin no lost? Besides...simply sending an email to 'info@xyzpensions.com (any pfa)' will have your statement delivered to your box within minutes.