UREGI: Thank you for keeping pensioners informed on the activities of the Commission. I will like to make an observation regarding the use of the phrase “through the expected life span of a retiree” in relation to payment of monthly pension from the RSA balance. The impression that phrase gives is that the monthly payments will stop at the end of the “expected life span”, even if the retiree is still alive.
I am aware, though, of an advertorial in which the Commission stated that the monthly payments continue till a retiree dies; and that the balance of the RSA will be paid to the next of kin.
Kindly, therefore, find a way of avoiding this distressing impression in your future commentaries.
Also, I retired in February 2014. Kindly let us know when the next enhancement (increment) in pension will be paid. Some pensioners, especially those who had few years left in service from 2004 when the CPS commenced, receive very small monthly pension.
Pension enhancement is, therefore, very important for this group. We are awaiting the next enhancement, please.
PENCOM: Please be advised that pension enhancement is carried out every three years. As such, the next pension enhancement is due in 2023.
ANNONYMOUS: I am a police officer. I want to know if PenCom has a branch office in Ibadan, Oyo State. I would like to make some verification.
PENCOM: Please be advised that PenCom does not have an office in Ibadan. However, our nearest office in Lagos is 88A, Oduduwa Crescent, Ikeja GRA, Lagos State.
HASSAN: My name is Kabiru Hassan. I work with the Nigerian Railway Corporation (NRC). I need your assistance concerning my pension fund. My Retirement Savings Account (RSA) has not been credited for some years, precisely 2012 to 2018. I only received N46,592.15 on September 29, 2021 for 2017 remittance.
My PEN No. is Anonymous. I will be very glad if my request is considered. Thank you.
AMBROSE: After my complaint to you, I received my first statement since we started our matter last year. How far? Any progress? What is PenCom doing about my case?
As I stated to you earlier, I have my Retirement Savings Account (RSA) with Leadway Pensure as my PFA. Late last year I tried to process my pension payment. Then I applied to Leadway, the last statement they had sent to me put my RSA account balance at about M440,000.
However, when Leadway responded, they claimed that my account balance was about N550,000 and that as a result, I would not be paid my total balance as a lump sum as my balance had exceeded the N500,000 threshold but that I would be paid about N140,000 and the balance spread over 10 years with a monthly pension payment of N4,000.
Initially, I rejected this payment plan as I was not convinced about the rise in my account balance from N440,000 to a figure just above the N500,000 threshold and on which basis I was going to be paid just N140,000 and the balance spread into meaninglessness amount. So, I refused to sign and return the payment which they had forwarded to me.
After my report to The Nation and the response from PenCom through the newspaper and a loss of some months, about February this year, I called the Leadway representative in Benin, where my claim was being processed. I wanted to collect whatever they were ready to pay and just move on. The representative said she had left the company and gave me a number to call. This was their Lagos head office. Whoever was at the other end of the line insisted I visit the Benin office as it was necessary.
Eventually, I got in touch with the Leadway Benin office and found that the representative had left. The new person checked and said that what had been noted on my account was ‘incomplete documentation’ and that he had written to the head office to find out what documents I was required to supply so that they could continue the processing of my application.
I was surprised at this development as a payment schedule had a been sent to me, though I did not sign.
Then the waiting game started, and about eight months since then, I am yet to be informed about what more Leadway wanted for me to access my RSA balance.
I would be pleased for your intervention to enable collect my money from Leadway and move my account to a more transparent PFA.
PENCOM: Please be advised that the Commission has contacted Leadway Pensure PFA and they have contacted you with regards to solving your complaint. Thank you.
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