Tag: pension

JUSTICE: Good day, my name is Justice. My former employer has refused to release documents to help me process my pension claims. I submitted my resignation letter to my branch manager. He acknowledged and gave me my copy but never forwarded it to the board. Now my PFA can’t process my pension until I provide the documents. I have been on this for over a year. I retired on July 8, 2009. Please, I need your intervention.

MONDAY: Dear Omobola, thank you for helping me to reach out to PTAD for my problems. My name is Monday, I want to remind PTAD that I have been waiting for their feedback since December last year. I forwarded my statement of account to them as requested. They acknowledged the receipt and told me they were working on it. But there has been no response from them.

MRS OGBE: Hello, I am Mrs Ogbe. I submitted my annuity transfer letter to Stanbic IBTC Pension but they have not worked it. Please help so that Stanbic IBTC can transfer me to my preferred insurance company

SALMANU: Congratulations to the new Director-General of PenCom, Ms. Omolola Oloworaran. We hope she will use her new position and many years of experience to wipe away tears from retirees’ faces. Many of us have been having sleepless nights with lots of problems as a result of non-payments of our retirement benefits. We look forward to seeing her act in our favour and wipe away our tears. Thank you.

BOLAJI: Hello Omobola, My name is Bolaji. I am soliciting PenCom’s intervention to enable me to access an additional 25 per cent of my pension contribution. I worked with GTBank between 2006 and 2017. I have accessed 25 per cent of my contribution in 2017 which was paid into my salary account that was in debit owing to an outstanding car loan. I can present my account statement if need be. I know how passionate you are about us pensioners. Times are really tough and this lifeline is all I need to get back on my feet again. Kindly assist me.

LADIPO: Dear Omobola, congratulations to Ms. Omolola Oloworaran on her appointment as the new DG of the PenCom. It is our prayer that we pensioners will also get our money as we wait patiently for our own palliative .Thank you – Elder ‘Ladipo.O.David+

ANNONYMOUS: Dear Omobola, kindly help find out what is happening to annuity at African Alliance Insurance. No remittance has been made since May 2024. They should please consider the pensioners in this hard time. We believe in them that is why we chose them.

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JAURO: Good day, my name is Jauro and I’m from Bauchi State. I am writing to seek your assistance on an urgent matter. Despite submitting my request to transfer my pension to a life annuity company over a month ago, I am yet to receive a response from Premium Pensions. I have sent multiple follow-up emails and made several calls, but unfortunately, my efforts have been met with silence. I am feeling exhausted and frustrated by the lack of attention from Premium Pensions. Please help me resolve this issue.

ANICHEBE: Hello, my name is Anichebe and my PFA is ARM Pension. I was last paid in April 2023 because I opted for once payment yearly to enhance the sponsorship of my children. Please help me to get African Alliance Insurance to pay me. Thank you.

OKUNOLA: Good day, I am Okunola, a retiree of NITEL. Some pensioners and I did our verification since 20I8 January but till now, we are yet to get our dues from PTAD. Do we need to come to the Abuja office to solve our problem? We have been to the PTAD Lagos office about six times without positive results. I was paid in 2007, 2008 and 2009.

ASINOBI: Hello, I am Asinobi. My PFA is Stanbic IBTC Pension Managers. I am writing in respect of my annuity contract. I was last paid April 2024 and they have been giving empty promises all the time. Please, help me and my fellow pensioners affected out of this dilemma. I am waiting to hear a good response from your office.

OLANIYAN: Hello, my name is Olaniyan. My former PFA is Premium Pension. I started annuity with African Alliance on March 10, 2016 and I receive a monthly pension of N36,599.

ISHOLA: Good day, my name is Ishola. I am on life annuity with African Alliance. I retired in 2014 from Nigerian Postal Service (NIPOST). The last payment I received was in April 2024. Kindly help me.

THE NATION: The newspaper will intervene by sending your complaint to PenCom. Therefore, Justice, Monday, Mrs Ogbe, Salmanu, Bolaji, Anichebe, Jauro, Ladipo, Olaniyan, Asinobi, Okunola, Annoymous and Ishola should watch out for the pension page on Wednesdays for response from PenCom and subsequently every Wednesday for pension news.

FATAI: Good day, I am Fatai. I am yet to receive my benefits from Stanbic IBTC Pension. I keep receiving messages from Stanbic IBTC, stating that my Data Recapture details have been successfully processed and that they are awaiting payment approval from PenCom. Please advise accordingly.       

PENCOM: Dear Mr. Fatai, please be advised that your request is yet to be forwarded to the Commission. Kindly liaise with your PFA.

 EBITARI: Good morning, Madam. I am one of those who complained to the PenCom office in Abuja about my benefits. Premium refused to pay me my contributions. I worked at the Nipost for 16 years before I transferred to THE Bayelsa State Civil Service were I retired in 2020 and since then I have been on Premium Pension’s neck to pay me my balance in my RSA but they refused.           

PENCOM: Dear madam, please be advised that your benefits are being processed and you will be contacted by your Pension Fund Administrator once it has been paid.

ONIPEDE: Dear Omobola, after my series of letters to Sigma Pensions and PenCom for refund of my contribution, the last letter received from PenCom with reference PenCom/Tech/ of August 27, 2021 stated that I would be contacted soon.

When I eventually got the letter, it was my hope that I would be paid in a short time which my colleagues received as far back as 2012. I want to know why I was abandoned, not communicated till today and this was contrary to what was written in the letter. What caused the delay and how will I be paid?         

PENCOM: Dear Mr. Onipede, you are advised to kindly write to the Commission stating the background of your complaint as well as submitting the necessary information for your issue to be resolved.

ELDER DAVID: Dear Omobola, IBTC Pension has been my PFA since I retired in 2012. However, at the initial stage there was this new PFA that also sought my patronage but which I neglected. This company has been merged with a bank with a pension account.

For some years, this bank has been pestering me with what they assumed to be my RSA balance. I cannot have two PFA accounts. Please advise. Thank you. Message received: Dear Ladipo, Your RSA balance stood at N3,693,063.06 as at 2024-04-02. For enquiries: 08059580002, 08032752888 or info@fcmbpensions.com.

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PENCOM: Dear Elder David, you are advised to kindly write to the Commission. In addition, please state the necessary information that may aid the resolution of your complaint.

SALMANU: My name is Salmanu. I write from Zaria. I would like to congratulate the new Director-General of PenCom, Ms.Omolola Oloworaran. We hope she will use her new position and years of work experience to wipe away tears from retiree’s faces. Many of us have been having sleepless nights with lots and lots of problems as a result of nonpayment of our retirement benefits. We look forward to seeing her wiping away our tears. Thank you.

BOLAJI: Hello Omobola, My name is Bolaji. I am soliciting PENCOM’s intervention to enable me access an additional 25 per cent of my pension contribution. I worked with GTBank between 2006 and 2017 and accessed 25 per cent of my contribution in 2017 which was paid into my salary account that was in debit position owing to outstanding car loan (I can present my account statement if need be), I know how passionate you are about, we pensioners, the times are really tough and this lifeline is all I need to get back on my feet again. Kindly help me.

ANNONYMOUS: Save a Soul: Dear Omobola, kindly help find out what is happening to annuity at African Alliance Insurance. No remittance has been made since May 2024. They should please consider the pensioners in this hard time. We believe in them and that is why we chose them.

JAURO: Good day, my name is Jauro from Bauchi State. I am writing to seek your assistance on an urgent matter. Despite submitting my request to transfer my pension to an insurance company for life annuity over a month ago, I am yet to receive a response from Premium Pension. I have sent multiple follow-up emails and made several calls, but unfortunately, my efforts have been met with silence. I am feeling exhausted and frustrated by the lack of attention from Premium Pension. Please help me resolve this issue.

MICHAEL: Good day, my complaint is on the non-payment of my monthly pension by African Alliance. The last time I was paid was in April 2024 only for the staff members to be promising to pay all the time. There are many more officers affected and are waiting to hear a good response from your office. I am on a monthly pension of N36,599.

THE NATION: The newspaper will intervene by sending your complaint to PENCOM. Therefore, SALMANU, BOLAJI, JAURO, MICHAEL and co should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.

SALIU: My name is Saliu. I understand that it takes five working days for approval to come from you when a PFA forwards an application. I want to find out why it’s not so with my application. It is two weeks, according to Leadway Pension, that my application has been sent to you. What is holding it?

PENCOM: Dear Mr. Saliu, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

ANNONYMOUS: I have a problem with my pension. I am a police officer. My pension has not been paid into my pension account since 2017. I have been on this for the past three years by moving from one office to another but my efforts have proved abortive. Kindly help me.

PENCOM: Kindly provide your name and PIN.

YAJI:  Good day, my name is Yaji. My complaint is about the delay of my late father’s benefits, Inspector Yaji. His PFA is Leadway Pensure Nigeria Limited. He died on July 16, 2013. We are yet to be paid his death benefits.   

PENCOM:  Dear Sir, the request was returned to the Pension Fund Administrator because there was no Death Certificate attached, which is one of the requirements for processing death benefits. Kindly provide the death certificate to the PFA for resubmission of the request.

ANNONYMOUS: Good day, my complaint has been made by one of my pension account officers on my behalf but I am yet to get an update and it has been over three months now. How long does it take for merging?

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PENCOM: Dear Sir, Kindly provide the details of the two Retirement Savings Accounts you are trying to merge to enable the Commission process the complaint.

ANNONYMOUS: Ma, I strongly need your help. We are leaving the country today and we need money for upkeep as we go. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

PENCOM: Kindly provide the details of your Retirement Savings Account, the PIN and the PFA to enable the Commission process the complaint.

MOHAMMED: Dear sir, we are the administrator of our late father Mohammed. He worked at the Nigeria Immigration Service from 1987 and was laid off by the Presidential Task Force in 2006. Since then, we have not collected one Kobo from the National Pension Commission or Nigeria Immigration Service. We don’t know where to go or what to do. Help us out – Bawa.

PENCOM: Please provide the PFA and PIN number to enable the Commission to investigate your complaint.

ANNONYMOUS: l recently retired from one of the MDAs. What do I do to get my benefits?

PENCOM: Please visit your PFA and ensure that you have the required documents, have undergone the enrolment and data recapture exercise (if applicable). Your PFA will provide more information to you and guide you through the process.

OBADARE: My name is Obadare. I am a retiree from Radio Nigeria. I did my PenCom verification in September 2022 but I am yet to be paid my pension. Kindly look into my case, thank you.

PENCOM: Dear Obadare, kindly provide the name of your Pension Fund Administrator to enable the Commission process the complaint.

MEFE: Good day, I have requested 25 per cent for months. Last month I was told to wait for Pencom’s approval but I have not got a response  from Pencom. I have a huge debt to pay and this money is my only hope.

PENCOM: Dear Mr. Mefe, the Pension Fund Administrator has submitted a 25 per cent request for approval and the Commission has granted approval on November 24, 2023.

BALOGUN: Hello, my name is Balogun. My employer’s name is Amazuma Services Limited. I don’t know my pension company. Kindly help me.

PENCOM: Dear Mr. Balogun, you are advised to approach your Pension Fund Administrator to make enquiries.

JAMIUDEEN: Good day, my name is Jamiudeen. I retired from the National Population Commission on May 1, 2023. I have been to my pension manager, Stanbic IBTC Pension for my accrued right and gratuities. They told me that it had not been paid and that I needed money urgently to do the operation of my right leg at Igbobi Orthopaedic Hospital. I was infected with the wound while in active service at Censor in 2006 and since then I have been spending my money on it.

The commission did not take care of me. I spent my Cooperative savings on the leg until I was told that an operation needed to be carried out on my skin grafts. Since then, I have been waiting for my pension to take care of my leg.

Kindly help so I can be paid as soon as possible. I cannot feed myself and the children or pay school fees and house rent.

PenCom: Payment was made on May 24, 2024. The RSA holder is advised to approach his PFA to confirm.

ZEKERI: Good day, my name is Zekeri. I retired in June 2022 from the Nigeria Customs Service. When I approached my PFA, Premium Pension, for my benefits in 2023 to be transferred to an insurance company for Life Annuity, my application was rejected and I was told to stay a year on Programmed Withdrawal before they could let me go. They said I could apply for annuity after a year of earning on Programmed Withdrawal. It is a year, so I submitted my annuity application again via DHL from Auchi to Abuja as there is no Premium Pension office here in Auchi. I checked and I realised my application was rejected again. I have been calling to know why but no response. Please help me

PenCom: The RSA holder should provide his PIN to enable the Commission to investigate the complaint.

SANI: My name is Sani. I worked at the West African Postgraduate Medical College, Yaba, Lagos. We chose Leadway Pensure Pfa Limited at Number 121/123 Funsho Williams Avenue, Surulere, Lagos. My contributions – employer/employee – have been fully remitted to the Leadway.

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Also, my Legacy has been fully remitted to the Leadway. I retired since March 31, 2023 and have submitted the necessary documents for RSA and Legacy to be paid to me in May, 2023. Leadway told me that my documents were rejected because I did not put my pay slip. I sent the pay slip to them immediately. Since then, no payment has been made to me. Leadway’s response is that PENCOM has not approved my documents to pay me. Please, I want you to intervene so that my money can be paid to me. It has been six months that I am at home without earning Salary. Thank you.        

PenCom : Dear Sir, please carry out the enrolment, and submit the Enrolment slip, you may wish to visit www.pencom.gov.ng for guidance on how to get enrolled.

ANNONYMOUS: Madam, I need your help. We are leaving the country today and we need money for upkeep as we go. We are banking on my 25 per cent pension savings. PenCom is yet to approve. Kindly help us.

PenCom: Kindly provide the details of your Retirement Savings Account, the PIN and the PFA to enable the Commission process the complaint.

DJOGRI: Hello, my name is Adjogri. I retired on July 31, 2016 from Delta State SUBEB, and got my accrued right to process my lump sum and pension. I went to Oak Pension Limited on November 8, 2023 to process it after eight years. But I have not heard from them for over two months now. l am yet to receive my lump sum nor has my annuity sum been released. Meanwhile, my contemporaries that choose programme withdrawal with the same Oak Pension have all received their payments. Is it a sin to choose annuity which is what warrants this unholy treatment from Oak Pension? The Pension Act provides us the freedom to choose any form of payment and I have opted for Annuity but Oak Pension is punishing me because I didn’t choose their Programme Withdrawal. I plead with PenCom to intervene and not allow the situation to degenerate into litigation. Thanks in anticipation.

PenCom : Please, note the evidence of Annuity Request is yet to reach the Commission.

The RSA holder should contact the PFA to submit the request.

FOLORUNSO: My name is Folorunso. I worked with Vanguard Newspaper and later joined The Nigerian Tribune. On joining Tribune, Stanbic Ibtc Pension opened a new RSA account for me, the same Stanbic with Vanguard. I now have double PEN registration and I am having difficulties in accessing my funds. For over a year, I have kept writing to Stanbic and the Director-General (DG) of PenCom but to no avail. After much pressure, Stanbic claimed to have harmonised the two PEN account numbers and it was left for PenCom in Abuja to give approval for me to access my funds. My findings show that it will take another one year to get PenCom’s approval. Please, what can I do to get the urgent attention of the PenCom DG to resolve my pension issue?

PenCom: Send the PIN numbers

Since the launch of equity contributions to residential mortgages in March, last year, Pension Fund Administrators (PFAs) have disbursed N47.13 billion to mortgage lenders, facilitating equity payments for 5,276 RSA holders’ residential houses.

A breakdown shows that the National Pension Commission (PenCom) approved N28.53 billion in the first half of the year, enabling 3,539 RSA holders to realise their dreams of homeownership.

This was contained in a report by the PenCom obtained by The Nation.

According to PenCom, the Contributory Pension Scheme (CPS) has emerged as a pivotal force for empowering workers to secure homes, underscoring the scheme’s robustness and transformative impact on Nigeria’s housing landscape.

PenCom said: “Pension funds in Nigeria have become a cornerstone of residential housing financing for Nigeria’s workforce. The Pension Reform Act (PRA) 2014 allows pension contributors to utilise their Retirement Savings Account (RSA) balances for equity contributions towards residential mortgages. This initiative aims to assist in bridging the housing deficit in Nigeria, particularly affecting workers enrolled on the Contributory Pension Scheme (CPS).

 “Many employees aspire to own homes before retiring, but the hurdle of providing equity for a mortgage often stands in their way. Recognising this challenge, Section 89 (2) of the PRA 2014 paved the way for RSA holders to own their homes while in active service. In line with this provision, PenCom issued guidelines outlining the processes for accessing up to a maximum of 25 percent of RSA balances to facilitate equity contributions for residential mortgages.’’

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Eligibility and application

The Commission stated that the guidelines set out detailed eligibility criteria for RSA holders seeking to apply.

PenCom said: “First, the RSA must have employer and employee’s mandatory contributions for a minimum cumulative period of 60 months prior to the application. Furthermore, RSA holders that have less than three years to retire are not eligible to participate.

“An RSA holder intending to apply must first secure an offer letter for the property from the owner or an approved agent. Subsequently, the applicant would approach a mortgage lender to complete an application form. The mortgage lender reviews the application and validates the authenticity of the property offer.

“The mortgage lender, typically a commercial bank or a Primary Mortgage Bank (PMB) licensed by the Central Bank of Nigeria (CBN), conducts due diligence to ensure the genuineness of the offer and the property valuation report. Once confirmed, an applicant approaches the PFA to request his RSA statement, seeking to access 25 per cent or less of the RSA balance for the equity contribution.”

PenCom added that subsequently, the PFA issues an endorsed RSA statement to the applicant, who forwards it to the mortgage lender.

It added: “The mortgage lender verifies if the 25 per cent RSA balance is sufficient for the equity contribution. If acceptable, a mortgage offer letter is issued. Otherwise, if 25 per cent of the RSA balance is insufficient, the mortgage lender is required to request the payment of supplementary equity contribution from the applicant. Upon confirmation of the additional equity contribution payment and meeting other requirements, the mortgage lender shall offer a mortgage loan to the applicant. Within two working days of issuing the mortgage offer letter, the mortgage lender sends copies of the letter, mortgage application form, and verified property offer letter to the applicant’s PFA”.

Equity contribution payment approval process

PenCom further stated that the applicant approaches the PFA for payment of the equity contribution by obtaining and completing an Application Form for 25 per cent of his RSA balance and providing an indemnity to the PFA.

“The PFA also computes and validates that the requested amount is not more than 25 per cent of the RSA Balance. PFA forwards successful applications to PenCom within two working days. PenCom reviews applications for compliance with the guidelines. Applications that do not conform to the requirements are rejected and reasons communicated. Upon approval, the PFA issues a payment instruction to its Pension Fund Custodian (PFC) to remit the approved amount to the mortgage lender within two working days,’’ the commission added.