Data from the Pension Commission reveals that 104,161 ex-workers, who contributed about N135.6bn to the Contributory Pension Scheme, have withdrawn N33.9bn from their Retirement Saving Accounts as of the end of March 2015.
The number of contributors who withdrew from their RSAs rose to 96,708 at the end of 2014. Out of these, 92,245 were from the private sector, while 4,463 were public workers. With a total contribution of N126.4bn in their pension accounts, the contributors withdrew N31.6bn at the end of last year.
The ex workers in question are former employees who have either been sacked or resigned voluntarily for personal reasons. Section 7 (2) of the Pension Reform Act 2014 allows a worker who voluntarily retires, resigns or is disengaged from paid employment to access 25 per cent of his RSA if he is unable to get another job after four months.
You too can access your Pension Funds should you decide to resign from paid employment or were sacked. Here are steps required to access your funds;
- Present to your PFA the letter of termination of appointment issued by the employer or letter of resignation
- Present to your PFA, last three months’ payslips
- Letter from you requesting for 25 per cent payment of the RSA balance
- Evidence of accrued pension rights, if any, for public sector workers.
- Bank statement or letter of introduction from the bank
- Proof of age (birth certificate or sworn declaration of age)
- Letter from the employer confirming full remittance of all contributions made to the RSA for the private sector worker
- PenCom retiree indemnity form for public sector workers
- Four passport photographs; and a form to be given by the PFA.
- Another condition on which contributors can withdraw a maximum of 25 per cent of their savings with their PFAs is if the workers want to access the fund for mortgage loan.
My mummy retired pension with military pay and record after working fo 20years and her gratuity has not been paid. she as made all efforts for her to be paid but no positive impact. Two years ago and last week, some fraudsters called say the same thing, that we should pay some certain amount to there account before she can collect her pay…..and so on.please kindly help us.
mr daniel,my dad died in d year 2012 but will resigned 2018 hope dat will can still collect his money d pension managers,he his a police officer,rank senior inspector
You don’t need to wait till his retirement.
The first thing to do is to reach out to the PFA your father used whilst alive to confirm if he actually has funds in his account. If he does, a terminal benefit which is a lump sum of the total amount should be paid out immediately, not until his retirement age.
The problem is that that was an issue with the Police pension funds sometimes ago, this can affect your father’s fund.
Just get in touch with the PFA and let them know what is going on.
These PFAs has so many unclaimed funds sitting in their account and they are just using it for their own gains simply because the fund owner’s beneficiaries do not know how to get the funds
Afer 4mnths a nd all documents submitted are we collecting cheque immediately
I have withdrawn 25% after I lost my job and l did not get another job after 4month.My question is this, can I have access to this fund if l have not been gainfully employed since then till now and l want to use the money to start business or to meet crucial need.
I wrote Stanbic Pension to withdraw 25% of my funds for mortgage purposes. They dribbled me that it was not possible until I showed them sections of the Pencom Act 2014 that empowered me to so demand.
They now claimed they do not have the Guidelines to implement that provision of the Act. I have since written to Pencom Abuja via email but not a response for over a month until this month when someone replied that they have sent my request to the appropriate unit for attention.
This is almost 3 weeks and I am still waiting.
These PFAs are purposely exploiting Nigerians due to our ignorance and weak system.
Let all Nigerians join hand and demand service from these private PFAs defrauding private citizens from beneficial programs.
Dear Editor,
I wish to have your email so that I can join you in all my emails to Pencom, Stanbic Pensions etc.
We must win this battle against oppression of the public
Please can i still withdraw from my pension account after withdrawing from it the first time, because up till now i am still unemployed..I really want to know if i can get any money from the account so that i can do small business with it or perhaps buy a car that i can use for commercial purposes. Thanks
Please reply
please can i withdraw from my pension account probably by january ,because i will be resigning from work by december for school.i want to know if the withdrawal will be possible by then,thanks
Pls after that 4mouth and if i have sumit all my papers … They will give us cash lmmidely or how
It will be a year by January 2020 I resigned from my place of work.because I was transferred to another region far from my family without any benefit or promotion.it was a private sector,precisely Deeper Life High school.I have been trying to access my pension fund since,but they refused to give me letter,based on the reason that I am yet to balance the loan I took from them.I informed them that the money will assist me to pay them but they refused.
Is there any way I can access the pension fund without letter from them so that I can settle them and move forward.please help!
Good morning.
If I am relocating out of Nigeria for good, how do I collect the lump sum of my pension?
Am in a private school, and have not been paid for four months going due to corona virus pandemic, can I withdraw from my pension fund to start business?
What about a case where there is dispute between an employee and the employer and in the course of it the company was taking over by another organization changed name and the employee in question was not sacked or resigned but no longer in service of either the old or new company and no further contribution was made to his pension purse. He want the 25% but could not go back to the former employer for any documents as the company has changed name and management.
Good evening sir, I have submitted all documents I was asked to be paid the 25%…I asked the lady at the customer’s desk when am I receiving the money since I have submitted my documents… She said it may takes weeks or Months that she don’t know…please sir what’s the maximum time I can receive it after applying?
I applied for my 25% over a month, I submitted all the requirements yet I have not heard anything from your end, I called the customer care number no response I even sent an email to no avail.
The officer I submitted my documents to in their office is telling me that she has done what she’s supposed to do.
I wonder how long I will wait.
Please i stopped working in the month of February 2021 for school and i want to withdraw my 25 percent for the payment of my school fees and they are counting what o should bring and the process I will go before i will be able to collect my money for my school fees, please where am schooling is very far to the place i worked and i need this money urgently else i will be sent out of school please how can it be easy for me thanks.Note am the one that worked,i am alive and i am the one that is processing to withdraw my money and i think that i have right over my own money while I am alive.
I have misunderstood with my employer , & it warrant to my sacked, Now I need my 25% of my passion money . can I get paid by the leadway company, I work with a private company as a mechanical engineer…am in uyo akwa ibom state.
Thanks myself
Please, I am immigrating to Europe with a job offer, what do I do about my pension funds in Nigeria?
I requested for my 25% pensions more than a year ago of which I got paid , my question is can I request for another after a year plus ?
Nice
Good one leadway
I resign voluntary 2017 due to illness that kept me down till this day ,I can go and get a job ,was ask to go and collect letter of disengagement from my ex employer at Benin city Edo state and currently reside in Lagos with my family , how can I go about this ,because am short of transportation fare ,the last time I ask for my pension from leadway the whole staff of my previous company start calling me to laugh at me, don’t know how they got to know
Please I started work in 2010 and resigned in 2019 due to family relocating to another state.
Now, I need to access my 2.5% of my RSA fund. What do I need to provide to qualify for the payment.
Thanks
Christiana.
Good morning.
I am relocating out of Nigeria for good.
Please how do I collect the lump sum of my pension?
Thank you.
Reply
i was dismissed from service in 2020, can i have access to my contributory pension
Good Afternoon @customer Care PENCOM,
I’m currently 49years and have been out of paid employment for 2 years now.
I have collected 25% of entitlements after submitting the necessary documentations.
Am i eligible for 50% of my contributions plus interest when I clock 50 years?
Please be kind and respond.
I have collected 25% of my contribution in 2014.
Till now, I have been struggling without job.
Please how can I access part of my funds .
I want to use it as mortgage for my small business
I was alleged dismissed by iei anchor pension after not being paid salary of two months in Abuja fct , I worked as business development officer but because of the issues from were we worship which was transferred to work place , I was constructed by the MD the glory etaduvie as being insurbordinate , poor performance,
My allowances , salary of two months and others where deprived denied from me ,
Am back to street of Abuja 08103351328
i love this but there was a time i was out of job due to sack on my approach to my PFA, they actually said they will pay the 25% but later began me around saying my company had done full remittance. so if my PFA has not done full remittances can’t i access my 25% pending their remittances owed?
Good day,
Please how do I transfer my pension from my former PFA to the new PFA?