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Pension complaints and solutions

Question: Just like in the public sector, there were some workers in the private sector that were entitled to accrued rights before the commencement of the contributory pension scheme. How did PenCom handle that or did they lose their accrued rights? Isa, Abuja

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Answer: Before contributory pension scheme, some private companies operated special pension schemes or defined benefits scheme. When the CPS started, PenCom directed every company operating a defined benefit scheme that is desirous of continuing the scheme to, in addition to satisfying other conditions specified in the Act, open RSAs so that the pension funds can be held by a custodian. Computation of the accrued pension rights to be credited to the RSAs was done by actuarial valuation. – PenCom

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Question: There are stories flying around that government is taking money from the contributory scheme to build infrastructure and when it comes to repayment, government delays. How true is this? Umar, Kano

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Answer: The Government cannot tamper with the pension funds in your RSA, because the Government cannot have access to the account. Besides, the Government is primarily concerned with ensuring the safety of the money in your RSA through the enforcement of strict rules and regulations. – PenCom

Question: Can I withdraw any portion of the amount in my RSA before retirement?- Anonymous 

Answer: Withdrawals from the RSA can only be made upon retirement. However, where an employee makes additional or voluntary lump sum contributions into the RSA, he can withdraw such money before retirement or attainment of the age of 50 years.- PenCom

Question: What is the minimum period required by an employee to qualify for pension under the new scheme? – Anonymous 

Answer: There is no qualifying period for pension. If an employee works for an employer for one month, his pension contribution will be paid by the employer into the employee’s Retirement Savings Account (RSA) for that month. 

– PenCom

 

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