LEKAN: My name is Lekan, I retired as a media practitioner. I opted for annuity with AIICO for my pension payment and submitted the July 30 agreement to my PFA TrustFund on the same day. The agreement was signed by TrustFund staff. AIICO stated that the agreement is valid for 30 days to commence monthly payment of N58,203 to me. I, however, got a September 7 dated letter from AIICO saying it got my 75 per cent payment from TrustFund on August 17 which is not within the one-month agreement and would now pay me a lesser amount of N48,671.48 instead of the earlier agreed amount. This means I will be short paid by N9,532. I want your intervention on this matter as it was not my fault that TrustFund did not send the money within the terms of agreement.
The AIICO people have been calling me but I don’t want to be rushed into taking a decision. Something is wrong with the system that makes a pensioner lose money because the PFA did not allegedly send the money within the expected time. The document was signed for by TrustFund on June 30. The same date is in the agreement as I stated above. But from AIICO letter they got the money on August 17 which they say exceed the tenure of the agreement. In the AIICO letter to Trust Fund, they stated they plan to commence payment from July30 which is 30 days from the agreement. I understand that you said PenCom said they did what they should do within the required time and same for TrustFund. The AIICO letter however claimed that they did not get the fund within the required time. TrustFund acknowledged receipt of agreement with AIICO on June 30 but paid August 17 instead of July 30. PenCom should let us know what is the time required to get back to the insurance company. I am trying to get the matter resolved to help others who may be in similar situation. The agencies involved need to abide by the terms and conditions and not allow pensioners to lose money.
TRUSTFUND: The customer application was processed strictly in accordance with the instructions given by the customer. The customer applied on June 30, 2020 and upon review of the application, he was contacted on the unremitted contributions (August 2006 to January 2007) from his employer, he signed a consent on July 14, 2020 and instructed us to process his application without the unremitted contribution. Officially his application processing starts from the date he completed the documentation and signed the consent for the unremitted contributions. All the internal processes were completed, approval sought and payment made on the August 14, 2020 in line with his agreement to transfer 75 percent of his Retirement Saving Account (RSA) balance to his chosen Annuity provider (AIICO Insurance) as premium and pay him the balance of 25% as lumpsum together with the growth in his RSA between the application date to date of payment. The issue of payment differences between AIICO and the customer does not concern Trustfund. Furthermore, Trustfund Pensions Limited cannot be culpable for what transpired between the two parties.
PENCOM: Mr. Otufodurin’s annuity request was sent to the Commission on July 28, 2020 of which approval was granted to the PFA. After speaking with the complainant, we discovered that the insurance company breached the contract and he has been advised to reject the offer and forward a complaint to NAICOM.
BISONG: My name is Bisong. I applied for 25% of my pension with NLPC since December, 2019 and I am yet to be paid. Please help facilitate approval.
PENCOM: Mr. Bisong’s application for temporary access of his RSA was sent to the Commission on 17 June, 2020. Approval notification was sent to NLPC June21, 2020.
ADEGBOLA: My name is Adegbola and I am the Chairman of NUP Research Institute Branch (Nigerian Stored Products Research Institute Unit). Kindly help us check from PTAD the whereabout of four check off dues deducted from our pensions for the first three years when we joined PTAD. We could not open the bank account at the time because of some internal issues. We have since resolved the issues, opened an account and notified PTAD. We also asked PTAD to start the deduction of check off dues from our members with immediate effect but no response and no action.
PTAD: The union should scan and send a copy of their earlier letter to [email protected] to enable us review and update them on the status of their complaint. They should also provide contact phone number to enable us contact them.
