Helpful tips

Can someone steal your pension?

Can someone steal your pension?

It is certainly possible for someone to steal your pension. According to the Pensions Regulator, pension scam victims lose an average of over £90,000. If you suspect you have been the victim of fraud or if you believe someone is trying to access your pension, you should call Action Fraud (0300 123 2040).

Is my pension fund protected?

Your employer cannot touch the money in your pension if they’re in financial trouble. You’re usually protected by the Pension Protection Fund if your employer goes bust and cannot pay your pension. 100% compensation if you’ve reached the scheme’s pension age. 90% compensation if you’re below the scheme’s pension age.

What is the penalty for non remittance of pension in Nigeria?

It is mandatory for your employer to remit the pension contributions, and any non-remittance or late remittance is illegal. The penalty is payment of the amounts which are due to be paid, plus not less than 2% of the amount due. So if your company has not remitted 3 months worth of contributions totalling – N300,000.

How do I know if a pension company is legitimate?

Check who you’re dealing with before changing your pension arrangements – visit ScamSmart or call the FCA on 0800 111 6768 to see if the firm is authorised. Don’t be rushed or pressured into making any decision about your pension.

What happens when a company buys out your pension?

When your company offers you a pension buyout you may have the following options: Take the lump sum payment. Take an annuity if offered. Decline the lump sum payment and continue to receive your monthly benefit.

Is it compulsory to pay pension in Nigeria?

In 2004, the Federal Government of Nigeria enacted the Pensions Reform Act (PRA 2004) which introduced the Contributory Pension Scheme (CPS) and made it mandatory for employers and employees in both the public and private sectors to contribute towards the retirement benefits of employees.

Who are the top 5 pension fund administrators in Nigeria?

Fund IV – NLPC Pension fund Administrators Limited maintained the lead in the top 5 PFAs with 23.59%, followed by Investment One Pension Managers Limited with 15.28%, Fidelity Pension Managers Limited with 12.3%, NPF Pensions Limited with 10.98%, and Veritas Glanvills Pensions Limited with 9.74%.

What do you need to know about pensions in Nigeria?

There are a number of registered PFAs in Nigeria, so the employees have a variety of choice. Once the PFA is chosen by the employee, he/she needs to inform the employer. What then happens next is the when the pension contributions are deducted, they are paid to the PFC specified by the PFA.

Who is responsible for Dipo’s pension in Nigeria?

If Ikoyi Ltd is being generous, they can decide to bear the full responsibility for paying toward Dipo’s pension. In this case the PRA says that Ikoyi Ltd would have to pay a minimum of 20% of Dipo’s monthly pay the entire monthly emoluments.

Are there any negative returns on investment in Nigeria?

According to the report from Pension Nigeria, no PFA had negative returns on investment (ROI) during the period under review, indicating that all PFAs for Fund I, II, III, and IV recorded positive returns.