Close Menu
The Reporters
  • Home
  • News
  • Politics
  • Crime
  • Health
  • Features
  • Economy
  • Environment
  • Entertainment
  • Business
  • Technology
  • Education
  • Sports
  • Tourism
  • Judiciary
  • Judiciary
  • Foreign
  • Agriculture
  • Religion
  • Weather
  • Banking
  • Labour
  • Faith
  • Advertisment
Facebook X (Twitter) Instagram
  • Home
  • Lifestyle
  • Travel
  • Buy Now
Facebook X (Twitter) Instagram Pinterest Vimeo
The Reporters
  • Home
  • News
  • Politics
  • Crime
  • Health
  • Features
  • Economy
  • Environment
  • Entertainment
  • Business
  • Technology
  • Education
  • Sports
  • Tourism
  • Judiciary
  • Judiciary
  • Foreign
  • Agriculture
  • Religion
  • Weather
  • Banking
  • Labour
  • Faith
  • Advertisment
Subscribe
The Reporters
Features

SOME THOUGHTS TO PONDER OVER PENSION FUND ADMINISTRATORS IN NIGERIA

AdminBy AdminSeptember 17, 2021Updated:September 17, 2021No Comments2 Mins Read
Spread the love

I support 100% retirees withdrawal of Retirement Savings, please join us.

Allow Pensioners to withdraw all their savings if they wish please

By

Uwaifor Oga (FB Wall)

All of us will get old one day…..in few years to come it will be your turn!

The current pension manipulations should be stopped by Nigerians now!

I was very happy when the Senate recently made a move to amend the Pensions Act to enable Nigerians withdraw up to seventy five percent of their cumulative savings. The liberty should even extend to allowing pensioners withdraw their whole sum if he/she so wish. The law could also give pensioners the liberty to either withdraw their total sum or give the Pension Administrators the kind of investments they want with their hard earned funds

After spending sixty years or thirty five years of active service to your nation gathering all types of experiences finance, administration etc. PFAs still term you as novice; you don’t know how to handle your hard earned entitlements!

I will make a simple illustration here: _MR. A retires at sixty and has =N=20m as his savings. He accesses 50% of =N=20m which equals =N=10m. The balance =N=10m is to be spread over 180 months (15years) and MR. A earns =N=55,555 monthly for 15years and he stops earning anything because he is expected to die at 75. If MR. A will be allowed to have his total sum of =N=20m, ceteris paribus (all things being equal), he could invest in the Money Market or Government Treasure Bills. Currently and authoritatively =N=20m can fetch up to a maximum of 15%pa on a span of four consecutive 90 days tenor. Meaning =N=20m gives about =N=3m per annum. Divide =N=3m by 365 days and multiply by 30 days gives MR. A, a monthly earning of =N=246,575 without depleting his capital of =N=20m

Why have we been quiet. Nigerians should wake up from this very deep slumber. The sum given to an average pensioner is not up to the interest the Administrators make on his/her savings. This manipulation/exploitation made PFA among the most lucrative businesses in Nigeria currently.

Please share this widely to save ourselves at old age. The National Assembly should save the Nigerian elders now!
This is a call to save us all from EXPLOITATION AND CORRUPTION BY PFAs.

Visited 2 times, 1 visit(s) today
Previous ArticleBreaking:Court orders suspension of strike by resident doctors,NARD appeals ruling
Next Article Programme for Burial of Hon.Justice Moses Bello
Admin

Related Posts

PENSION ALERT FOR ALL WORKERS

July 15, 2025

TRIBUTE TO A BROTHER, FRIEND, AND PATRIOT — MUHAMMADU BUHARI (GCFR)

July 14, 2025

Don’t Let Us Die in Poverty: A Heartfelt Cry from Nigeria’s retirees

July 13, 2025

Leave A Reply Cancel Reply

Recent Posts
  • Nigeria Mourns: Buhari’s Body Arrives Katsina for Burial in Daura
  • Omene Stresses Creation of Ethiope State,urges unity among Urhobos
  • Daura Emirate Mourns Buhari’s Death, Hails His Legacy of Integrity, Development
  • 2 Prominent Political Figures in Kogi Dump PDP
  • Kogi Govt. to Conduct Bi-Annual Audit on LGs to Strengthen Fiscal Discipline
© 2025 The Reporters. Designed by Domo Tech Media .
  • Home
  • Contact Us
  • About Us
  • Posts
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.