Monday, November 25, 2013

The Abuja Regional Manager of the Trustfund
Pension Plc, Mr. Maurice Ogar, says the
company has recorded 560,000 pension fund
contributors.
Ogar spoke at the Trustfund Retirees
Customer Forum in Abuja.
He said an arrangement of programmed
withdrawal of funds would make it possible for
the firm to pay arrears of the monthly pension
of a contributor a month after his retirement.
According to him, programmed withdrawal
means the periodic payment of funds from the
retirees' saving accounts on the basis of an
expected life span.
He said that the assets from the retirees'
funds held in custody by the Pension Fund
Custodian were managed in consonance with
the guidelines provided by the National
Pension Commission.
Ogar said while the period for the
programmed withdrawal was 18 years, the
next-of-kin of a contributor would be paid the
balance in the event of death.
He said, "Pension fund contributors' figure
under the Trust Funds Plc has hit 560,000.
And with the programmed withdrawal, we pay
arrears of a client's monthly pension from the
month after he or she retires.
"Assets of retirees' funds are held in custody
by Pension Fund Custodians and are managed
in line with regulatory guidelines provided by
the National Pension Commission.
"With the programmed withdrawal, there is
the possibility of additional lump sum or
pension increase and the guarantee period for
programmed withdrawal is 18 years. In the
event of death, the next-of-kin is paid the
total balance in the beneficiaries' RSA."
Ogar, who warned retirees of moves by some
life insurance companies to lure them into
buying an annuity life insurance policy, said
that the policy of programmed withdrawal had
more benefits than any of such insurance
policies.
He noted that some insurance firms were
exploiting some provisions of the Pension
Reform Act, 2004, to advertise the annuity
life insurance policy to contributors.
He stated further under the policy of
programmed withdrawal, while withdrawals
were made, the balance of the retirees'
accounts were invested and the contributors
given the opportunity to know the balance of
their accounts.

Sent from my BlackBerry wireless device from MTN

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