Your monthly Pension payment is due on 24th of every month

The following are likely reasons for the delay;

• Technical Issues; or
• Interbank tranaction issues

These are provided in quarterly statements and can be calculated by the growth in the unit price over the period.

A retiree must be issued a quarterly statement of account. The retiree can also access information on the retirement savings account via the internet or contact the Pension fund administrator for update at any given period within the expected due date for a statement of account.

This could be as a result of the following;

•  Change of contact/postal address, without informing us, leads to undelivered statement of account.
•  No detailed postal/contact address

The computation of the lump sum and periodic pension (monthly or quarterly) is based on a standard programmed withdrawal template issued by the commission. The variables that determine the minimum and maximum lump sum includes retirement savings account (RSA) balance; last annual total emolument; age at retirement; amongst other variables.

The interest accrued upon investment as guaranteed, is added to the balance of the RSA and shown on the statement of account of every retiree.

The balance on the retirement savings account and the interest accrued shall be paid en bloc to the beneficiary (ies) of the deceased retiree, as represented in the Will or Letter of Administration

Funds contributed by any person to the NSITF shall be computed and credited to the Retirement Savings Account of the contributor in his present PFA five years from commencement of the scheme.

The National Pension Commission has made it mandatory that, only the Will or a letter of Administration, on benefit payment on the RSA; can give access to the deceased beneficiary (ies).

No! The Pension Reform Act 2004 specifically prohibits this.