Not everyone will go into business, some of us are serial “9 to 5ers”. So nothing can be more disheartening than working for years saving your pension, only to be unable to access to it at retirement; the thought of it is disturbing.
If you are a corporate worker, you should have savings with a preferred or pre-determined Pension Fund Administrator (PFA). But do you know how well your PFA is faring?
PENCOM recently opened a Transfer Window where you freely change your PFA if you feel they aren’t right for you or if they are not doing well.
Read the short article and chart below if you want to know if your PFA is doing well and if your pension is safe: http://naijapension.com/
The funds to take note of:
Funds II is the default fund for RSA (Retirement Savings Account) holders of 49 years and below.
Funds III is the default fund for RSA holders of 50 years and above.
Fund IV is only for retirees
Fund 1 is request-based only however NOT accessible to Retirees and active contributors of 50 years and above.
The list shows the performance of the funds of key PFAs. If your PFA is at the bottom places, now would be a good time to switch to a higher-ranked PFA. And you can do that easily thanks to the Transfer Window opened by PENCOM.
Your preferred PFA destination may differ, but you would do well to secure your life post-retirement by switching.
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