Trustfund Pension Plc has advised would be retirees under the Contributory Pension Scheme (CPS) to commence plans for their retirement from age 45.
Regional Manager, Obiora Ozoekwem, gave the advise during the company’s Retiree Forum in Lagos, adding that preparing for retirement early will enable them receive their benefits as and when due.
He highlighted issues that cause delay in pension payment as un-remitted contributions, especially embloc payments and excess contributions, among others.
The essence of the forum, he said, was to keep them abreast of the developments on their pension as regulated by the National Pension Commission (PenCom).
He said: “It is important to notify retirees of the modifications and accurate information so they can get feedback to improve on themselves. For us at Trustfund, our priority is good customer service.
“This has enabled us grow our customers base and we will not lag behind in our responsibility to ensure that everyone of our customers are comfortable and happy. Gone are the days when you see pensioners queuing and dying on the road, our success is measured by pensioners’ happiness and comfort.
“Also, technology has helped us enhance our performance to our respective clients. Our website has been upgraded and each customer is able to easily access it and lodge complaints or queries.”
He said the factors that may cause delay could be from the clients or their employers, noting them as un-remitted contributions, especially embloc payments, excess contributions, among others.
Ozoekwem furtther enlightened the retirees on the modes of payment of pension benefits under the CPS.
According to him, there are two forms of withdrawals, the Programmed Withdrawal, which refers to withdrawals of funds on a regular basis, which may be monthly, quarterly etc.
“As an Retirement Savings Account (RSA) holder upon attaining retirement age or age 50, whichever is later, you can request for the balance in your RSA account to be paid out to you via programmed withdrawals,”he said.
He went on: “As regards annuity, it is defined as a series of fixed payments paid at regular intervals over the specified period of the annuity. An RSA holder may upon retirement or attaining the age of 50 years (whichever is later), purchase an annuity from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments”.
The post Trustfund sensitises retirees on CPS appeared first on The Nation Nigeria.