Blame PENCOM For Workers’ Woes—IBTC

Stanbic IBTC Pension Managers, a Pension Fund Administrator (PFA), has blamed the National Pensions Commission (PENCOM) for the non-remittance of contributions to the accounts of some workers.

The News Agency of Nigeria (NAN) reports that workers’ accounts with some Pensions Funds Administrators (PFA) are not being credited as required.

Some workers are complaining that their contributions have not been credited to their retirement savings accounts since the new contributory pension scheme started in 2004.

Others alleged that their accounts were in arrears of up to six months.

An official of IBTC Stanbic Pension Managers, who pleaded anonymity, confirmed to NAN in Lagos that the office had been inundated with series of complaints of non-remittance of workers’ pension contributions.

He said that the problem was not from his company but PENCOM which, he said, was not remitting contributions to the PFAs.

The official said that the problem would only be solved if PENCOM started remitting the workers’ contributions regularly.

“On our part, we always send names and data of our customers, who have complaints to PENCOM.

“But, there is nothing we can do until they forward these contributions to us and when this is done, we ensure we credit our customers’ retirement savings accounts,” the official said.

A cross section of affected contributors advised Stanbic-IBTC managers to intensify efforts at ensuring that PENCOM fulfilled its obligations to the contributors.

Mr. Dare Olawusi, a contributor, said that his PFA had not credited his account in the last three years while his colleagues’ accounts in other PFAs were being credited regularly.

Mr. Joseph Ojeifor, another contributor, said that he was getting his contributions where he was working before, but “since l joined my new working place, my contributions are not remitted to my account.

“Even, my contributions where l was working before were not brought forward,’’ he said.

Mrs. Fola Oyebo, a civil servant, said that the contributions credited to her account were not at the same level with those of her colleagues.

She said that there were anomalies in the amounts being credited to her and that the money credited to her colleagues was higher than her own.

Oyebo urged the PFAs to protect their customers’ interests, saying that Stanbic IBTC should have followed up the problem with PENCOM.

Mr. Ojo Williams, another contributor, who claimed to be working in a private organisation, said that he was not happy with the way Stanbic IBTC was handling the matter.

Williams said that his organisation had written several letters to the pension fund managers, which they did not act on.

12 COMMENTS

  1. It is unfortunate that IBTC can be saying it is PENCOM’s fault,i think you need more than writing to PENCOM,pls.take serious action.Infact i started work with my wife the same time and she receives her deduction statement regularly.My question is this “if other PFA collect their money from PENCOM WHY IS IBTC OWN DIFFERENT ???? “Pls.we need our money.

  2. ibtcpension thanks a lot for a job well done.please i am also among this category of people with same problem and i will like if you pursue pencom to remit my contribution up to date.thanks.

  3. So disappointed after reading these comments.why wud our system not b organized in this great country.we are never transperant in our business dealings wit customers.our banks,insurance,managers of pension funds etc are nt reliable.whn dey come canvassing u think dat u are dealn wit honest and organized business people.since Febuary 2010 i applied wit d IBTC PENSION Mgrs 4 d payment of my 25% total sum contributied b4 i was disengaged in my work place as i am nt yet 50yrs alongside my NSITF UP TILL 2DAY dey will bring in one document and d other 4 me 2 fill.i hve duly complited dat stuff, now i am told dat dey are waitn 4 PENCOM 2 REMIT D SUM.WELL I AM DESUADING WORKERS NOT 2 PETRONIZING DIS Scheme.whn u nid d money u cannot get it.WOE 2 PENCOM AND IBTC SHOULD BRASE-UP 2 B BETA MANAGERS.IDU

  4. This complain make me remember the fraudulent nigerian life. It is too early to start complaining cos a nigeria want to own houses allover the world. My candid advise is that, PENCOM should exclude the Armed forces b4 it eats into their bone or else…

  5. Ayeni-Adetokunbo, F.B. says:
    July 16, 2010 at 10:28 am I am very happy to read this column as you are trying to clear yourself from this mess of non-remittance of workers’ contributory pension.
    This is my second time of complaining to you and yet nothing was done.
    Please note that you need to do more since IBTC and PENCOM are partners in managing workers’ pension money.
    My case is not different from other complainants but I just want to add that you may not be totally exonerated at the end if there is problem.
    For me, I have confidence in IBTC that is why I registered with it. So, please help us out by liaising with PENCOM to profer lasting solution(s) to these lingering problems.
    Solution is better than excuse for disappointment.
    Thanks.

  6. I am very happy to read this column as are trying to clear yourself from this mess of non-remittance of workers’ contributory pension.
    This my second time of complaining to you and yet nothing was done.
    Please note that you need to do more since IBTC and PENCOM are partners in managing workers’ pension money.
    My case is not different from other complinants but I just want to add that you may not be totally exnorated at the end if there is problem.
    For me, I trust IBTC that is why I registered with it. So, please help us out by laising with PENCOM to profer solution to this lingering problems.
    Thanks.

  7. PENCON, IBTC and others please note that it totally unacceptable by us after contributing from the little token given to us as salary, some people will collide and share it without remitting it so some person’s pension account. This is act of stealing and should prosecuted in the court of law.

  8. Re: Blame PENCOM For Workers’ Woes—IBTC

    Thanks for the write-up, it rather unfortunate that reputable company like IBTC will choose to mess up peoples’future and life. PENCOM must wake up. IBTC have clients whose data they don’t even have, except for the PIN number that they created to give the impression that all is well. For the past three years, I have done everything possible for my account to be credited, but, nothing has been done. Once again, thanks for good work, please follow up for us before lives are ruined.

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