Business
PFAs Urge Pension Contributors To Update Data
Contributors to the National Pension Scheme have been urged to update their personal data with their Pension Fund Administrators (PFAs) and prepare a will in case of death.
Officials of some of the PFAs gave the advice at an interactive session with workers of a media outfit on Thursday in Lagos, Thursday.
According to them, the data update will remove delay in processing their retirement payments, while the will ensures ease of payment of their entitlements to their beneficiaries in the event of death.
Business Controller and Relationship Management, NLPC Pension Fund Administrators, Mr Muslim Idowu, said the Pension Act did not permit the PFAs to disclose details of Retirement Saving Account (RSA) to a third party.
“It is only the RSA holder that has access and right to know the details of his or her account.
“The CPS was structured in a way that no other person has to know a holder’s account details.
“Also, in the event of the death of an RSA holder, it is only a legal document that states the beneficiary that will permit the PFAs to disclose such to the person named as the beneficiary.
“That is why we always advice contributors to endeavour to have a will, so that transaction with the beneficiary will be easy after his or her death,” he said.
Regional Manager, IBTC Stanbic Pension Fund Administrators, Mrs Olanike Ajetunmobi, said the contributors should know that next-of-kin was not the same as the beneficiary.
“The personal data of majority of CPS contributors need to be updated.
“So many things have changed in the lives of contributors from the day they joined the scheme to date.
“It is always necessary to inform your PFAs of such changes and regularise your profile. It is necessary also for the contributors to know that next-of-kin is different from beneficiary.
“In the event that the account holder is no more, it is only a legal document stating the beneficiary that will be used to pay whatever the account holders is entitled to,” she said.