Conflicting Documentation Worries PFAs

The Managing Director, Legacy Pension Managers Ltd, Mr Misbahu Yola,   has identified conflicting documentation as a major challenge confronting Pension Fund Administrators (PFAs) in payment of retirees pensions.

Yola, who stated this in Lagos, noted that the documents some retirees provided during verification and enrolment exercise were different from what they had in their various office files.

“You discover that some retirees name with PFAs is different from nominal payroll of Ministries, Departments and Agencies (MDAs), so also the date of birth different from retirement age.

“Also, date of first appointment will be different from length of service,’’ he said.

Yola said that all these flaws resulted in the retirees not being able to get their pension first month after retirement.

He said that at times many people showed up when a contributor dies to claim the benefits that accrued to such person due to conflict in names of next of kin.

The Managing Director said that PFA operators could only do what was necessary within the guidelines provided by the National Pension Commission (PENCOM).

Yola said that there was need for retirees to have valid contact addresses and phone numbers to enable easy communication between them and the PFAs.

He said that other challenges include late verification and enrolment with PENCOM as well as the various offices not releasing the retirement letters on time.

Yola said that the PFAs would continue to maintain close relationship with the Human Resources Departments of various offices that have accounts with them.