First Bank Plc

[hispy99]

FirstBank HoldCo Will Enhance Customer Service Delivery and Maximise Returns on Investment, Articles | THISDAY LIVE

[hispy99]

Onasanya Wins ‘CEO of the Year’ Award, Articles | THISDAY LIVE

[hispy99]

Retirees demand improved pension from FBN

They lamented the disparity in their pension compared with that of their contemporaries in other banks. They argued that while a retired AGM in First Bank gets N50, 000. 00 as his monthly pension, his contemporary in Union Bank gets N350, 000.00 monthly.

[Oracle]

Originally Posted by hispy99

Retirees demand improved pension from FBN

When one retires can his pension be reviewed upwards?

[Dicobody]

Onasanya, FirstBank MD Wins EMEA “CEO of the Year” Award - Proshare

[pal]

Originally Posted by Oracle

When one retires can his pension be reviewed upwards?

Yes! Example SPDC which you know very well, too well sef

[overload]

Originally Posted by Oracle

When one retires can his pension be reviewed upwards?

Originally Posted by pal

Yes! Example SPDC which you know very well, too well sef

Even the federal govt did it recently for its retired workers!

[knightofdelta]

Originally Posted by Oracle

When one retires can his pension be reviewed upwards?

Yes, it can.

There is defined benefits pension and defined contribution pension. In the defined benefit system, the pension can be reviewed upwards.

The defined contribution is the new scheme that is currently running and under the jurisdiction of Pencom; the pension cannot be reviewed upwards.

[wanaj0]

Originally Posted by knightofdelta

Yes, it can.

There is defined benefits pension and defined contribution pension. In the defined benefit system, the pension can be reviewed upwards.

The defined contribution is the new scheme that is currently running and under the jurisdiction of Pencom; the pension cannot be reviewed upwards.

Actually, under the defined contribution scheme you don't know what you will get! So issue of increase or decrease does not arise.

[overload]

Originally Posted by wanaj0

Actually, under the defined contribution scheme you don't know what you will get! So issue of increase or decrease does not arise.

So basically on my date of retirement, they will just hand me a cheque for any amount they like abi? and i dont have any way to calculate along to reconcile on dat day; wicked!!

No wonder pension fund magrs are the lastest nouveau riche in town!

[wanaj0]

Originally Posted by overload

So basically on my date of retirement, they will just hand me a cheque for any amount they like abi? and i dont have any way to calculate along to reconcile on dat day; wicked!!

No wonder pension fund magrs are the lastest nouveau riche in town!

In principle YES. Whatever your money is worth at retirement is what you get even if it is zero! That's why market fall affect pensioners more. They can't wait for market to recover.

Defined benefit scheme is good BUT most organisations don't fund it well. Hence when it is time to pay, they will be speaking grammar.

[Oracle]

Originally Posted by wanaj0

In principle YES. Whatever your money is worth at retirement is what you get even if it is zero! That's why market fall affect pensioners more. They can't wait for market to recover.

Defined benefit scheme is good BUT most organisations don't fund it well. Hence when it is time to pay, they will be speaking grammar.

My Oga, you never answer my question wey I ask some days ago. Na beg I dey beg you.

Is USAN sale part of the capital flight?

[wanaj0]

Originally Posted by Oracle

My Oga, you never answer my question wey I ask some days ago. Na beg I dey beg you.

Is USAN sale part of the capital flight?

Don't think so.

Usan is having serious corrosion issues. Total basically sold a lemon to the Chinese company. Total is raising cash for another investment. Egina is waiting for PIB before FID. Sale of USAN is not capita flight.

[eniyanman]

Originally Posted by overload

So basically on my date of retirement, they will just hand me a cheque for any amount they like abi? and i dont have any way to calculate along to reconcile on dat day; wicked!!

No wonder pension fund magrs are the lastest nouveau riche in town!

Don't you have to buy an annuity on retirement? Some insurance companies may sell annuities. If you can buy one, it should be possible to find one that is index linked (i.e. rises with inflation).

[Oracle]

Originally Posted by wanaj0

Don't think so.

Usan is having serious corrosion issues. Total basically sold a lemon to the Chinese company. Total is raising cash for another investment. Egina is waiting for PIB before FID. Sale of USAN is not capita flight.

Thanks my Oga.

I've heard of the corrosion issues before. It even delayed the startup of the FPSO when it arrived from S/Korea. I'm wondering why there would be such issues when many FPSOs sitting on the atlantic. It definitely will be a design/material selection problem.

[knightofdelta]

Originally Posted by eniyanman

Don't you have to buy an annuity on retirement? Some insurance companies may sell annuities. If you can buy one, it should be possible to find one that is index linked (i.e. rises with inflation).

Our insurance companies are not that "smart" yet.

[knightofdelta]

Originally Posted by overload

So basically on my date of retirement, they will just hand me a cheque for any amount they like abi? and i dont have any way to calculate along to reconcile on dat day; wicked!!

No wonder pension fund magrs are the lastest nouveau riche in town!

You need to understand the way the new pension scheme works in Nigeria before drawing conclusions. The old pension scheme was riddled with corruption but if you have been following Pencom actions, you will discover that these guys are not taking any chances.

[overload]

Originally Posted by eniyanman

Don't you have to buy an annuity on retirement? Some insurance companies may sell annuities. If you can buy one, it should be possible to find one that is index linked (i.e. rises with inflation).

Bros, am not sure we have such pdts in Naija insurance coys ( I stand to be corrected though)

Pls is anybody knows of any insurance coy with such ..pls lets helep me.

[overload]

Originally Posted by knightofdelta

You need to understand the way the new pension scheme works in Nigeria before drawing conclusions. The old pension scheme was riddled with corruption but if you have been following Pencom actions, you will discover that these guys are not taking any chances.

bros abeg how do you guys calculate it in this new pension scheme?

[knightofdelta]

Originally Posted by overload

bros abeg how do you guys calculate it in this new pension scheme?

The PFAs don't have direct access to the pension funds so there is no way they can "loot" them. Before any investment is made or terminated, instructions are sent to the Pension Fund Custodians (PFCs) to move funds or assets from one place to the other.

The Pencom goes through all transactions and asset class, issuer, etc exposure on a monthly basis, with a fine tooth comb, and flag any lapses. There are definitely loopholes that can be used to skim some funds but the era of finding two billion naira in the house of a pension fund managers is over.