Pensions Alliance Limited, popularly known as PAL Pensions, says it seeks to keep its customers abreast with reforms in the industry.
Speaking at a forum it organised for retirees in Port Harcourt, the Acting Regional Manager, PAL Pensions, covering South-South, Mrs. Millicent Hogan, thanked the participants, saying the forum also seeks to keep close relationship with the retirees.
She said with over 75,000 retiree customers since inception, PAL Pensions has been noted for good customer relationship amd prompt processing of retiree pensions, including lump sum.
“In 2022, it has been on record that Pensions Alliance Limited paid not less than 15,000 clients worth over N13 billion, and total amount paid since inception is over N111 billion”, she said, stressing that its robust system has afforded its customers easy access to their account via mobile applications and chat bots.
Also speaking at the event, a Unit Head in PAL Pensions, Mr. Emmanuel Chiboka explained that PAL Pensions is regulated by National Pensions Commission (PENCOM) and retiree funds are also invested in accordance with PENCOM stipulated guidelines.
Aside slashing its administrative fees with the view to giving more to its customers, he said PAL Pensions has dedicated Account Officers assigned to all its customers.
While on the industry updates, Mr. Chiboka explained that the multi-fund framework is aimed at aligning the age and risk profile of retirement savings account (RSA) holders by dividing the RSA fund into six fund types.
He further said Fund IV is for retirees, adding that the flexibility of the structure enables active customers to switch, depending on their risk appetite or preferred PFAs.
In terms of transfer windows, he said PENCOM has made it possible for account holders to switch from one Pension Fund Administrator (PFA) to another, and would still maintain the same pin number, which served as an open window for account holders from other PFAs to join in their pool and enjoy its high returns on investment.
In addition, Mr. Chiboka explained the difference between programmed withdrawal and annuity, stressing that pension fund administrators offer programmed withdrawal to its customers.
This, he said, “is because retirees cannot only negotiate their payment package of choice, but would enjoy lumpsum payment, review monthly pensions, monitor retirement savings account balances, as well as transfer pension balances to beneficiaries in the case of the demise of the customer”.
He stated further that why programmed withdrawal is irresistible to retiree customers is that it “operates for as long as the RSA balance can accommodate.
“Even when the balance in the account is depleted, funds are placed with Pension fund custodian (PFC) and are unaccessible to pension fund administrators (PFA) and the PFCs invest only with the instructions from their PFAs”.
He reiterated that PAL Pensions’ coverage include full access payment, comprising programmed withdrawal, enbloc, medical grounds etc; temporary access of 25% Iumpsum, additional voluntary contributon (AVC), death benefits, legacy funds and NSITF; State refunds, gratuity payments and micro pensions to incorporate those in the informal sectors.
While fielding questions from the audience, he assured them of the transparency of the firm, saying that customers can monitor their retirement savings account balances through multiple channels of engagements, adding that retirees can decide if their pensions should be paid on monthly or quaterly basis.
The event, which had retirees fill the hall to its capacity, also had health professionals to engage them on the need for proper and constant checkups so as to be in good health in order to enjoy their pensions.
Representing Hygeia Health Management Organization at the event, Dr. Odum Chindimma Obinna stressed that at retirement age, health should be properly taken care of, noting that “old age comes with a lot of diseases and early detection could help health professionals to manage such situations”.
While narrating his experience as a retiree, Mr. Udeme Ekong testified that he had gotten this lumpsum payment after retirement and is constantly receiving his monthly pension. He added that his funds keep growing from accumulated interest and his
pension fund administrator is always swift at his call, recounting that he was even invited by PENCOM for reviews.
Others praised PAL Pensions for keeping close contact with their customers, especially retirees, urging that forums of such should be organized more frequently.