PFA releases Statement on Delayed Processing of Requests for withdrawal from Retirement Savings Account (RSA)

Retirement Savings Account (RSA) holders have recently been complaining about delay in processing of requests for withdrawal from RSAs by Pension Fund Administrators (PFAs). AIICO Pension Managers has taken the initiative to release a statement to its customers to assure them that they are doing everything possible to ensure RSA holders requests for withdrawal are granted within expected time frames.

The delay in processing the requests for withdrawal are majorly due to disruptions caused by the Coronavirus pandemic. Most companies are still running skeletal services with some of their employees working from home. In fairness to PFAs, they are not the only party involved in the processing of requests for withdrawal from Retirement Savings Accounts, the employer, National Pension Commission (PenCom) and Pension Fund Custodians (PFC) are all involved, any disruption faced by the PFA, employer, PenCom or PFC will lead to delay in requests to withdraw from RSA.

Below is the full statement from the Pension Fund Administrator (PFA);

Dear RSA Holder,

DELAYS EXPERIENCED WITH PROCESSING SOME BENEFIT APPLICATIONS

AIICO Pension, our pension fund custodians and the National Pension Commission (PenCom) are committed to the safety of our employees and amazing customers and as a result we are strictly adhering to the directives of relevant State governments and the Presidential Task Force on COVID-19 as we continue to practice social distancing and other prescribed best practices to ensure everyone is safe.

As a result of the above, our approval and payment cycles have been adversely affected and we have experienced delays in getting your payments to you within stipulated timelines in some cases. The coronavirus pandemic has disrupted services in the Nigerian pension industry and indeed worldwide but rest assured as our teams are working overtime with relevant stakeholders mentioned above to ensure that we continue to deliver your payments to you within expected time frames.

Thank you in advance not only for your loyalty to AIICO Pension but also for your patience and understanding during these unprecedented times.

If you still have queries regarding the status of your benefit applications, please send an email to info@aiicopension.com or call 0700-AIICOPFA

Thank you.
Signed
Your preferred PFA