How to choose the Right Pension Fund Administrator (PFA)

January 5, 2021

Your golden years should be an incredibly special time in your life. It is a time when you decide to cut back on work and enjoy some free time. Therefore, your pension should cater to your needs and responsibilities effortlessly. 

Such ease can only be possible if your account is managed by the right Pension Fund Administrators (PFA).

One common grievance that comes with using the wrong pension manager is enduring late or delayed payments. Of course, this kind of unprofessional behavior will cause you a lot of inconvenience during your retirement; your thoughts of a smooth retirement will be hampered because of one wrong choice. 

Things to look out for when choosing a PFA 

-Management Team 

The management team is a key factor you must consider when making your choice. Do they have a record of accomplishment in delivering excellent value to their members, efficiently and on time? Do a little research about the Company to find out. The National Pension Commission (Pencom) has a directory of licensed PFAs on their website.

The management team at Premium Pension are seasoned experts with experience in pension fund management. They are committed to delivering strong investment returns and excellent customer support.

-Provision of Pension Advisory Service

Pension advice should also be available to Members. This will give you the right information on retirement planning and actions to be taken. It is crucial that you have a personal pre-retirement and post retirement adviser who will take professional steps that will guarantee financial security during your golden years.

Premium Pension specializes in retirement planning for all their members to enable them achieve their dreams and financial goals. They do this by offering professional advice and free consultations regarding your retirement plan.

 -Customer Service 

Pension administrators should have a dedicated customer service that is easily available to attend to concerns you might have. You should ask yourself; how accessible are they? Will they be able to solve my concerns quickly? A call to a customer helpline will give you some clarity to these questions.

At Premium Pension, customer support is taken to heart. Their customer service team are available to attend to all your enquiries and concerns. You can also have a chat with them on their Instagram and Facebook social media handles.

-Pension Return rate

Apart from delayed payments, relatively low returns on Pension Fund will also give you a tough time. The job of a pension manager is to effectively manage funds in your Retirement Savings Account (RSA). This ensures that your accumulated balance over time grows and outperforms inflation.

Low returns are not sustainable. In addition, it won’t withstand the effect of inflation, which will lead to a devaluation of your funds. 

Premium Pension is responsible for investing pension funds in instruments that will yield optimal returns over the long term. They are experts at risk management, ensuring your fund is secured until retirement. They also have a record in delivering competitive returns on pension funds. 

-Accessibility of retirement savings account

You should be able access your retirement savings account easily. This also allows for transparency on your account.

With Premium Pension, you have easy access to your accounts through the Premium Pension mobile app. In addition, they have offices all around the 36 states of Nigeria and FCT, with customer service staff dedicated to serving you.

 The choice that you make will greatly affect your pension in the long run. That is why you need to make the right choice.


Ready to switch to a reliable PFA? Simply visit https://datarecapture.premiumpension.com/expressinterest/Home/PPLProspect or call 09 461 5700-4 to make the switch to Premium Pension. A customer service representative will assist you with the swift transition. Visit www.premiumpension.com for more.

Avatar

Join The Conversation

Bring a friend.

You'll like this

Watch

Now on Zikoko

Recommended Quizzes

how much of an ajebutter
February 12, 2020

Are you an ajebutter or not? Well, if you’ve gone through life blissfully unaware of its harshness, then you probably are. Now, we want to know just how high you rank on that ajebutter scale, using your food preferences as a (very accurate) measure. Take to find out:

October 29, 2019

We are going to be attempting to guess when you’ll marry based on your favourite Nigerian foods. What does your fave swallow have to do with when you’ll tie the knot? Please, don’t ask complicated questions. This quiz is rigorous and accurate (don’t quote us), so just take it already. QUIZ: Why Do You Have […]

June 14, 2020

Have you ever been with someone so horrible that you swore to never date again? Yes? Well, do you know that one or more of your exes probably feels the same way about you? You never thought about that, huh? Thankfully, this quiz is here to let you know just how much of a hassle […]

More from Inside Life

Watch

Trending Videos

Zikoko Originals

December 14, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
November 2, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
October 26, 2020
A collection of videos documenting some of the events of the EndSARS protests.
June 22, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
June 22, 2020
Hacked is an interesting new series by Zikoko made up of fictional but hilarious chat conversations.
June 4, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
June 2, 2020
Quickie is a video series where everyone featured gets only one minute to rant, review or do absolutely anything.
May 14, 2020
Isolation Diary is a Zikoko series that showcases what isolation is like for one young Nigerian working from home due to the Coronavirus pandemic.
March 12, 2020
Life is already hard. Deciding where to eat and get the best lifestyle experiences, isn't something you should stress about. Let VRSUS do that for you.

Z! Stacks

Here's a rabbit hole of stories to lose yourself in:

Zikoko amplifies African youth culture by curating and creating smart and joyful content for young Africans and the world.
X