Staff of the Niger Delta Development Commission (NDDC) have been advised to pay closer attention to the choice of Pension Fund Administrators (PFAs) managing their retirement savings.
The Director of Administration and Human Resources at the commission, Sir Kelechi Nwelue, advised at a pension sensitisation programme held at the NDDC headquarters in Port Harcourt, Rivers State.
Nwelue reminded workers that they have the right to change their Pension Fund Administrator if they are dissatisfied with the services provided.
He said employees should select pension managers capable of protecting their contributions and providing good returns on their investments.
According to him, the management of the commission is also concerned about the financial well-being of its workforce and wants staff to enjoy a smooth process when accessing their retirement benefits.
Nwelue further encouraged workers to maintain regular communication with their pension administrators and keep their records updated to avoid difficulties when it is time to access their entitlements.
One of the facilitators, Mr Kingsley Dike, urged staff to complete their personal data recapture and ensure that their names and dates of birth match the information attached to their National Identification Number (NIN).
Dike also explained that funds saved through personal pension plans are tax-free, encouraging employees to consider the scheme as an additional means of building financial security.
He said personal pension plans could also provide access to funds for legitimate projects, subject to applicable pension regulations.
The facilitator further advised staff to prepare simple wills to clearly state their beneficiaries and prevent disputes over pension and other benefits after their death.
