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FCMB Pensions – Everything you need to know

FCMB pensions is one of Nigeria’s premier pension fund administrations (PFA). Basically, they adequately manage funds in allocated RSA accounts, ensuring that beneficiaries get their money in due time according to an agreed structure. Also, they offer other services all of which we cover in this article.

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An overview of FCMB pensions

Formerly Legacy pension managers, FCMB pensions is a subsidiary of FCMB Group Plc. Since its establishment in 2005, the company has obtained a license from PenCom (National Pension commission) to act as a pension fund administrator. Basically, their operation is guided and defined by the 2014 Pension Reform Act.

Also, their sole purpose is to offer pension services that help individuals in establishing financial security for their retirement. The company’s vision is to be the most preferred Pension Fund Administrator and to deliver exceptional value to their customers.

What products and services do FCMB pensions offer?

The organization offers a wide range of products and services. They include:

1. Retirement Savings Account (RSA):

Basically, this is an account you open with a pension fund administrator (PFA) using a unique PIN issued by PenCom. Furthermore, contributions from both an employer and employee will be paid into the account in the ratio of 10:8% respectively. Also, an employee is permitted to change from one PFA to another maintaining the same PIN

2. Nigeria Social Insurance Trust Fund (NSITF) Funds Transfer:

Basically, the 2014 Pension Reform Act allows contributors with balances from contributions under the NSITF act to move their balances to their new RSA within a pension fund administrator. Therefore, FCMP pensions support this, allowing you to import your RSA from another pension fund administrator.

3. RSA fund:

Currently, FCMB pensions divide RSA funds into RSA and Retiree Fund. However, contributions made by active employees of different organizations go into the RSA fund.

4. Retiree Fund:

The retiree fund is made for members who have reached the retirement stage. Basically, at this stage, the company transfers their RSA funds to Retiree Fund. 

5. Retirement planning:

FCMB pensions help their contributors to plan well ahead of retirement. However, the exact structure of payment and investment depends on you.

Other services provided by the company include:

  • Ethical/non-interest fund
  • Defined benefit scheme
  • Micro pension
  • Finally, voluntary contributions

How to make an RSA transfer to FCMB pensions

You can transfer your RSA account from one pension fund administrator to another only once a year following this procedures:

  1. Firstly, log on to the FCMB pension website
  2. Navigate and click on the ‘Transfer Now’ button. The transfer button can be seen in the RSA transfer window
  3. Follow the prompt and complete your transfer application

Also, note that they would request important details of your RSA account during the application.

What are the befits of choosing FCMB pension limited?

The company’s mouth-watering benefits include the following:

1. Safety:

Choosing an FCMB pension ensures that your pension funds are in the most secured and capable hands. Also, they are known for the timely administration of pension funds to retirees.

2. Transparency and Reliability:

Their customer-friendly feature makes them a company you can rely on. Also, they can give an account of how they manage your fund upon request.

3. Superior Service delivery:

The exceptional service delivery of FCMB pension is second to none. 

4. Branch Network:

Over the years, the company has established various branch networks making them more accessible to everyone.

5. Capability Statement:

The organization’s impeccable capability statement is proof of its competence.

How can I contact FCMB pensions?

You can contact FCMB pensions through any of the following:

Head office: plot 207, Zakaria Maimalari Street, Cadastral Zone AO, Central Business District, Abuja.

Official telephone numbers: 08059580002, 08032752888 and 07080633004

Email address: info@fcmbpensions.com

Bottom line

From the outstanding benefits listed above, it’s sure that FCMB pension will end your search for the best pension companies in Nigeria. Why not give them a try?

Here are some other pension companies:

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