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  • Ernest Ademola Ehigie

How to Avoid the Challenges of Retirement Through Pension Transfer Window


To avoid the challenges that come with poor preparation in retirement despite having a pension plan, you need to have your Retirement Savings Account (RSA) with a Pension Fund Administrator (PFA) with a track record of success.


We have outlined some challenges of a poor PFA service and how you can avoid them.


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Delayed payment of benefits

This is a major turn off for most retirees, causing them to regret having their savings in a pension plan. Some folks outrightly avoid anything that has to do with pension because of the negative stories of a delayed payment of benefits. But with the Pension Transfer Window initiative by the National Pension Commission (PENCOM), you have the opportunity to switch to a more proactive PFA that eliminates any form of delay.


Prompt payment of benefits to customers forms part of the core values of Oak Pensions. It aligns with our business values to offer quality service that eliminates, to its barest minimum, instances of delayed payments. At Oak pensions, we understand that no matter how much PR and Media Relations efforts a business puts into connecting with the target audience, customers can perceive and find the next route out of an engagement that does not fulfil their primary objective. Thus, we ensure everything is in place for prompt payment of benefits to RSA holders.

Prompt payment of benefits to customers forms part of the core values of Oak Pensions. It aligns with our business values to offer quality service that eliminates, to its barest minimum, instances of delayed payments.

Low return on investment

Another challenge of a pension fund in retirement is a low return on your investment, and it is the reason behind the weak interest some people have towards saving for retirement.


However, regardless of how long you have been with your current PFA, the Transfer Window gives you the rare opportunity to look for a new PFA that not only provides a high return on investment but a competitive return that dwarfs what other PFAs offer.


Again, another primary reason you should open an account or transfer your RSA account to Oak Pensions is our competitive return on investment (ROI). We have built a culture that intensifies our efforts in offering value to our customers beyond the average market benchmark.


Despite the pandemic and challenging macroeconomic circumstances, we have diversified our investments to attain superior returns highly beneficial to RSA holders.


Poor customer service

The challenges of poor customer service may seem insignificant but can frustrate customers to abandon their RSA or the need to keep investing in it. Also, poor customer service from a PFA can affect the entire turnaround time needed to respond to requests and complaints from customers.


Avoid PFAs that see customers as mere data and go for those that allot quality time and efforts to knowing their customers beyond the content of a KYC form.


Demand for customised service from your PFA. An organisation dedicated to satisfying its customers would adopt a personalised service for their clients even if it’s challenging.


At Oak Pensions, every customer is critical to our entire business, and we show this by offering them bespoke services every time. Each customer is assigned a dedicated Account Officer to resolve whatever challenges they may have. Customised service helps us track historical records of complaints from each customer and develop long-term solutions efficiently.

Avoid PFAs that see customers as mere data and go for those that allot quality time and efforts to knowing their customers beyond the content of a KYC form.

Inexperienced and unprofessional staff

Like the above point, besides having excellent customer service, having an inexperienced and unprofessional PFA staff can be a challenge for retirees and prospective retirees, negatively impacting their life in retirement. For example, you will not be able to explore the great benefit of hindsight, insight, and foresight of life in retirement, as well as other value-added services like access to globally updated and informed advisory service whenever you need them.


At every point, you need a PFA that holds your hand to guide you through, even during retirement. But as the saying goes, you cannot give what you do not have. Thus, if your current PFA lacks competent and experienced staff, you will miss out on the benefits that come with capable and experienced professionals.


At Oak Pensions, exceeding customer expectations has become a norm. Also, we have a team that understands how to remain accessible, approachable, and responsive, using various communication channels to connect with our customers.


If you are not satisfied with your current PFA, the good news is that you can now move your RSA to a new PFA by providing your surname, RSA PIN, current telephone number, email address, and your fingerprint to a new PFA. Ensure that you have completed the data recapture exercise with your current PFA before proceeding with these items.


There are other challenges not mentioned here, but these form the primary list. However, with the opportunity provided by the Pension Transfer Window, the power is in your hands to change a negative pattern you may have observed and move to a better PFA. And we encourage you to do your due diligence through the qualities cited above and ensure you are moving to a greener pasture.






ABOUT THE AUTHOR:

Ernest Ademola Ehigie is a Copywriter, Content Developer, Author, Brand Consultant, and Communications Manager with over 5 years in marketing communications. He has written several articles, policy documents, press releases, radio and TV adverts for businesses and organizations. He's the author of the book, "Why You Must Lead" and currently works as a content manager for Detail and Avedia, a leading retail and media consulting firm.