Government Workers: You Will Loose About 10% Of Your Pension If You Do Not Look Out For The Following Over Your Work Life

Government Workers: You Will Loose About 10% Of Your Pension If You Do Not Look Out For The Following Over Your Work Life

Pension entitlements are already meagre. Losing part of such meagre pensions can compound the low level of pension entitlements.

If you do not want to lose about ten (10) percent of your pension, start to look out for the following now.

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First of all, the very reason you could lose part of your pension is when you do not verify your pension contributions at least once every six months. Worse case scenario, once every year.

Secondly, apart from cross-checking your regular monthly contributions, the following are the irregular contributions to check out for anytime a worker visits the pension managers for verification of contributions.

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a. Contributions on salary arrears: The loss of pension contributions on salary arrears is more likely for workers who are already mechanised onto payroll but have suffered salary issues that are paid in arrears later. When you visit the pension managers, look out for the reinstatement dates the salary was restored. Sometimes, contributions paid on the arrears of such salaries may be missing.

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b. Contributions on salary upgrade arrears: This is one type of pension contribution that can be lost to chance. The reason being that the worker would have been contributing to the pension fund managers and their books could ignore the pension contributions on the salary upgrade arrears.

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c. Contributions on promotiom arrears: Promotions in the public service comes with little extra remuneration, and so pension contributions on such arrears are considered negligible by some people. However, with the effect of compounding interest, such negligible pension contributions on the meagre salary arrears due to promotions, the negligible pension contributions could be substantial in the long run. Ignore such meagre pension contributions and you will be contributing to losing about ten (10) percent of your pension.

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d. Contributions on point jump arrears: Just like in the case of pension contributions on promotions, pension contributions on point jumps could be the least and may not even be thought of as necessary. Compounding interest on such meagre contributions could equally be substantial for a pensioneer.

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Thirdly, it must be noted that workers must, as well, cross-check their pension contributions with their workplace tier two (2) pension managers. Social Security and National Insurance Trust (SSNIT) is in charge of pensioners’ monthly allowance while the tier two (2) managers are in charge of lump sum payment. Take regular action and safeguard your pension contributions.

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