1. Can a pension-able ex-employee of UAC who retires at 50 years and works else where collect pension in 2 places.
   This is if he opens another RSA A/C with a new PFA without transferring his old account.
   
   
2. What happens if the fund under performs in a particular month?
   The unit price will drop.
   
   
3. What will happen to an employee less than 50 years of age that is being asked to go on early retirement?
   The employer can pay/bear the cost of early retirement i.e pay his pension till he clocks 50years and starts earning pension from his pension fund, or he is asked to resign/or retrenched , then he will either get a new job or applies for 25% of his fund if he is unable to get a job within six months.
   
   
4. How should bachelors and spinsters fill the portion of the pension form that has dependant and next of Kin since they are not married?
   Any member of family that is close to them can be nominated as next of kin.
   
   
5. How can these bachelors and spinsters effect changes in dependants and next of kin on the pension forms when they eventually get married?
   They can send a letter to Unico to change their next-of –kin.
   
   
6. Why is our contribution converted to shares and other investments?
   Contribution is converted to units of shares to enable contributors have a share of the funds unrealized gains credited to their individual accounts.
   
   
7. How do Unico CPFA Ltd convert investments into cash when a contributor is leaving i.e either when pension-able or moving to another company
   The total units of shares are multiplied the unit price per unit at the time of exit to arrive at the amount to be transferred to other PFA or converted to pension or paid as lump sum.
   
   
8. Who determines the cash value that should be paid to a contributor on leaving the company?
   The statement of account of each individual determines what is to be paid i.e the number of the units and price at exit.
   
   
9. Can employees that stopped making voluntary contributions in the past be allowed to start again?
   Yes.
   
   
10. Does the new Pensions Act allow our contributions in NSITF be paid to us?
    Yes, if you are 60 years old.
    
    
11. What will happen to our contributions prior to the new Pension Act which commenced from 2005?
    You can either convert it to pension when retiring or collect as lump sum.
    
    
12. Will employee pension statement that is sent on a yearly basis show the type of investment that Unico CPFA Ltd is investing in?
    No.
    
    
13. What should an employee do if he did not receive his pension statement?
    Ask your Human Resource Manager and if there is still no positive response, send an email to Unico CPFA Ltd careline or write Unico CPFA Ltd directly.
    
    
14. How long will it take an employee of UACN Plc, if he or she opts for a change in PFA?
    Employees of uacn plc are not allowed to use other Pension Fund Administrators.
    
    
15. Who owns Unico CPFA Ltd fund?
    The company is different from the fund. The fund is owned by the contributors while the company is owned by uacn plc, UPDC and Vitafoam.
    
    
16. What do the owners of the fund stand to benefit by investing in the fund?
    The owners of the fund i.e the contributors will benefit from the fund through having a comfortable and buoyant retirement.
    
    
17. In your own opinion, explain which of the schemes i.e either old or new would you say is better?
    The new scheme is better because contributors are benefiting from unrealized gains of the fund; Death benefit is better; and all employees are compelled to go on pension consequently the possibility of ex-employee becoming destitute is remote.
    
    
18. Where a contributor dies, is it the deceased dependant or Next of Kin that is entitled to collect the benefit?
    The Next of Kin that is stated on the contributor's pension form is expected to collect the benefit after presentation of death certificate or letter of administration.
    
    
19. What do you mean by Unitization of a members benefit or the fund?
    Unitization of members benefit or fund is a systematic way of converting monetary contributions of members into numerical whole units which will have a corresponding in-house per share value based on the fund portfolio.
    The numerical whole unit and per share value are arrived by dividing the market value of total portfolio by number units existing at any point in time.
    
    
20. Does the new pension act/rule allow an employee that is 3 years old in the business on leaving be entitled to his A & B?
    Yes.
    
    
21. When should employees expect their Unico statement?
    Every employee is entitled to their statements twice a year i.e every six months. However, every employee can access their RSA account/contribution by logging into Unico CPFA Ltd web site and entering all the required person identification password and number.
    
    
22. What will happen to an employee that joins a particular Business Unit (BU) and fills Unico pension form but his Business Unit did not send the form and his contribution to Unico CPFA Ltd?
    The Business Unit will be held responsible for not sending the form and contribution.
    It is advisable that all employees should find out from their different Human Resource /Accounts Departments if their Pension forms and contributions have been sent.
    
    
23. What happens if I resign my appointment before 50 years and I could not gain employment what will be done with my contribution?
    If you have put in 20 years (according to uacn plc policy) and are not up to 48 years of age, you can be placed on early retirement i.e the company will pay your pension till you are 50years when UNICO will take over.
    However, if you have not put in 20years and are not up to 50 years of age, you may apply for 25% of your entitlements after six months if you are unable to get another job or wait until you are 50 years of age before collecting monthly pension.
    
    
24. Can a new employee who previously has a PFA before joining the company maintain that PFA?
    It is advisable that the employee transfers his contribution from the other PFA to Unico CPFA Ltd as this will prevent complications in future.
    
    
25. Why is it that interest credited to contributors' is fluctuating from one year to another?
    This is as a result of the up and down movement of equities in the stock market, inflation rate and government policies on interest rates.
    
    
26. Can an employee who is less than 50 years on retirement opt for pension with only his new contribution and collect the old in lump sum?
    Yes.
    
    
27. Is it true that only an employee who is over 50 years can collect 25% of his pension six months after resignation?
    No, any employee who resigns and is unable to get another job within six months can apply for the 25% of his entitlement pending the time he will qualify for pension.
    
    
28. If yes, what if the 25% is not sufficient to meet that employee business plans?
    This is what the Pension Act states for now.
    
    
29. Can contributors have access to the pre 2004 fund only when leaving or at anytime?
    Only at the point of leaving the company.
    
    
30. Do Pensioners' have to queue to receive their pension payment?
    No, Pension is paid directly into Pensioner's bank account or through any uacn Division if the pensioner wants to be collecting cash.
    
    
31. What is the procedure for making claims when an employee dies?
    The business unit is expected to communicate to Unico CPFA Ltd officially. The Next of Kin present the deceased death certificate and any form of identification which is legally accepted e.g international passport, national identity card, driver's license etc, registered will or letter of Administration. UNICO will process the entitlement and pay to the beneficiary as stated in the Registered will or letter of Administration.
    
    
32. Is a new employee who is yet to be confirmed expected to contribute to the fund?
    Every employee on employment is expected to start making monthly contribution immediately.

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