Zenith Custodian Services FAQs

  • Q. If I have already chosen a trustee, can I still appoint Zenith Bank my custodian bank?
  • Q. How sure are you that Zenith Bank will not use pension funds for business as there is a clear segregation of assets?
  • Q. Can client’s access information about their contributions online?
  • Q. How will I know how much I have contributed to the scheme and the returns I have made on my investment?
  • Q. How will my employees access their funds when they fall due?
  • Q. How often can contributors access their contributions when they retire?
  • Q. How different is SSNIT from trustees?
  • Q. Is SSNIT still operating a pension scheme?
  • Q. What percentage is set aside as contribution towards the New Pension Scheme?
  • Q. What will happen if I choose not to join the new pension scheme?
  • Q. What happens to contributions if the trustee folds up?
  • Q. Can contributions be used as collateral for loans?
  • Q. What happens to a customer’s contributions if the person dies?
  • Q. If a worker makes the minimum time contribution of 180 months (15 years) under the new scheme and dies, would SSNIT pay the survivor’s benefits?
  • Q. How would you determine the lump sum and the monthly pensions of workers who are above 45 years and have all their contributions in the 2nd tier?
  • Q. What would happen to funds which are managed privately, should there be a credit crunch?
  • Q. What are the benefits of the three tier scheme over SSNIT?
  • Q. What is Zenith Bank’s role as a custodian?

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