The Nigeria’s National Pension Commission
(PenCom) has appointed an agent to recover $46 million outstanding
pension contributions and penalties.
(PenCom) has appointed an agent to recover $46 million outstanding
pension contributions and penalties.
The Acting Director General of the
National Pension Commission (PenCom), Mrs Aisha Dahiru-Umar unveiled the
recovery strategy at a one-day interactive session with the Organised
Private Sector (OPS) on “Challenges and Future Outlook
of the Pension Reform Act (PRA 2014)” in Lagos.
National Pension Commission (PenCom), Mrs Aisha Dahiru-Umar unveiled the
recovery strategy at a one-day interactive session with the Organised
Private Sector (OPS) on “Challenges and Future Outlook
of the Pension Reform Act (PRA 2014)” in Lagos.
Dahiru-Umar, who was represented by the
Head, Compliance, PenCom, Mr Aliu Bwala, said the figure comprised $24
million principal contributions and $22 million as penalties
respectively.
Head, Compliance, PenCom, Mr Aliu Bwala, said the figure comprised $24
million principal contributions and $22 million as penalties
respectively.
The acting DG also said the entire amounts were credited into the workers’ Retirement Savings Accounts (RSAs).
According to her, the penalty is meant to
compensate the workers for the income that would have been earned, if
the principal contributions were remitted as and when due.
compensate the workers for the income that would have been earned, if
the principal contributions were remitted as and when due.
“The recovery exercise which has been
largely successful has boosted the confidence of contributors and
encouraged employers to embrace the CPS.
largely successful has boosted the confidence of contributors and
encouraged employers to embrace the CPS.
“We would like to again thank NECA and its members for their cooperation in the course of the recovery exercise.
The director general said the pension
industry had transited from a deficit of over N2 trillion in 2004 to
accumulated pension fund asset worth over N8.23 trillion, with
registered membership of 8.14 million as at July 2018.
industry had transited from a deficit of over N2 trillion in 2004 to
accumulated pension fund asset worth over N8.23 trillion, with
registered membership of 8.14 million as at July 2018.
The News Agency of Nigeria (NAN) reports
that the commission was saddled with the responsibility of supervising
the transfer of the Nigerian Social Insurance Trust Fund (NSITF)
contributions of employees into their respective
RSAs under the CPS.
that the commission was saddled with the responsibility of supervising
the transfer of the Nigerian Social Insurance Trust Fund (NSITF)
contributions of employees into their respective
RSAs under the CPS.
The DG said only 136,377 NSITF members had applied for their contributions to be transferred into their RSAs to date.
“That number is a far cry from the over 1.2 million workers that transited from the NSITF Scheme to the CPS.
“To address the challenge of contributor
apathy, the commission had severally featured advertorials in National
Dailies requesting NSITF contributors to apply for the transfer of their
contributions into their RSAs.
apathy, the commission had severally featured advertorials in National
Dailies requesting NSITF contributors to apply for the transfer of their
contributions into their RSAs.
“I implore all employers to encourage
their employees who have contributed to the NSITF Scheme to liaise with
the PFAs and, in particular Trustfund Pensions, for guidance on how to
have their contributions transferred to their
RSAs.
their employees who have contributed to the NSITF Scheme to liaise with
the PFAs and, in particular Trustfund Pensions, for guidance on how to
have their contributions transferred to their
RSAs.
“Members who contributed to the NSITF
Scheme can also visit the commission’s website for the guidelines on the
transfer of NSITF contributions,” she added.
Scheme can also visit the commission’s website for the guidelines on the
transfer of NSITF contributions,” she added.
