2. The new Act gives more powers to the National Pension Commission (PenCom) to set new guidelines in pension management.
PenCom has the legal powers to seal offices or premises of any organisation not complying with the Pension Reform Bill. It also empowers PenCom to institute criminal proceedings against employers who persistently fail to deduct and/or remit pension contributions of their employees within the stipulated time. This time, the pensions department in the office of the head of civil service of the federation would be harmonised with PenCom to reduce corruption in the system.
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