TheCable

The National Pension Commission (PenCom) says it has recovered N17.52 billion from employers who deduct monthly pensions from staff salaries without remitting to their retirement saving accounts.

According to the 2020 second-quarter report released by the commission on Friday, the amount consists of N8.89 billion principal contribution and N8.63 billion penalty.

“Following the issuance of demand notices to some defaulting employers whose outstanding pension contribution liabilities had been established by the recovery agents (RAs), 16 of the affected employers remitted the sum of N261.3 million representing principal contribution (N152.7 million) and penalty (N108.5 million) during the quarter.

“This brought the total recoveries made from inception to June 30, 2020, to N17.5 billion comprising principal contribution of N8.8 billion and penalty of N8.6 billion.”

In the quarter under review, PenCom said 5,100 private organisations applied for pension clearance certificate (PCC) out of which 4,937 were processed and issued PCCs.

A total of 163 applications were turned down due to non-remittance of pension contributions for the appropriate period and/or non-provision of group life insurance policy.

According to the commission, 4,937 organisations that were issued certificates, remitted the sum of N19.3 billion into the RSAs of 67,692 employees.

“A total of 51 complaints relating to non-remittance of pension contributions, Nigeria Social Insurance Trust Fund (NSITF) pension payment, other benefits and pension payment under Pension Transitional Arrangement Directorate (PTAD) were received during the quarter out of which 24 were resolved while the remaining 27 were at various stages of processing,” the report read.

The total number of contributors in the pension industry increased by 41,074 from 9.06 million contributors at the end of Q1 2020 to 9.10 million.