The National Pension Commission issued compliance certificates to 4,657 employers in three months.

The commission disclosed this in its third quarter report on ‘Update on compliance by the private sector.’

Part of the report read, “During the period under review, the commission received 6,630 applications for the issuance of compliance certificate out of which 4,657 certificates were issued, while 1,973 applications were declined due to non-remittance of pension contributions for the appropriate period and/or non-provision of Group Life Insurance Policy for the employees.

“The sum of N45.9bn was remitted to 105,382 employees’ RSAs by the 4,675 organisations that were issued with compliance certificates.

The commission also stated that it maintained the services of Recovery Agents for the recovery of outstanding pension contributions and penalty from defaulting employers.

It stated that The RAs were mandated to review the pension records of the employers assigned by the commission with a view to recover outstanding pension contributions with penalty.

During the quarter, it added, demand notices were issued to 23 defaulting employers whose pension liabilities had been established by the RAs, which resulted in the remittance of outstanding pension contributions of N399.76m, representing principal contributions of N343.72m and penalty of N56.04m.

It added that a total recoveries made from inception to date amounted to N15.76bn, comprising principal contributions of N8.22bn and penalty N7.54bn.

“These amounts had since been credited to the respective Retirement Savings Accounts of the employees,” it added.

“Further to the commission’s strategy of driving compliance with the provisions of the

PRA 2014 by employers through the conduct of public awareness programmes, the commission has continued to organise sensitisation workshops on the Contributory

Pension Scheme for employers’ associations/unions to enlighten and encourage them to key into the scheme,” PenCom stated.

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