PenCom Recovers N2.19bn from 31 Defaulting Employers in Q1
National Pension Commission, PenCom, said in a report that it recovered a total sum of N2.194 billion from defaulting employers in the first quarter (Q1) of 2024. To achieve the feat, the Commission said it maintained the services of 25 recovery agents (RAs) for the recovery of unremitted pension contributions and penalties from defaulting employers in the first quarter.
During the quarter, the sum of N2.194 billion, comprising principal contributions of N751.51 million and penalties totaling N1.443 billion, was recovered from thirty-one defaulting employers, the Commission said in the report.
According to the report, the commission is pursuing legal action against three defaulting employers. PenCom said from the commencement of the recovery exercise in June 2012 to 31 March 2024, a total sum of N27.64 billion, comprising principal contributions (N13.68 billion) and penalties (N13.96 billion), has been recovered from defaulting employers.
Meanwhile, the Commission said it has received twenty-four requests for refunds of pension contributions to military personnel and other security agencies, out of which thirteen requests were processed for payment, and the sum of N1.29 million was refunded to the affected personnel during the quarter.
Also, the Commission received fourteen batches of NSITF transfer applications from Trustfund Pensions Limited (Trustfund) on behalf of one hundred and four NSITF members requesting the transfer of a sum of N6.75 million into their respective RSAs.
According to PenCom, the requests were reviewed and approvals granted for the transfer of N5.99 million into the RSAs of the 104 members with various Pension Fund Administrators, having met all the necessary requirements for the transfer of NSITF contributions.
It said the outstanding N764,955.02 was observed to be contributions remitted after the enactment of the Pension Reform Act 2004 when the NSITF Scheme was terminated; thus, that portion of the request was not approved for transfer into the RSAs of the members.
PenCom said during the quarter under review, it processed and issued a total of 17,317 pension clearance certificates (PCCs) to organizations that met the requirements.
The Commission added that the sum of N69.82 billion was remitted into the retirement savings accounts (RSAs) of 197,040 employees of the 17,317 organisations issued PCCs.#PenCom Recovers N2.19bn from 31 Defaulting Employers in Q1 Nigerian Exchange Climbs by N995bn over 5-Day Rallies
