Monthly pensions, standing in the volume of N19.29bn, deducted by employers from employees’ monthly emoluments but not remitted to RSA, the Retirement Savings Accounts, with their respective Pension Fund Administrators have been uncovered and recovered by the National Pension Commission, PenCom.
This is contained in The PenCom’s Q2, 2021 quarterly report. PenCom is also decided on instituting legal action against some of the employers concerned.
In part, the report read, “Following the issuance of demand notices to defaulting employers whose pension liabilities were established by the recovery agents, the sum of N398m representing principal contribution of (N243.4m) and penalty of (N154.61m) were recovered from 31 defaulting employers during the quarter under review.
“Meanwhile, 19 defaulting employers have been recommended for appropriate legal action.”
Under the Pension Reform Act 2014, it is mandatory on every employer, who has three or more employees, to enroll employees under an approved contributory pension plan, as regulated by PenCom.