The National Pension Commission (PenCom) has not been able to issue compliance certificates for Contributory Pension Scheme (CPS) to 19 insurance firms out of 58 insurance companies operating in the country.
The commission has however awarded compliance certificates to 39 insurance companies, according to a document on “Schedule of employers issued with compliance certificate” published by PenCom.
PenCom stated that the 39 insurance companies remitted a total of N2.47 billion in their Retirement Savings Accounts (RSA) of its employees in 2020.
The certificates represents proof that the companies have fully complied with the Contributory Pension Scheme (CPS) and empowered them to bid for federal government contracts and businesses.
The document revealed that a total of 15,418 employers across all sectors of the economy had complied with CPS and remitted their pension contributions into the Retirement Savings Accounts (RSA) of their employees in 2020.
The schedule showed that AIICO Insurance, which remitted N193.9 million for its 296 employees in 2020 topped the list followed by Lasaco with N159.5 million for 160 employees and then Leadway which remitted N158.2million for 335 employees.
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FBN Insurance Limited came fourth with N128.4 million remittance for 171 employees, followed by Old Mutual with N127.9 million.
The document showed that Cornerstone remitted N108.4 million while Old Mutual General remitted N108.3 million.
The schedule indicated that Zenith remitted N97.9 million while Mutual Benefits Assurance remitted N91.6 million while AXA Mansard remitted N90.7 million.
Some insurance brokers were also cleared and issued certificates.
Plum Insurance Brokers Limited, was cleared having remitted N1.07 million for seven of its employees.
Risk Analyst Insurance Brokers Limited, remitted N4.39 million for 29 employees and YOA Insurance Brokers Limited remitted N21.81 million for 52 employees.
PenCom noted that as at the end of third quarter 2020, a total of 5,700 organisations applied for issuance of Pension Clearance Certificates (PCCs).
Out of this number, 5,432 were issued certificates while the remaining 268 applications were declined for not meeting the stipulated requirements.
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