Trustfund Pension says there has been an increase in unremitted pension contribution by employers in Nigeria.
The Head of Compliance at Trustfund Pension, Christopher Fakanlu, called on employers who subscribe to the Contributory Pension Scheme (CPS) and minimise the growth of un-credited and unreconciled contributions.
He said this on the sideline of the North Central 2021 employer forum and interactive session which was held in Abuja.
Fakanlu said, “We are witnessing a surge in un-credited and un-reconciled contributions because employers make bulk payment without accompanying schedules.
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“In other instances, we are seeing a schedule for say N1 million and the actual remittance of just N500,000 and that immediately constitutes a problem.”
He said the session is aimed at enhancing the compliance of the employers with the CPS and regulations and guidelines issued by PenCom.
Fakanlu added, “If our recommendations for improvement are carried out by the pension desk officers, we shall have prompt retrieval of payment schedule from the employer within three days of deposit and prompt crediting of the pension deposit to the respective Retirement Savings Accounts not more than 24 hours after deposit.
“Just as we are talking with employers, we also sensitize employees that once their pensions have been deducted and remittance were not made, they can enforce Trustfund or the National pension Commission who will take proper action to resolve it.”
