The National Pension Commission (PenCom) reported that over 41,000 employees’ Retirement Savings Accounts (RSAs) had not been credited as a result of their employers’ failure to provide accurate documentation for their pension payments.
In a statement titled “Outstanding Pension Contributions in the Account of Pension Fund Administrators (PFAs),” the commission made this disclosure on Wednesday.
According to PenCom, some firms are sending the pension contributions of their employees with insufficient supporting documents.
Because of this, according to the organization, “PFAs have been unable to credit the RSAs of the affected Employees.”
About 41,628 employees have not yet received credit, according to information available on the commission’s website.
The organization urged employers to give PFAs the details required to ensure that employees’ RSAs were credited, threatening to “take regulatory actions” against companies who refused.
“The PRA 2014 further mandates employers to remit the pension contributions of their employees who are yet to open RSAs into nominal RSAs with any PFA chosen at the employers’ discretion,” the statement reads.
“PenCom has observed that some employers are remitting the pension contributions of their employees with incomplete documentation. Consequently, PFAs have been unable to credit the RSAs of the affected employees.
“The list of the affected employers and employees can be viewed on the websites of PenCom and PFAs.
“All employers and employees on the aforementioned list are required to provide the PFAs with the requisite information to facilitate the crediting of pension contributions into the employees’ RSAs.”
In order to make sure that retirement payments are paid as and when due, PenCom informed RSA holders and the general public of its commitment to properly regulating and overseeing the pension business.
