The National Pension Commission (PenCom) revealed it has recovered ₦19.29 billion monthly pensions deducted by employers from employees’ monthly salary but not remitted to the Retirement Savings Accounts (RSA) with their respective Pension Fund Administrators (PFA).
Figures obtained by BizWatch Nigeria from PenCom’s quarterly report on Tuesday showed that the recovery included unremitted contributions and sanctions.
PenCom also disclosed its plan to take legal action against some of the employees.
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The report revealed that following PenCom’s issuance of demand notices to some defaulting employers whose pension contribution liabilities had been established by recovery agents, recoveries and penalties were made.
This brought the total recoveries made from inception to June 30, 2020, to ₦17.52 billion comprising a principal contribution of ₦8.89 billion and a penalty of ₦8.63 billion.
It also revealed that it recovered ₦213.07 million in Q3, 2020; ₦553.03 million in Q4, 2020; ₦608.55 million in Q1, 2021; and ₦398 million in Q2, 2020.
The PenCom’s Q2, 2021 quarterly report obtained on Tuesday read in part, “Following the issuance of demand notices to defaulting employers whose pension liabilities were established by the recovery agents, the sum of ₦398 million representing a principal contribution of (₦243.4 million) and penalty of (₦154.61 million) was recovered from 31 defaulting employers during the quarter under review.
“Meanwhile, 19 defaulting employers have been recommended for appropriate legal action.”
The Pension Reform Act 2014 mandates employers with at least three employees to have pensions for their workers.
