The National Pension Commission, PenCom, earned N9.38 billion at the end of the first quarter of 2016, a report has revealed. The cash is part of unpaid contributions and penalties slammed on defaulters.
According to PenCom’s latest report, N348.81 million was recovered during the period under review. The Commission stated that the services of 55 consultants were retained to follow-up and conclude the recovery of outstanding pension contributions with penalty from defaulting employers.
it said: “Following the issuance of demand notices to defaulting employers whose liabilities had been established by the consultants, some employers have remitted the outstanding pension contributions and penalty of N348.81 million during the quarter.”
“This makes the total recoveries from inception at N9.38 billion as at the end of the first quarter, 2016,” the report read in part.
PenCom, while giving an update on informal sector’s participation in the Contributory Pension Scheme (CPS) during the period under review, said that it embarked on consultations with some key stakeholders with a view to mobilising the self-employed and persons working for organisations with less than three employees to participate in the Micro-Pension Scheme.
“The consultations were to provide stakeholders’ perspectives and preferences in savings for retirement, which would allow the Commission to finalise the Framework and Guidelines for Micro Pension.
“In this regard, consultations were held with leaders of Lagos State Council of Trade Men and Artisans (LASCOSTA) and Nigerian Builders Association.
“A meeting was also held between the Commission and the Central Bank of Nigeria (CBN) to discuss the modalities for using the mobile money platform for pension contributions as well as the BVN for verification and validation during registration of the Micro Pension participants,” the report added.
The commission said it received a total of 2,670 applications for issuance of Compliance Certificates while the certificates were issued to 2,196 organisations. Applications from 474 were turned down due to non-remittance of pension contributions or non-provision of Group Life Insurance Policy for their employees, it added.