The National Pension Commission (PenCom) says total recoveries from defaulting employers from inception of the Contributory Pension Scheme (CPS) to September 2019, stood at N16.37bn, comprising principal contributions of N8.37bn and penalty of N8.00 bn.
PenCom stated this recovered outstanding funds captured in its third quarter 2019 report, have already been credited to the respective Retirement Saving Accounts (RSAs) of the employees.
“The Commission maintained the services of Recovery Agents (RAs) for the recovery of outstanding pension contributions and penalty from defaulting employers. The RAs were mandated to review the pension records of the employers assigned by the Commission and recover outstanding pension contributions with penalty.
“During the quarter, demand notices were issued to 18 defaulting employers whose pension liabilities had been established by the RAs. This resulted in the remittance of outstanding pension contributions of N364.68 m, representing principal contributions of N146.95 m and penalty of N217.73 m,” it said.
The Commission said its collaborating effort with social partners to drive compliance with the provisions of the PRA 2014 by the Organised Private Sector (OPS) was being sustained and result oriented.
“The Commission in collaboration with the Nigeria Employers’ Consultative Association (NECA), organised interactive sessions with the OPS on the “Current Developments and Challenges” in the implementation of the CPS. The interactive sessions were held in September, 2019 at Lagos, Port Harcourt, Abuja and Kano,” it said.
PenCom stated that the interactive sessions, provided a platform for the Commission to interact with the OPS on the implementation of the CPS, noting that the sessions also provided an opportunity to update stakeholders on recent developments, address concerns, clarify issues and discuss the expectations of the contributors, receive feedback, with a view to improve compliance with the provisions of the PRA 2014.