Firms remit N4.04b into the accounts of 15,603 employees
By Jeph Ajobaju, Chief Copy Editor
Some 1,526 firms and organisations have remitted N4.04 billion to the Retirement Savings Accounts (RSAs) of their 15,603 employees, according to the latest report of the National Pension Commission (PenCom).
Up to 25 states had passed pension laws by the fourth quarter ended December 2021 (Q4 2021) based on the Contributory Pension Scheme (CPS). Seven states are in the process of doing so.
Four of the five states that operate other pension plans have adopted the Contributory Defined Benefits Scheme (CDBS), but only Yobe has implemented it.
Pension Clearance Certificates (PCCs) were issued to 84.7 applications.
“The Commission received 1,800 applications from private sector organisations for the issuance of Pension Clearance Certificates (PCCs).
“Out of this number, PCCs were issued to 1,526 organisations, while 274 applications were in the approval process as at end of Q4,2021,” the report said.
“The records showed that the 1,526 organisations had remitted a total sum of N4,047,499,080.64 into the Retirement Savings Accounts [RSAs] of their employees totalling 15,603.”
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Workshops on CPS
PenCom said it conducted workshops on developments in the CPS for a number of public and private sector organisations across the six zones.
“The Commission participated at the 2021 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry in collaboration with the Lagos State Government.
“The fair provided the opportunity to sensitise members of the public on the workings of the Micro Pension Plan as well as respond to other inquiries on the CPS,” the reported added, per reporting by Nairametrics.
Further Breakdown of Q4 2021 figures
- Demand notices were issued to defaulting employers whose pension liabilities were established by Recovery Agents (RAs).
- N984,295,614.20 was recovered from 36 defaulting employers, representing principal contribution (N406,421,486.65) and penalty (N577,874,127.55).
- Legal action against 18 defaulting employers has been advised.
- N1,178,670.15 reimbursement was approved for eight military and other security personnel exempted from the CPS.
- 208 applications for the transfer of Nigeria Social Insurance Trust Fund (NSITF) contributions were received.
- N10,767,194.61 was transferred to the RSAs of 180 members.
- Request for the transfer of N2,389,145.53 to 28 NSITF donors was denied because of discrepancies between the amount given by Pension Fund Administrators (PFAs) and the balances in the NSITF database.
- N54,594,952.61 was authorised as monthly benefits for 2,305 NSITF retirees.
 of their 15,603 employees, says the National Pension Commission (PenCom)){kind=link}