PenCom Recovers N465 Million Outstanding Pension Contributions

The National Pension Commission, on Tuesday, said it has recovered N465.02 million outstanding pension contributions from defaulting employers.

PenCom in a statement by its Head, Corporate Communications, Mr Peter Aghahowa, in Abuja said the recovery was affected in the second quarter.

The commission said the N465.02 million consisted of principal contributions of N335.70 million and penalty of N129.32 million

“This brought the total recovery by the commission to N14.38 billion which comprised principal contribution of N7.48 billion and penalty of N6.96 billion,” Aghahowa said.

The commission further said it effected the recovery, using certified 14 agents.

“Following the issuance of demand notices on defaulting employers whose liabilities had been established by agents, some employers remitted their outstanding pension contributions and paid corresponding penalties.”

PenCom said in the same quarter, 5,634 companies submitted applications for the issuance of pension clearance certificates.

“Out of the 5,634 applications, Pension Clearance Certificates were issued to 5,427 organisations.

“The 207 firms were turned down due to non-compliance of pension contributions at appropriate period and non provision of group life insurance policy for employees.”

PenCom said that N49.31 billion was remitted to the Retirement Saving Accounts of 71,386 employees by the 5,427 organisations the certificates were issued.

The News Agency of Nigeria reports that the total pension assets stood at N8.35 trillion as at August.-NAN