When an employee fails to open an RSA within a period of 6 months after assumption of duty, the employer shall request a PFA to open a nominal RSA for the remittance of the employee’s pension contributions. Thereafter, the contributions will be transferred to the RSA duly registered by the employee.
- 6. What would happen to a PFA or PFC that misappropriates pension funds?
- 4. What is the penalty on a non-compliant employer that fails to remit deductions as stipulated by the PRA 2014?