Defaulting Employers pay Penalties of N10.03 billion into Employees RSA as PenCom takes 67 Employers to Court

The National Pension Commission (PenCom) in its 2021 annual report provided an update on recovery of outstanding pension contributions and penalty from defaulting employers.

PenCom disclosed that Recovery Agents (RAs) have now recovered N20.82 billion from defaulting employers from inception of the exercise in 2012 to 31 December 2021.

PenCom further disclosed that during year 2021 alone, the sum of N2.55 billion was recovered by RAs from 120 defaulting employers which brought the total recoveries made from inception of the exercise in 2012 to 31 December 2021, to N20.82 billion. This figure represents principal contributions of N10.79 billion and penalties of N10.03 billion. The amounts recovered had since been credited to the respective RSAs of the employees.

PenCom also disclosed that it is takings legal steps to recover pension contributions from sixty-seven (67) defaulting employers who failed to remit outstanding pension contributions and penalty as established by the RAs. However, a significant number of the employers have initiated the remittance of their outstanding liabilities in response to final demand/pre action notices served on them.

Recovery Agents are companies engaged by PenCom to recover outstanding pension contributions with interest penalty from defaulting employers within a specified timeframe and under agreed terms and conditions. The RAs were required to review the pension records of the employers and recover outstanding pension contributions with penalties.

As a Retirement Savings Account (RSA) holder, if your employer is not remitting your pension contributions, you are not to go directly to the RAs, even if you choose to, you still cannot, because the list of the RAs are not publicly available, you are to report your employer directly to the National Pension Commission (PenCom).

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What to do if your Employer does not Remit your Pension Contributions into your Retirement Savings Account or does not have Group Life Insurance

Check below for PensionNigeria breakdown of all the important aspects of the PenCom 2021 Annual Report

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PenCom 2021 Annual Report Breakdown

Chairman’s Statement in PenCom 2021 Annual Report
Director General’s Report in PenCom 2021 Annual Report
Analysis of Pension Operating Environment for the Year 2021
Micro Pension Registrations per PFA as at Dec 2021 and Fastest Growing PFAs by Micro Pension Registrations
Update on the Micro Pension Plan for Year 2021
N93.49 Billion Pension Contributions not in Contributors Retirement Savings Account
Defaulting Employers pay Penalties of N10.03 billion into Employees RSA as PenCom takes 67 Employers to Court
Redacted Reports – Unfunded RSAs and RSAs with Incomplete Documentation
PTAD paid N99.94 billion to Federal Government Retirees in 2021
PenCom Stakeholder Engagement and Public Enlightenment Activities in 2021
Biggest PFAs by RSA Pension Fund Assets under Management & Fastest Growing PFAs in 2021
Update on Implementation of Minimum Pension Guarantee
PenCom provides Scanty Update on using RSA for Payment of Residential Mortgage
PenCom approved over N1.46 Trillion for PFAs to pay RSA Holders
PFAs made over N340.57 Billion Total Income in 3 years

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