Pension News

PenCom declined approval for Pension Clearance Certificates for 268 Employers in Q3 2020

National Pension Commission (PenCom) has disclosed that it declined approvals for issuance of Pension Clearance Certificates to 268 employers during the 3rd quarter of 2020. The applications were declined because the employers did not meet the minimum stipulated requirements for issuance of Pension Clearance Certificates.

PenCom said that during the 3rd quarter of 2020, it received 5,700 private sector organizations request for issuance of Pension Clearance Certificates (PCCs), out of the 5,700 only 5,432 organizations were issued certificates while the remaining 268 applications were declined for not meeting the stipulated requirements.

Some of the requirements for Pension Clearance Certificates (PCCs) are remittance of pension contributions and Group life Insurance Policy for staff. PenCom further disclosed that N24,979,121,189.77 was remitted into the Retirement Savings Accounts (RSAs) of 76,498 employees of the 5,432 employers that were issued the PCCs.

Only PenCom, being the Regulator for Pension in Nigeria, can issue Pension Clearance Certificates to employers and employers usually need it for various purposes including contracts and access to finances.

Below are the Requirements for Obtaining Pension Certificate of Compliance from the National Pension Commission (PenCom)

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