Some States still don’t have Committee to resolve money with PFAs not in Individual RSAs – PensionNigeria

Some States still don’t have Committee to resolve money with PFAs not in Individual RSAs

The Acting Director General of National Pension Commission (PenCom) has disclosed that of the 36 States and Federal Capital Territory (FCT) in Nigeria only 11 States and the FCT are remitting pension under the Contributory Pension Scheme (CPS) and out of which only 7 states and FCT have established a Standing Reconciliation Committee (SRC) to resolve pension contributions which have been transferred to the Pension Fund Administrators (PFAs) by the States without proper details to enable the PFAs credit the individual Retirement Savings Accounts (RSAs).

PenCom had earlier called for States Pension Bureaux (SPB), to establish a Standing Reconciliation Committee (SRC), to resolve the issue of un-credited contributions to state employees’ Retirement Savings Accounts (RSAs) after remittances have been made.

The Acting DG said that Federal Capital Territory (FCT) Abuja, Kaduna, Lagos, Edo, Ondo, Ekiti, Delta, and Osun states have established Standing Reconciliation Committee (SRC), while Kebbi, Rivers, Anambra and Ogun states are yet to establish SRC.

The purpose of the Standing Reconciliation Committee (SRC) is to liaise with the PFAs and review all un-credited remittances held by each PFA, by identifying employees with invalid or duplicate pins and provide information to PFAs, to enable the PFAs credit the RSAs of the affected employees.

RSA holders whose pension contributions are uncredited will not see their pension contributions in their Retirement Savings Accounts (RSAs) and would assume that the employer have not remited thier pension contributions to the PFAs.

Check out the last report on State compliance with Contributory Pension Scheme here

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