The National Pension Commission (PenCom) has outlined the compliance level of the private sector on the Contributory Pension Scheme (CPS) in the Second Quarter of 2024.
During the quarter under review, the commission said it recovered outstanding pension contributions and penalties from 35 defaulting employers who failed to remit pension contributions as and when due.
The employers paid N336.255 million comprising principal contributions of N125.57 million and penalties of N210.68 million.
The commission stated that it maintained the services of 25 Recovery Agents (RAs) for the recovery of the unremitted pension contributions and penalties from defaulting employers.
Meanwhile, the commission said its Secretariat/Legal Advisory Services Department had been requested to take legal action against three defaulting employers.
In all, the commission said since a total sum of N27.97 billion comprising principal contributions N13.60 billion and penalties N14.17 billion has been recovered from defaulting employers from commencement of the recovery exercise in June 2012 to June 30, 2024.
The report also showed that PenCom processed and issued Pension Clearance Certificates (PCCs) totaling 13,047 PCCs to organisations that met the requirements and the sum of N143.13 billion was remitted into the Retirement Savings Accounts (RSAs) of 188,426 employees of the 13,047 organisations issued PCCs.
Giving update on Refund of Pension Contributions to Personnel of the Military and Other Security Agencies, the commission said: “The commission received five requests for refund of pension contributions to military personnel and other security agencies. All five requests were processed and the sum of N 0.39 million was refunded to the affected personnel during the quarter.
“The refund was attributed to the exemption of the Military and other Security Service Agencies from the Contributory Pension Scheme due to the nature of their jobs”.
