The National Pension Commission (PenCom), has announced a total recovery of N14.76 billion by Recovery Agents (RAs) to date.The Commission said the entire amount, which comprises principal contribution of N7.53 billion, and penalty of N7.23 billion, has been credited to the workers Retired Saving Accounts (RSAs).
Acting Director General, PenCom, Aisha Dahir-Umah, disclosed this on Tuesday, at an interactive forum with the Organised Private Sector (OPS), on the challenges and future outlook of the Pension Reform Act (PRA 2014), in Lagos.She said the Commission has adopted different strategies toward ensuring employers’ compliance with the provisions of the PRA 2014 described the recovery exercise as being largely successful, saying it has boosted contributors’ confidence, and encouraged employers to embrace the Contributory Pensions Scheme (CPS).
Represented by Head of Compliance, PenCom, S.L. Buala, she noted that out of 14, 511 applications received, the Commission issued certificates to 13,469 organisations that remitted about N110.69 billion.She assured employers that the Commission has set up a transparent, efficient, and effective process to ensure timely issuance of certificates to qualified applicants.
She noted that the pension industry has transited from a deficit of over N2 trillion in 2004, to accumulated pension fund asset worth over N8.23 trillion with registered membership of 8.14 million as at July 2018.While urging the OPS to continue to champion programmes that will ensure the successful implementation of the CPS in Nigeria, Dahir-Umah also assured that PenCom will continue to ensure the protection of employees’ retirement benefits through robust dialogue with relevant stakeholders.
Earlier, the Director-General, Nigeria Employers’ Consultative Association (NECA), Segun Oshinowo, represented by the Director, Learning, Celine Oni, hinged social dialogue as one of the critical success factors that has shaped and guided the achievement of milestones in the administration and implementation of the PRA since inception.
He called for continuous engagement between PenCom and stakeholders, for the purpose of development and sustainability, noting that forum would afford the regulator the opportunity to obtain direct feedback from key stakeholders, to enhance service delivery, guide operators, and improve compliance to the scheme.
Source: G Business