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HomeBusinessPENCOM Recovers N213m From Defaulting Employers In Q3/20

PENCOM Recovers N213m From Defaulting Employers In Q3/20

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By Babajide Okeowo


The National Pension Commission, PENCOM has recovered the sum of N213, 071, 826 .04 from 13 defaulting employers.

This was contained in the third quarter 2020 report of the company.

The recovery was made possible as a result of the issuance of demand notices to the defaulting employers and aggressive follow-ups by the recovery agents appointed by PENCOM for this purpose.

“Following the issuance of demand notices to defaulting employers whose pension liabilities had been established by the Recovery Agents, a sum of N213,071,826.04, (representing principal contributions of N156,533,438.35 and penalty of N56,538,387.69), was recovered from 13 defaulting employers” the report stated.

The report also stated that the pension industry in Q3 2020 recorded a growth of 1.18% QoQ in the scheme membership, moving from 9.10 million contributors in Q2 2020 to 9.2 million contributors in Q3 2020, largely driven by the increase of 107, 312 new contributors under the Retired Savings Account (RSA) scheme.

Recall that in Nigeria, employers contribute 10% of the salary and the employee contributes 8%, and a total of 18% is expected to be remitted by the employers every month to the Pension Fund Administrators, PFAs.

Recall also that PenCom, on November 16, 2020, launched a Retirement Savings Account (RSA) transfer system, to drive competitiveness/efficiency amongst the operators and flexibility for the contributors to switch between operators, to gain better values and services.

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