By Chukwuma Umeorah
The National Pension Commission (PENCOM) said it has recovered about N24.53 billion as pension contributions owed workers by defaulting employers.
The Director-General of PENCOM, Aisha Dahir-Umar, disclosed this on Thursday at the 2023 Labour Writers Association of Nigeria (LAWAN) workshop which held in Lagos.
Aisha who was represented by the Head of Corporate Communications of PENCOM, Abdulqadir Dahiru, also disclosed that of the figures announced, N384.28 million was recovered from 34 defaulting employers in the first quarter of 2023 alone.
She noted that of the total amount recovered by the commission from January 2012 to March 31, 2023, N12.44 billion is actual pension contribution while N12.09 billion was recovered as penalty.
While emphasising the role of PENCOM and reiterating its commitment to protecting the interests of workers she stressed that they would continue to ensure that employers pay pension as at when due and that complete benefits would equally be remitted to workers.
“The commission’s maeticulous regulation and supervision of the pension industry had ensured that pension assets and the Contributory Pension Scheme (CPS) membership continued to grow,” she said.
In that regard, she added that PENCOM in 2022 launched a policy allowing Retirement Savings Account (RSA) holders to utilise a portion of their retirement savings as equity for mortgages.
She said that the policy marked a significant milestone in the commission’s ongoing efforts to provide greater flexibility and access to pension funds for the benefit of RSA holders.
“Under this new policy, RSA holders who have contributed to their accounts for at least five years and met specific eligibility criteria can utilise up to 25 per cent of their pension savings as equity contribution towards acquiring residential properties.
“This policy aligns with our commitment to ensuring that pension funds catalyses economic development and social well-being,” she explained.
According to her, the commission also “recognises that many individuals face challenges in securing adequate housing upon retirement, and we aim to address this issue by unlocking the value of their pension savings to facilitate homeownership.”
In addition to that, RSA holders could access the same 25 per cent of their RSA balance to cushion the effect of job loss.
\ if they could not secure another employment after four months of job loss or for immediate support during a difficult period.
>
> She urged the media to play its own role in building the confidence of workers and pensioners by better educating the public on the efforts of the commission and benefits of saving for later days.
> “We firmly believe that a well-informed and engaged media plays a vital role in driving information flow and positive change in our society. Therefore, we must work together to ensure accurate and comprehensive reporting on pension-related matters, which are of great significance to the well-being and future of Nigerian workers.”
>