•As pension assets hit N16.76trn
From Uche Usim, Abuja
The National Pension Commission (PenCom) said it has recovered N24,533,339,305.09 from employers who failed to remit deducted pension contributions of workers to the Commission as stipulated by law.
The amount spans 11 years, beginning from June 2012, being the commencement of the recovery exercise, to March 31, 2023.
The breakdown comprises principal contributions of N12,440,682,240.91 and penalties totalling N12,092,657,064.18.
The Director General of PenCom, Mrs Aisha Dahiru-Umar made the disclosure at the 2023 journalist conference held in Abuja on Thursday with the theme: “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction”.
Represented by the Spokesman of the Commission, Mr Abdulkadir Dahiru, the PenCom boss further revealed that N384,280,651.48 was recovered from 34 employers in the first quarter of this year.
This comprises principal contributions of N193,058,483.56 and penalties of N191,222,167.92.
She reaffirmed PenCom’s commitment to continuous service improvement in the industry so that contributors and retirees receive the best possible experience.
She added that PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.
“Consequently, Pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.
“Membership also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.
“The CPS has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years”, she stated.
In his presentation title: enhancing customer service in the pension industry, the Head, Consumer Protection Department of PenCom, Ikenna Chidi-Ebere said the Commission encourages the general public especially, private sector employees, to report defaulting employers not complying with the provisions of Pension Reform Act 2014 (Non-remittance of Mandatory Monthly Pension Contributions).
´The report can be submitted anonymously to protect employees from the risk of job loss or victimization by their employers.
´Employees can also report any observed irregularity that relates to pension matters which may hamper the customer satisfaction.
The report can be lodged at designated online and off-line addresses.