Two important Information omitted from PenCom 2021 Annual Report, Unfunded RSAs and RSAs with Incomplete Documentation
The National Pension Commission (PenCom) recently released the 2021 annual report for the pension industry, but unlike the report for 2020, the 2021 report did not include update on Unfunded Retirement Savings Accounts (RSAs) and RSAs with Incomplete Documentation.
Unfunded RSAs are RSAs that are irregularly funded because monthly pension contributions were either made occasionally or not made at all, while RSAs with Incomplete Documentation are basically RSAs that are yet to complete Data Recapture Exercise (DRE).
Unfunded RSAs and RSAs with Incomplete Documentation are very important parameters that will enable industry analysts and stakeholders measure the performance of the Contributory Pension Scheme in Nigeria.
An increase in unfunded RSAs and RSAs with Incomplete Documentation could mean that operators are not doing a good job to, ensure that employers comply with the provisions of Pension Reform Act 2014 on remittance of pension contribution and ensure that RSA holders complete the Data Recapture exercise.
What is the effect of Unfunded RSAs and RSAs with Incomplete Documentation on RSA holders?
Any RSA holder with unfunded RSA will not be able to access their retirement benefits because there will be no funds in the RSA and even if there are some funds in the RSA, the RSA holder will still have some issues because RSA Consolidation is now Mandatory before payment of retirement benefits. RSA holders with incomplete documentation will not be able to access their retirement benefits because DRE is mandatory before retirees can access their retirement benefits.
PensionNigeria calls on the Regulator, the National Pension Commission (PenCom) to ensure that reports on Unfunded RSAs and RSAs with incomplete documentation are included in its annual report.
Also read
2020 Report on 3.5 million Unfunded RSAs, effects and way forward
2020 Report on 5.1 million RSAs have Incomplete Documentation
RSA Consolidation is now Mandatory before Payment of Retirement Benefits
Check below for PensionNigeria breakdown of all the important aspects of the PenCom 2021 Annual Report
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PenCom 2021 Annual Report Breakdown
Chairman’s Statement in PenCom 2021 Annual Report
Director General’s Report in PenCom 2021 Annual Report
Analysis of Pension Operating Environment for the Year 2021
Micro Pension Registrations per PFA as at Dec 2021 and Fastest Growing PFAs by Micro Pension Registrations
Update on the Micro Pension Plan for Year 2021
N93.49 Billion Pension Contributions not in Contributors Retirement Savings Account
Defaulting Employers pay Penalties of N10.03 billion into Employees RSA as PenCom takes 67 Employers to Court
Redacted Reports – Unfunded RSAs and RSAs with Incomplete Documentation
PTAD paid N99.94 billion to Federal Government Retirees in 2021
PenCom Stakeholder Engagement and Public Enlightenment Activities in 2021
Biggest PFAs by RSA Pension Fund Assets under Management & Fastest Growing PFAs in 2021
Update on Implementation of Minimum Pension Guarantee
PenCom provides Scanty Update on using RSA for Payment of Residential Mortgage
PenCom approved over N1.46 Trillion for PFAs to pay RSA Holders
PFAs made over N340.57 Billion Total Income in 3 years
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