Recovery Agents recover ₦24.15 billion from Defaulting Employers as PenCom takes 34 Employers to Court over Non-Remittance of Pension Contributions Q4 2022
National Pension Commission (PenCom) in its 4th quarter 2022 report provided an update on recovery of outstanding pension contributions and penalty from defaulting employers.
PenCom disclosed that Recovery Agents (RAs) have now recovered a total sum of ₦24,149,058,653.62 comprising of principal contributions of ₦12,247,623,757.35 and penalties ₦11,901,434,896.26 from defaulting employers, from inception of the exercise in June 2012 to 31 December 2022. The amounts recovered are credited into the respective Retirement Savings Accounts (RSAs) of the employees.
PenCom further disclosed that during the 4th quarter of 2022 alone, demand notices were issued to defaulting employers whose pension liabilities were established by the Recovery Agents (RAs), and the sum of ₦853,402,776.29 representing principal contribution (₦187,373,485.27) and penalty (₦666,029,291.02) was recovered from 25 defaulting employers while 34 defaulting employers have been recommended for appropriate legal action after all administrative steps taken to make them comply failed. PenCom unfortunately did not disclose the names of the defaulting employers, PensionNigeria supports that PenCom should name defaulting employers as this will force other employers to comply.
Recovery Agents are companies engaged by PenCom to recover outstanding pension contributions with interest penalty from defaulting employers within a specified timeframe and under agreed terms and conditions. RAs are required to review the pension records of the employers and recover outstanding pension contributions with penalties.
Complaints and Enquiries of Non-Remittance of Pension Contributions by RSA holders
PenCom received 82 complaints relating to non-remittance of pension contributions during the 4th quarter of 2022, PenCom said out of the 82 complaints received, only 7 complaint was resolved while the remaining 75 complaints were at various stages of resolution at the end of the reporting period.
As a Retirement Savings Account (RSA) holder, if your employer is not remitting your pension contributions, you are not to go directly to the Recovery Agents, even if you choose to, you still cannot, because the list of the RAs are not publicly available, you are to report your employer directly to the National Pension Commission (PenCom).
Please check here on how to report,
What to do if your Employer does not Remit your Pension Contributions into your Retirement Savings Account or does not have Group Life Insurance
Check below for PensionNigeria breakdown of all the important aspects of the PenCom 4th Quarter 2022 Report
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DONT MISS our 4th Quarter 2022 Report Series
Update on RSA Transfer System (RTS) 4th Quarter 2022
List of Organisations Issued Compliance Certificates in the Year 2022
Total RSA Registration as at 31 December 2022
Status of Contributory Pension Assets as at 31 December 2022
Micro Pension Registrations per PFA & Fastest Growing PFAs as at 31 December 2022
Status of Implementation of CPS in States as at 31 December 2022
Director General’s Remarks on PenCom 4th Quarter 2022 Report
Analysis of Pension Operating Environment 4th Quarter 2022
Appointment & Resignation of Pension Operators’ Board Members and Top Management Q4 2022
Recovery Agents recover ₦24.15 billion from Defaulting Employers as PenCom takes 34 Employers to Court
Update on NSITF & Refund of Pension Contribution to Military & SSS Q4 2022
Update on ₦2 Billion Monthly Commitment by Lagos State Govt to defray Outstanding Accrued Rights of Retirees as at Dec 2022
Ekiti State appoints Veritas PFA to manage Retirement Benefit Bond Redemption Fund
Rivers State extends its transition period to Contributory Pension Scheme
PenCom responds to query on refund of Pension Contributions to Zamfara State
Micro Pension Contributions received per PFA Q4 2022
Update on the Micro Pension Plan Q4 2022
RSA Registrations per PFA for 4th Quarter 2022
RSA Registration Age and Gender Breakdown for Q4 2022
PenCom approved over N1.72 Trillion for PFAs to pay RSA Holders as at Q4 2022
Also Check out
Performance of all PFAs in Nigeria for Full Year 2022
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