Recovery Agents recover ₦24.53 billion from Defaulting Employers as PenCom takes 4 Employers to Court Q12023
National Pension Commission (PenCom) in its 1st quarter 2023 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 ₦24,533,339,305.09 comprising of principal contributions of ₦12,440,682,240.91and penalties ₦12,092,657,064.18 from defaulting employers, from inception of the exercise in June 2012 to 31 March 2023. The amounts recovered are credited into the respective Retirement Savings Accounts (RSAs) of the employees.
PenCom further disclosed that during the 1st quarter of 2023 alone, demand notices were issued to defaulting employers whose pension liabilities were established by the Recovery Agents (RAs), and the sum of ₦384,280,651.48 representing principal contribution (₦193,058,483.56) and penalty (₦191,222,167.92) was recovered from 34 defaulting employers while 4 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 59 complaints relating to non-remittance of pension contributions during the 1st quarter of 2023, PenCom said out of the 59 complaints received, only 9 complaint was resolved during the quarter while the remaining 50 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).
Click the link below 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 1st Quarter 2023 Report
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DONT MISS our 1st Quarter 2023 Report Series
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List of Organisations Issued Compliance Certificates as at 31 March 2023
Total RSA Registration as at 31 March 2023
Status of Contributory Pension Assets as at 31 March 2023
Analysis of Pension Operating Environment 1st Quarter 2023
Appointment & Resignation of Pension Operators’ Board Members and Top Management Q1 2023
PenCom Sanctions 7 PFAs
Recovery Agents recover ₦24.53 billion from Defaulting Employers as PenCom takes 4 Employers to Court Q12023
Update on NSITF & Refund of Pension Contribution to Military & SSS Q1 2023
Status of Implementation of CPS in States as at 31 March 2023
More reports will be added here once available
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