Recovery Agents recover ₦22.13 billion from Defaulting Employers as PenCom receives 89 complaints on Non-Remittance of Pension Contributions in Q2 2022

September 11, 2022 PensionNigeria

The National Pension Commission (PenCom) in its 2nd 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 ₦22,130,695,913.23 comprising of principal contributions ₦11,440,918,182.54 and penalties ₦10,689,777,730.68 from defaulting employers, from inception of the exercise in June 2012 to 30 June 2022. The amounts recovered are credited into the respective Retirement Savings Accounts (RSAs) of the employees.

PenCom further disclosed that during the 2nd 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 N721,120,251.46 representing principal contribution N517,654,905.94 and penalty N211,465,345.52 was recovered from 20 defaulting employers while 7 defaulting employers have been recommended for appropriate legal action, after all administrative steps taken to make them comply failed. PenCom did not name 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 89 complaints relating to non-remittance of pension contributions during the 2nd quarter of 2022, PenCom said 8 complaints were resolved during the quarter while the remaining 81 complaints were at various stages of resolution.

As a Retirement Savings Account (RSA) holder, if your employer is not remitting your pension contributions, you are not to go directly to the RAs, 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 2nd Quarter 2022 Report

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DONT MISS our 2nd Quarter 2022 Report Series

PenCom 2nd Quarter 2022 Report Executive Summary
Analysis of Pension Operating Environment Q2 2022
Performance of all PFAs in Nigeria for January to June 2022 (Year to Date)
Micro Pension Return on Investment (ROI) for January to June 2022 for all PFAs in Nigeria (Year to Date)
Update on RSA Transfer System (RTS) 2nd Quarter 2022
List of Organisations Issued Compliance Certificates as at 30 June 2022
Status of Contributory Pension Assets as at June 2022
Status of Implementation of CPS in States as at 30 June 2022
Micro Pension Registrations per PFA & Fastest Growing PFAs as at 30 June 2022
Appointment & Resignation of Pension Operators’ Board Members and Top Management Q2 2022
PFAs’ Total Shareholders’ Fund now ₦211.26 Billion
Update on NSITF & Refund of Pension Contribution to Military & SSS Q2 2022
Recovery Agents recover ₦22.13 billion from Defaulting Employers as PenCom receives 89 complaints
Lagos State committed to ₦2 billion Monthly to clear Outstanding Accrued Rights of its Retirees, this is how the State has performed
PenCom refunds N4.27 Billion as Zamfara State withdraws from Contributory Pension Scheme, what lies ahead for Retirees
PenCom Engagements with State Governments to ensure Retirees receive Pension as and when due Q22022
Micro Pension Contribution per PFA Q2 2022
RSA Registration Age and Gender Breakdown Q2 2022
Update on the Micro Pension Plan Q2 2022
Biggest PFAs & Fastest Growing PFAs by RSA Registrations 30 June 2022
PenCom approved over N1.58 Trillion for PFAs to pay RSA Holders as at June 2022

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