Recovery Agents recover ₦23.30 billion from Defaulting Employers as PenCom takes 19 Employers to Court over Non-Remittance of Pension Contributions in Q3 2022
National Pension Commission (PenCom) in its 3rd 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 ₦23,295,655,877.33 comprising of principal contributions of ₦12,399,968,842.12 and penalties ₦10,895,687,035.20 from defaulting employers, from inception of the exercise in June 2012 to 30 September 2022. The amounts recovered are credited into the respective Retirement Savings Accounts (RSAs) of the employees.
PenCom further disclosed that during the 3rd 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 ₦1,164,959,964.10 representing principal contribution (₦959,050,659.58) and penalty (₦205,909,304.52) was recovered from 29 defaulting employers while 19 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 8 complaints relating to non-remittance of pension contributions during the 3rd quarter of 2022, PenCom said out of the 8 complaints received, only 1 complaint was resolved while the remaining 7 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 3rd Quarter 2022 Report
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DONT MISS our 3rd Quarter 2022 Report Series
Director General’s Remarks on PenCom 3rd Quarter 2022 Report
Analysis of Pension Operating Environment 3rd Quarter 2022
Appointment & Resignation of Pension Operators’ Board Members and Top Management Q3 2022
Recovery Agents recover ₦23.30 billion from Defaulting Employers as PenCom takes 19 Employers to Court over Non-Remittance of Pension Contributions in Q3 2022
Update on NSITF & Refund of Pension Contribution to Military & SSS Q3 2022
Lagos State only paid about half of the amount it committed to clear outstanding Accrued Rights of its Retirees
Kaduna State is not fully Implementing Contributory Pension Scheme but seeks PFAs to invest Pension Funds in Kaduna State Bonds
Ekiti State Pays 1st Batch of Retirees under CPS, plans to implement VC for Exempted Employees
Zamfara State exited CPS & PenCom has refund their Pension Contributions but Retirees are still not better off
Update on Benue & Bauchi State Pension Reform Laws
PenCom Engagements with 5 States on Implementation of Contributory Pension Scheme
Update on RSA Transfer System (RTS) 3rd Quarter 2022
Micro Pension Registrations per PFA & Fastest Growing PFAs as at 30 September 2022
Micro Pension Contributions received per PFA Q3 2022
Update on the Micro Pension Plan Q3 2022
List of Organisations Issued Compliance Certificates as at 30 September 2022
Total RSA Registration as at 30 September 2022
Status of Contributory Pension Assets as at September 2022
Biggest PFAs & Fastest Growing PFAs by RSA Registrations 30 September 2022
RSA Registration Age and Gender Breakdown for Q3 2022
PenCom approved over N1.66 Trillion for PFAs to pay RSA Holders as at Q3 2022
Status of Implementation of CPS in States as at 30 September 2022
Also Check out
Performance of all PFAs in Nigeria for January to September 2022 (Year to Date)
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