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8 more states being remittance of pension contribution - PenCom

04 August 2015, 20:31

Abuja - The National Pension Commission (PenCom) says eight more state governments have commenced the remittance of pension contributions into the Retirement Saving Accounts (RSA) of their employees.

This is contained in PenCom’s quarterly review of the commission’s activities made available to the News Agency of Nigeria (NAN) in Abuja on Tuesday.

It would be recalled that since the scheme was introduced in 2004, PenCom had made frantic efforts to involve more state governments in it.

With the addition of eight states, the total number of states in the scheme has risen to 22.

Fourteen states had enlisted since October 2013.

In a bid to ensure all states enlisted, the 2014 Pension Reform Act (PRA 2014) made it compulsory for states to compulsorily implement the scheme.

According to the report, 26 states had so far enacted the laws on CPS while others have initiated a bill but yet to be enacted.

Also read: FCT Court deals pension scammers a bargain below

The report stated that six out of the states had also commenced the funding of their Retirement Benefit Bond Redemption Fund Accounts.

The commission reiterated that it had distributed the framework for the informal sector participation in the CPS to all stakeholders for comments.

It stated that the inputs from various stakeholders had been collated and would be incorporated into the framework.

It stated that the commission had commenced work on the guidelines and other modalities that would facilitate the full participation of the informal sector in the scheme.

On the update on the refund of pension contributions to the military and security agencies, PenCom said it had undertaken the refund of batch 1 to the retirees.

It stated that the reports from the Pension Fund Administrators (PFA) indicated that N9.07 billion was refunded to 71,784 serving and retired personnel.

It added that N1.05 billion and N42.43 billion, representing unutilised accrued rights and employer portion of contributions were also returned.

It stated that the returns were made to the Retirement Benefit and Bond Redemption Fund (RBBRF) account and the Contributory Pension Account with the Central Bank of Nigeria (CBN) respectively.

On the recovery of outstanding pension contributions and interest penalty from defaulting employers, it added that N540.94 million representing principal contributions of N145.85 million and penalty of N395.09 million was recovered during the period.

It stated that the total recoveries made to date amounted N6.73 billion.

According to the report, the commission also scaled up its compliance and enforcement strategies to enhance compliance with the provisions of the Pension Reform Act (PRA) 2014.

"During the quarter under review, the commission received 1,050 applications for issuance of compliance certificates out of which 840 employers were given.

"The remaining applications were rejected on the ground that they did not meet the requirements,’’ the report stated. 



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