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Chuks Udo Okonta
The constant engagements, threats, penalties and legal actions taken by National Pension Commission (PenCom) on employers that failed to contribute and remit their employees’ pension contributions has led to the recovery of over N20.82 billion, Inspenonline can report.
PenCom in its 2021 annual report stated that the total recoveries made from inception of the Contributory Pension Scheme (CPS) recovery exercise in 2012 to 31, December 2021 was N20.82 billion. It noted that this figure represents principal contributions of N10.79 billion and penalties of N10.03 billion.
It submitted that the amounts recovered had since been credited to the respective Retirement Savings accounts (RSAs) of the employees.
PenCom maintained that last year, the sum of N2.55 billion was recovered by the Recovery Agents (RAs) from 120 defaulting employers.
The Commission noted that it retained the services of Recovery Agents for the recovery of outstanding pension contributions and penalties from defaulting employers.
The RAs, it said were required to review the pension records of the employers and recover outstanding pension contributions with penalties.
The pension sector regulator noted that in the same vein, it continued to take legal steps to recover pension contributions from 67 defaulting employers that failed to remit outstanding pension contributions and penalty as established by the RAs. In the meantime, a significant number of employers have initiated the remittance of their outstanding liabilities in response to final demand/pre-action notices served on them by the Commission, it posited.
