Leave a comment and share
Chuks Udo Okonta
The National Pension Commission (PenCom) said it has cautioned Pension Fund Administrators (PFAs) observed to be delaying in crediting pension contributions and payment of retirement benefits to retirees.
PenCom stated this in its 2016 3rd quarter report, adding that PFAs that delay in the transfer of NSITF contributions were also warned.
It noted that letters were sent to the defaulting operators and that the issues were also discussed with the operators during on-site examinations.
PenCom maintained that it has continued to apply various strategies to ensure compliance with the provisions of the Pension Reform Act (PRA) 2014, stressing that this is done through application of sanctions and collaboration with key stakeholders on public enlightenment of defaulting employers.
