Pension

PenCom drives CPS with compliance certificates issued to 1911 firms

Director General, National Pension Commission, Mrs. Aisha Dahir-Umar-Umar

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Chuks Udo Okonta

Committed to ensuring that successes achieved over the years are sustained, the National Pension Commission (PenCom) had issued compliance certificates to 1911 firms as at January this year, to enable the organisations transact business with the federal government.

Data obtained from PenCom revealed that the 1911 firms were from different sectors of the economy, and they had faithfully contributed and remitted their employees’ pension contributions into their Retirement Savings Accounts (RSA) in 2020.

According to the pension sector regulator, of the 1911 firms so far cleared, Sterling Bank Plc., made the largest contributions, remitting N1.22 billion for its 2417 employees.

PenCom noted that Fidelity Bank Plc., remitted N827 million for 2904 employees and Reynolds Construction Company Limited, remitting N739 million for 3764 employees.

The data showed that AIICO Insurance contributed and remitted N193.93 million for its 296 employees in 2020, while NSIA Insurance, remitted N60.97 million for 128 employees and FBInsurance, remitted N128.36 million for 171 employees.

Linkage Assurance Plc, remitted N60.14 million for 174 employees; Custodian and Allied Insurance Limited, N59.91 million for 121 employees; Custodian Life Assurance Limited, N24.73 million for 49 employees and Unitrust Insurance Company Limited, N52.88 million for 115 employees.

Mutual Benefits Life Assurance Limited, remitted N51.32 million for 145 employees; Mutual Benefits Assurance Plc., N91.58 million for 198 employees; Regency Alliance Insurance Plc., N36.16 million for 119 employees and Jaiz Takaful Insurance Plc., M12.66 million for 36 employees.

Insurance brokers were also cleared and issued certificates. Plum Insurance Brokers Limited, was cleared having remitted N1.07 million for seven of its employees. Risk Analyst Insurance Brokers Limited, remitted N4.39 million for 29 employees and YOA Insurance Brokers Limited remitted N21.81 million for 52 employees.

PenCom noted that Afrigblobal Insurance Brokers Limited remitted N6.14 million for 18 employees; Jolly & Partners Insurance Brokers Limited remitted N1.47 million for five employees and Manny Insurance Brokers Limited remitted N1.03 million for seven of its workers.

PenCom noted that as at the end of third quarter 2020, 5,700 private organisations applied for issuance of Pension clearance
Certificates(PCCs). Out of this number,5,432 organisations were issued certificates while the remaining 268 applications were declined for not meeting the stipulated requirements.

It said a total sum of N244,979,121,189.77 was remitted into the RSAs of 76,498 employees by the 5,432 organisations that were issued certificates.

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