Pension: 72,000 workers not properly captured – PenCom

The pension remittance of about 72,661 Nigerian workers is currently hanging in the balance due to incomplete information sent by their employers to Pension Fund Administrators (PFAs).

As a result of incomplete information, (PFAs) have not been able to pay pension contributions to the account of Retirement Savings Account holders, a development which the National Pension Commission has given December 31st 2023 for employers  to comply with full details of its workers to enable payment by PFAs.

A breakdown of the employees figure by Daily Trust show that Stanbic IBTC pension managers have the highest number of RSA holders with incomplete data with 41,627, closely followed by Access Pensions with 11,329 employees.

Similarly, ARM pension managers, Fidelity pension managers and Norrenberger pensions have a total number 6,292  3,895, and 4,865 respectively.

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Also, Leadway Pensure had 3,835 Veritas Glanvills pensions Ltd had 538 and Guarantee Trust Pension Managers with 280 employees. 

Recall that the National Pension Commission in a public notice titled “Outstanding Pension Contributions in Accounts of Pension Fund Administrators PFAs” said it has published on its website the names of employers and employees with incomplete documentation, while urging the employers to avail PFAs with the requisite information for onward payment

“Please note that the Commission shall take appropriate regulatory actions against employers who fail to comply with the directive by December 31st  2023 in line with the provisions of the PRA 2014,” PenCom had said.

However, the only employer published on the website of the National Pension Commission is Stanbic IBTC as seen by this Newspaper.