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Trustfund Pension decry surge in un-credited contribution

Trustfund Pension has called on employers who subscribe to the Contributory Pension Scheme (CPS) to support effort by the Trustfund ..

Trustfund Pension has called on employers who subscribe to the Contributory Pension Scheme (CPS) to support effort by the Trustfund  to minimize the growth of un-credited and unreconciled contributions.

The Head of Compliance at Trustfund Pension, Christopher Fakanlu made the call on the sideline of the North Central 2021 employer forum and interactive session held  in Abuja.

Fakanlu said: “ we are witnessing a surge in un-credited and un-reconciled contributions because employers make bulk payment without accompanying schedules.

“In other instances, we are seeing a schedule for say N1 million and the actual remittance of just N500,000 and that immediately constitutes a problem.”

He said the session is aimed at enhancing the compliance of the employers with the CPS and regulations and guidelines issued by PenCom.

Fakanlu said failure to reconcile payments that accrue to contributors robs them of the interest that will have accrued if their contributions have been invested much earlier.

He said: “If our recommendations for improvement are carried out by the pension desk officers, we shall have prompt retrieval of payment schedule from the employer within three days of deposit  and prompt crediting of the pension deposit to the respective Retirement Savings Accounts not more than 24 hours after deposit.

“just as we are talking with employers,  we also sensitize employees that once their pensions have been deducted and remittance were not made, they can enforce Trustfund or the National pension Commission who will take proper action to resolve it.”

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