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PENCOM fines 23 companies N295.4m for refusing to remit staff pension contributions

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The National Pension Commission (PENCOM) has recovered staff pension contributions totalling N422.34 million from 23 companies in the first quarter of this year.

PENCOM reported that funds include N295.45 million fines handed to the defaulters, while the principal contribution received from the penalised companies was N124.89 million for Q1.

The total figure, according to the agency’s Q1 2020 report, fell short of the N608.55 million recovered in Q1 last year.

PENCOM revealed that 11,200 applications for Pension Clearance Certificates (PCCs) were received during the period.

It said: “Out of this number, PCCs were issued to 10,541 organizations, while 659 applications were in the approval process as at March 31, 2022.

“The records showed that the 10,541 organizations had remitted a total of N59.39 billion into the Retirement Savings Accounts (RSAs) of their employees, totaling 45,170.”

READ ALSO: CBN reacts to Otedola, Hassan-Odukale tussle at First Bank after PENCOM revelation

The Commission said the Pension Fund Administrators (PFAs) received N101.11 billion from the private sector into the individual retirement savings accounts (RSAs) and N90.33 billion from public sector during the period.

The collection for Q1 this year brought the PFAs total contributions to N7.77 trillion, up from N7.58 trillion recorded in Q4 2021.

The public sector accounted for N4.02 trillion of the funds with the private sector contributing N3.76 trillion.

The total value of pension fund assets stood at N13.88 trillion as of March 31, 2022.

“The amount comprised of N9.81 trillion in RSA’ Active’ Funds (RSA Funds I, II, III and V); N1.10 trillion in RSA Retiree Fund (Fund IV); N1.54 trillion in CPFAs; N1.42 trillion in Approved Existing Schemes. Fund VI Active and Retiree Fund amounted to ₦23.16 billion,” PENCOM added.

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