PenCom recovers N721.12m from defaulting employers; others to face legal action

The National Pension Commission (PenCom) said it recovered N721.12 million from employers who failed to remit pension contributions for their employees to respective pension fund administrators (PFAs).

According to the Commission, the amount comprises N721.12 million principal contribution and N211,46 million penalty.

Pencom added that the sum was recovered from 20 defaulting employers during the second quarter of 2022.

PenCom further stated in its 2022 second Quarter report that seven defaulting employers have been recommended for appropriate legal action after all administrative steps taken to make them comply failed.

Read also:PenCom cuts off more than 2,000 retirees from monthly payment over N500,000 rule

Part of the report reads: “From the commencement of the

recovery exercise in June 2012 to 30 June 2022, a total of

N22,130,695,913.23 comprising of principal contributions.”

In its report, the commission also said that at the end of the second quarter of 2022, the total pension contributions remitted to individual Retirement Savings Accounts(RSA) stood at N238.75 billion.

It noted that the public sector accounted for N136.79 billion or 57.29%, while the private sector contributed N101.96 billion or 42.71%.

“The cumulative pension contributions from inception to the end of the second quarter of 2022 amounted to N8.01 trillion, which is an increase from N7.77 trillion as at the end of Q1 2022,” PenCom stated.

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