The National Pension Commission, PenCom said its proactive regulatory approach has strengthened the oversight and governance of pension funds, promote transparency, accountability as well as safeguard the interests of pension contributors.
The Director General, PenCom, Aisha Dahir-Umar disclosed this in Abuja at a workshop for journalists covering the Pension Sector of the economy with the theme “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction.”
Represented by the Head, Corporate Communications Department, Abdulqadir Dahiru, the PenCom boss said the creation of the Consumer Protection Department (CPD) underscores the agency’s determination to prioritise service delivery and provide Retirement Savings Account holders with the care and attention they rightfully deserve.
“PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors”she said.
The PenCom Director General while noting their commitment to continuous service improvement in the Pension Industry for contributors and retirees to receive the best experience pointed out that regulatory oversight is key to maintaining transparency, fairness, and efficiency, which are the pillars of the pension system.
Head of Consumer Protection Department of PenCom, Mr. Ikenna Chidi-Ebere, in his presentation said the commission recovered a total sum of N24,533,339,305.09 from defaulting employers that failed to comply with the provisions of Pension Reform Act 2014 that borders on non-remittance of mandatory monthly pension contributions.
He said the amount was released from the commencement of the recovery exercise, which spanned from June 2012 to 31 March 2023 through the whistleblowing mechanism introduced by PenCom to encourage the general public, especially private sector employees to report defaulting employers not complying with the provisions of the law in remitting the monthly pension contributions of their workers.
A breakdown of the sum shows that the recovery comprises principal contributions of
N12,440,682,240.91 and penalties N12,092,657,064.18 was recovered from defaulting employers.
In the first quarter of 2023 (Q1 2023), the sum of N384,280,651.48 comprising principal contributions of N193,058,483.56 and penalties N191,222,167.92 was recovered from 34 defaulting employers.
“Enhancing customer Service in the Pension Industry: PenCom’s New Strategic Plan”, explained that the PenCom introduced the ‘Whistleblowing Mechanism’ to encourage the “general public, especially private sector employees to report defaulting employers not complying with the provisions of Pension Reform Act 2014 (Non-remittance of Mandatory Monthly Pension Contributions).
“The report can be submitted anonymously to protect employees from the risk of job loss or victimization by their employers.
“Employees can also report any observed irregularity that relates to pension matters which may hamper the customer satisfaction. The report can be lodged at the online and off-line addresses provided by the Commission” he said.
