The National Pension Commission, PenCom has set December 31, 2023, as the deadline for the remittance of outstanding Pension Contributions into the accounts of Pension Fund Administrators (PFAs).
The directive contained in a PenCom statement said, appropriate regulatory actions would be taken against employers who fail to comply with the remittance instruction by 31 December 2023, in line with the provisions of the Pension Reform Act (PRA) 2014.
The Pension regulator said its 2014 Act mandates employers with three or more employees to remit pension contributions into the Retirement Savings Accounts (RSAs) of their employees with PFAs adding that the act also mandates employers to remit the pension contributions of their employees who are yet to open RSAs into nominal RSAs with any PFA chosen at the employers’ discretion.
The Commission noted that it observed that some employers are remitting the pension contributions of their employees with incomplete documentation which makes it difficult for PFAs to credit the RSAs of the affected employees.
PenCom said, the list of the affected employers and employees can be viewed on the websites of PenCom and PFAs.
It pointed out that employers and employees on the list are required to provide the PFAs with the requisite information to facilitate the crediting of pension contributions into the employees’ RSAs.
“Please note that the Commission shall take appropriate regulatory actions against employers who fail to comply with this directive by 31 December 2023, in line with the provisions of the PRA 2014.
“RSA holders and the general public are assured of PenCom’s commitment to effectively regulating and supervising the pension industry, to ensure that retirement benefits are paid as and when due”, it said.
