The National Pension Commission (PenCom) has said that from the start of its recovery initiative in June 2012 through June 30, 2024, a total of N27.97bn has been recovered from non-compliant employers.
This figure includes N13.60nn in outstanding pension contributions and N14.17nn in penalties, all collected from employers who failed to meet their pension obligations.
PenCom shared these details in its 2024 second-quarter report, which was seen by NewsNGR.
According to the report, during the second quarter alone, N336.25m was recovered from 35 defaulting employers. This amount is comprised of N125.57m in unpaid principal contributions and N210.68m in penalties.
The Commission further revealed that its Secretariat and Legal Advisory Services Department has been tasked with initiating legal action against three of the defaulting employers.
“PenCom continues to engage 25 Recovery Agents (RAs) for the purpose of recovering unremitted pension contributions and associated penalties from defaulting employers,” the report stated.
According to the report, the Commission received five requests for refund of pension contributions to Military Personnel and other Security Agencies of which all five the requests were processed and the sum of N0.39m was refunded to the affected personnel during the quarter.
“The refund was attributed to the exemption of the Military and other Security Service Agencies from the Contributory Pension Scheme due to the nature of their jobs,” the Commission said.
The report noted that during the quarter under review, the Commission had processed and issued a total of 13,047 PCCs to organizations that met the requirements and the sum of N143.13bn was remitted into the Retirement Savings Accounts (RSAs) of 188,426 employees of the 13,047 organizations issued PCCs.
The report stated that during the quarter under review, the Commission processed and issued a total of 2,846 PCCs to organizations that met the requirements, and the sum of N17.124bn was remitted into the Retirement Savings Accounts (RSAs) of 36,742 employees of the 2,846 organizations issued PCCs.
According to the report, the Commission received twelve batches of NSITF transfer applications from Trusttund Pensions Limited (Trustfund) on behalf of ninety-one NSITF members requesting for the transfer of a sum of N4.33m into their respective RSAs.
It noted that the requests were reviewed and approvals granted for the transfer of N3.96m into the RSAs of the 91 members with various Pension Fund Administrators, having met all the necessary requirements for the transfer of NSITF contributions.
It stated that the outstanding N0.37m was observed to be contributions remitted after the enactment of the PRA 2004 (after July 20024) when the NSITF Scheme was terminated thus, the portion of the request was not approved for transfer into RSAs of the members.