N24bn Recovered From Defaulting Employers – PenCom

N24bn Recovered From Defaulting Employers – PenCom

The Nationwide Pension Fee (PenCom) says it has recovered N24.15bn non-remitted pension financial savings of staff from defaulting employers.

It disclosed this in its fourth quarter report for 2022.

The report said that, “Following the issuance of demand notices to defaulting employers whose pension liabilities have been established by the Restoration Brokers, the sum of N853.4m representing principal contribution (N187.37m) and penalty (N666.03m) was recovered from 25 defaulting employers through the quarter beneath evaluation.

“In the meantime, 34 defaulting employers have been really helpful for acceptable authorized motion, in spite of everything administrative steps taken to make them comply failed.

“From the graduation of the restoration train in June 2012 to 31 December 2022, a complete of N24.15m comprising of principal contributions (N12.25bn) and penalties (N11.9bn) was recovered from defaulting employers.”

The Director-Basic, PenCom, Aisha Dahir-Umar, said that regardless of the overwhelming head-winds within the international financial local weather and the nation’s difficult macroeconomic surroundings, the pension fund belongings beneath administration elevated by N568.33bn from N14.42tn as 30 September 2022, to N14.99tn as of 31 December 2022.

She mentioned, “This laudable efficiency, within the development of the AuM, factors to the truth that the pension business will proceed to ship worth and profit to its stakeholders and the nation’s economic system.

“Throughout the reporting interval, the fee stepped up its efforts to make sure sustainable funding by pension funds in various asset lessons and structured infrastructure initiatives that meet the strict necessities of the pension fund investments regulation.

“We continued our efforts to make sure additional diversification of investments in pension fund portfolio belongings.”

In line with PenCom’s report, a complete of 69,889 new Retirement Financial savings Accounts have been registered and the related PINs issued to staff in numerous sectors, within the fourth quarter of 2022.

It added that it obtained 1,100 functions from non-public sector organisations for the issuance of Pension Clearance Certificates.

The functions have been processed and a complete of 957 PCC have been issued to organisations that met the necessities, whereas 143 functions have been processed.

A complete of 4,715 micro pension contributors have been registered through the interval beneath evaluation by 18 Pension Fund Directors, which introduced the overall variety of registered contributors to 89,327 as of December, 2022.

On its consciousness marketing campaign, PenCom mentioned its second section of the media marketing campaign commenced in October, 2022 largely utilizing the identical media channels utilised through the first section of the marketing campaign.

The report mentioned, “From 1 October to 31 December 2022, a complete of 26,035 RSA switch requests have been submitted by PFAs on behalf of RSA holders. Moreover, a complete of 34,261 RSA switch requests initiated by RSA holders can be processed within the fourth RSA switch Quarter 2022, which can be concluded within the first week of January 2023.

“This covers RSA switch requests submitted by PFAs between 1 September 2022 and 30 November 2022 and, are subsequently, eligible for switch within the fourth quarter of 2022.

“Efficiently processed RSAs can be transferred to their new PFAs, together with their related pension belongings. The full worth of the pension belongings of transferred RSAs can be decided on the conclusion of the quarter actions.”