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4,487 ORGANISATIONS REMIT N103.4B PENSIONS IN FIRST QUARTER


Omobola Tolu-Kusimo
 * 
 * 
 * 

June 26, 2023

In a jostle to secure Federal Government’s contracts and businesses, 4,487
organisations have remitted N103.47 billion pension contributions into the
Retirement Savings Accounts (RSAs) of 119,865 employees.



The organisations were compelled to remit the contributions owed their employees
as it is a prerequisite for them to secure the PenCom Certificate of Compliance
(PCC), according to the National Pension Commission (PenCom), before they could
solicit contracts or business from any Federal Government’s ministries.



The cash was remitted into the accounts of the employees in first quarter of the
year, PenCom stated in its Update on Compliance by the Private Sector Quarterly
Report.



The report read: “The Commission within the first quarter, 2023 processed and
issued a total of 4,487 PCCs to organisations that met the requirements and 
N103,469,914,514.26 was remitted into the Retirement Savings Accounts (RSAs) of
119,865 employees of the 4,487 organisations issued PCCs”.



PCC is usually issued to employers mandated to participate in the Contributory
Pension Scheme (CPS), having complied with the PRA 2014 on pension
administration.



 PenCom said companies without insurance covers for their workers would not be
allowed to do any government business.



In view of this, PenCom requires organisations who wish to obtain the yearly PCC
to  apply to the commission with a certified list of its employees.



They are also to add  a “Certified rate of monthly pension contributions,
specifying employer and employee rates like minimum of 10 per cent by employer
and minimum of eight per cent by the employee.’’

Read Also: Retired police officers urge Tinubu to sign Pension Bill

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“Evidence of remittance of monthly pension contributions for all employees
showing the date of payment or remittance, names of employees, RSA Personal
Identification Number (PIN) of employees, name of Pension Fund Administrator
(PFA) and amount paid/ on behalf of employer and employer which will cover as
follows: For the last three fiscal years – for organisations that were in
existence for that period and have at least three staff, From the date of
incorporation/registration/licencing – For organisations that have not been in
existence for the last three fiscal years and from July 2014 to December 2016 –
for organisations with three to four staff.

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“Evidence of remittance of all outstanding pension contributions and penalties.
This is applicable only to organisations whose/ pension contributions have been
reviewed by PenCom or its agent and found to be culpable. Evidence of transfer
of pension fund and assets prior to the commencement of the CPS to a licensed
pension fund operator. This is applicable only to organisations that had pension
arrangements before June 2004 when the CPS commenced.

“Evidence of valid Group Life Insurance Policy for employees which should
include amongst others: Certificate of group life, policy document and the
evidence of payment. Applicants are to note that it takes 15 working days from
the date of receipt for an application to be processed. Certificates or
rejections can be picked up at the offices where the applications were
submitted”, the commission noted.

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