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‘DISENGAGED WORKERS WITHDREW N12.72B FROM PENSION FUND IN Q1’


Omobola Tolu-Kusimo
 * 
 * 
 * 

June 20, 2023

The National Pension Commission (PenCom)  said 13,126 disengaged workers
withdrew N12.72 billion in the first quarter (Q1) of 2023.



The disbursement data is contained in PenCom’s Q1 report for the year.



PenCom said the withdrawals aligned with the Pension Regulation Act which allows
any disengaged worker to access 25 per cent of his/her retirement savings
balance within four months of unemployment.



“The department granted approval for the payment of N12,717.90 million (being 25
percent of their RSA balances) to 13,126 RSA holders under the age of 50 years,
who were disengaged from employment and unable to secure another job within four
months,” the report said.

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On the sectoral withdrawal approvals, PenCom said Federal and state governments
had 259 and 211 ex-workers, while the private sector had a total of 12,656 in
Q1.



The report also showed that from 2014 to March 2023, the agency had a total of
466,812 workers who were disengaged from their jobs and have withdrawn N201.22bn
from their retirement savings’ accounts, while N384.28 million was recovered
from 34 defaulting employers.



Read Also: Abia begins salary, pension arrears payment month end



In the quarter under review, PenCom said the services of recovery agents (RAs)
were engaged for the recovery of unremitted pension contributions and penalties
from defaulting employers.

“Demand notices were issued to defaulting employers whose pension liabilities
were established by the recovery agents.  During the quarter, N384.28 million,
comprising principal contributions (N193.06 million) and penalties (N191.22
million) was recovered from 34 defaulting employers,” the agency said.

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“Meanwhile, four defaulting employers were forwarded to the Commission’s
secretariat/Legal Advisory Services Department for prosecution. From the
commencement of the recovery exercise in June 2012 to 31 March 2023, a total  of
N24.53 billion, comprising principal contributions of (N12.44 billion) and
penalties (N12.09 billion) was recovered from defaulting employers.”

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PenCom also said the total pension contributions remitted to individual RSAs was
N225.49 billion, in the first three months of the year.

The commission explained that, out of this figure, the public sector accounted
for N124.7 billion, while the private sector contributed N100.79 billion.

This puts “the cumulative pension contributions from inception to the end of Q1
2023 at N8.7 trillion,” PenCom said.



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