The Management of the National Pension Commission (PenCom) has set December 31, 2023, as the final date for the remittance of outstanding Pension Contributions into the accounts of Pension Fund Administrators (PFAs).
PenCom in a statement on Wednesday said, appropriate regulatory actions would be taken against employers who fail to comply with the remittance directive by 31 December 2023, in line with the provisions of the Pension Reform Act (PRA) 2014.
The Commission said, PRA 2014 mandates employers with three or more employees to remit pension contributions into the Retirement Savings Accounts (RSAs) of their employees with PFAs.
It said, the PRA 2014 further 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, but has observed some employers are remitting the pension contributions of their employees with incomplete documentation; an action that has made PFAs unable to credit the RSAs of the affected employees.
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