The Pension Fund Operators Association of Nigeria (PenOp) say the deployment of Recovery agents and the whistleblower policy recently introduced by the National Pension Commission PenCom have combined to aid compliance of pension remittance by many employers.
Before now, there has been several cases of non-remittance of pension by many employers in the country but at a virtual session organised by PenoP this Tuesday tagged “Ask me Anything”, the Chief Executive Officer, Oguche Agudah noted that the strategies employed by PenCom are yielding results and notably, many employers now are complying.
The National Pension Commission (PenCom) yesterday disclosed that it recovered in August a total of N24.53 billion from 34 defaulting employers who failed to remit deducted pension contributions to their respective Pension Fund Administrators (PFAs) as required by law.
In that light Agudah said “PenCom goes after these employers using recovery agents when they notice that they no longer contribute and ensure they are fined and also remit the outstanding amount which has not been remitted for their employees.”
On micro pension scheme, Oguche said it was solely designed for the informal sector to enable people without formal employment plan for their future as well.
He noted that “Contributors under the Micro pension scheme can withdraw up to 40 percent contingency fund from their RSA which defines the flexibility of the scheme.”
In response to an enquiry on RSA mortgage, “He said even though there are complaints on how little the amount is, people have started accessing the money for mortgage and RSA holders can also look at their National Housing Fund as an alternative to augment the amount they are able to get as equity for mortgage,”
He also revealed that plans are underway for offshore pension funds investments as part of efforts to boost return on investments.
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