The National Pension Commission (PENCOM) is currently compiling list of companies and companies defaulting in remitting employees contributions to Pension Fund Administrators (PFAs).

The Commission also said it would involve the Economic and Financial Crimes Commission (EFCC) and other law enforcement agencies to prosecute defaulters.

Director-general of PENCOM, Mrs Chinelo Anohu-Amazu, who disclosed this in Lagos yesterday at a world press conference to announce the third edition of the World Pension Summit Africa which would be hosted by the agency in Abuja between September 27 and 28,said it is a criminal act for any one or bodies to collect employees’ fund for pension purpose and refuse to remit same to the relevant PFA.

The PENCOM boss said her agency’s current effort was designed to continually nurture transparency in pension administration in Nigeria.

“In its 12years of existence, PENCOM has painstakingly built a strong, transparent and dependable pension system in Nigeria, which is overseen by a dynamic and efficient regulatory structure. Its efficient regulation has enabled generation of pool of long-term funds in the region of N5.73trillion as at the end of June 2016,”she said.
She said of the 24 states that have embraced the employees scheme, only 10 had since commenced full implementation of same.

She added that her agency is desirous to ensure that all the states in the country as well as the self-employed in Nigeria embraced the scheme so that employees would have something to fall back on at retirement age.
On the summit theme: “Pension Innovations: The African Perspective,” the DG said the topic was chosen because her agency seeks to drive the revolutionary strides and achievements of African governments in the area of pensions and social benefits.

“PENCOM also seeks to galvanize not only the Nigerian pension system but also those of other African countries towards sustainability and socio- economic impact,” she added.

The take home from the above are stated below:
1) Companies that have failed in the past to make deductions should start with immediate effect.
2) Where any employer had made deductions but failed to remit same, now is the time to remit all outstanding deductions.
3) For those that have not correctly account or keep proper records of the amount deducted and remitted, it is high time you corrected all past mistakes and also ensure such errors are avoided going forward.


http://leadership.ng/news/546744/pension-efcc-to-prosecute-defaulting-companies-pencom

All employers who failed to remit your hard earned money will now face the wrath of the law

So so... We will no positive result so far

nigga above me. . u no dea prepare for church?

A welcome development for me!

It's high time.

corruption everywhere

For as long as pension fund administrators continue to see pension funds as free money to be stolen, this scheme will lack support and confidence by the vast majority of business owners.

The law enforcement apparatus to oversee regulator and administrators is hopelessly deficient.

How often are these funds audited and how dependable are these audits?

The easiest way to massive loot opportunity now is pension fund. Nigerians would like to know what became of the numerous cases of pension fund scandal under Jonathan involving billions of naira?

We are convinced that such looting is still going on unhindered under Buhari until someone with privileged info is patriotic enough to write petition.

This woman expect people to throw their hard earned money into a pit for her to mismanage because she has a govt appointment?

happy Sunday to all nairalanders

I love this news!

who pension epp?
i want the money now
Biko yem ego!

Okay

This is jst all that is programmed into the brain of that robot called Buhari. Busy doing nothing

na wa. ooo

Many wrongs in this country. may God help us!

A handful of Nigerian companies are so guilty of this heinous crime,if I start to talkkkk.

Ok

Am getting tired of this EFCC this EFCC that.i Wan to see somebody persecuted and jailed. Not all this nonsense

This pencom pple na thief no mind dem o..my uncle that has retired since 2010 is still going to there office to ask for his money in which they keep posting him and telling him he will receive alert in 2 weeks time there 2 weeks no dey end..to travel go abuja don be like going from room to balcony for the man..so if u are opportuned to I won't advice u to let them keep your pension..

Better late than never. Kudos to Pencom

EFCC though

yrret:
Enough cash has been thrown into the pocket of FG yet they cry of no money. This parade alone could realize handsome free flow of cash.

A welcome development for me!

Bloody illetrate!!!!!

How on earth did you make the conclusion that pension contribution is a revenue stream for the government?

The government is the custodian of the funds and they can only borrow from it to fund CAPEX when adequate safeguarding laws are passed

Pennywise:
For as long as pension fund administrators continue to see pension funds as free money to be stolen, this scheme will lack support and confidence by the vast majority of business owners.

The law enforcement apparatus to oversee regulator and administrators is hopelessly deficient.

How often are these funds audited and how dependable are these audits?

The easiest way to massive loot opportunity now is pension fund. Nigerians would like to know what became of the numerous cases of pension fund scandal under Jonathan involving billions of naira?

We are convinced that such looting is still going on unhindered under Buhari until someone with privileged info is patriotic enough to write petition.

This woman expect people to throw their hard earned money into a pit for her to mismanage because she has a govt appointment?

If you dont have evidence of what you are saying pls dont just type nonsense. Do you have a pensioner in your family?

drLammy:
This pencom pple na thief no mind dem o..my uncle that has retired since 2010 is still going to there office to ask for his money in which they keep posting him and telling him he will receive alert in 2 weeks time there 2 weeks no dey end..to travel go abuja don be like going from room to balcony for the man..so if u are opportuned to I won't advice u to let them keep your pension..

Its obvious that you did not read. Even if you had read the heading alone you wouldn't have said what you just typed. If your uncles company is not remitting its equity contribution how is he going to collect his pension. That is what pencom is fighting for.

drLammy:
This pencom pple na thief no mind dem o..my uncle that has retired since 2010 is still going to there office to ask for his money in which they keep posting him and telling him he will receive alert in 2 weeks time there 2 weeks no dey end..to travel go abuja don be like going from room to balcony for the man..so if u are opportuned to I won't advice u to let them keep your pension..

Am not sure your uncle followed the right instructions or normal procedures.
Your Pension can neva be denied u coz itz ur right.
After the new act,retirees have bin getting their money.
So dnt conclude wen u r not sure.

[quote author=babatheo post=48631763]All employers who failed to remit your hard earned money will now face the wrath of the law

One of the companies (my first job post-graduation) I worked for deducted pensions for 2yrs and tax for 3 yrs from me. Pensions company notified me 2yrs after I left the company and emailed my pensions entitlement, it showed that only 6months was remitted. When I went confront my former employer about it she said she did remit all. I didn't believe her because nothing came out of my 3 yrs tax deductions. No certificates to show for it and I never got my refund.
The terrible nature of our legal system doesn't encourage us to sue for justice.

Getting the 25% of the pension money if u are out of job .....is difficult to collect from pencom.... employers, pencom...... useless set of people

A lot of brainless illiterates on this thread. The other said it's because PFAs steal money that's why business owners aren't paying. You're a fvcking twát! Take that to the bank.

Business owners fraudulently deduct pension contributions from staffer's accounts and refuse to remit same to the PFA. Some even deduct the whole 18% from the staff's salaries, when the law clearly states it is contributory! That's plain wicked.

Now, instead of us to support the PENCOM in stopping this injustice, we have brain dead people chatting tosh.

Eyiiii! Make them come pick my oga sharp sharp

Take it or leave. Pension stuff is tantamount to injustice and very unreasonable in Nigeria where the current inflation has eroded d net present value of whatever gains accrued there in.
I looked at my savings and i smh in shame.

While it is a good move, we often forget the unintended consequences. The penaion laws were passed when Nigerias economy was more vibrant and dynamic. Enforcing this now will be much like the failed TSA which is driving our country down down everyday

In this business climate where no one wants to loose credibility with clients, as soon as employers hear efcc is involved, employers will start to cut staffs so as to be compliant on the few staffs they have.

Most employers will sack their current staffs, re employ them back as contract staffs to reduce their exposure and will renegotiate salaries to make sure their pensions is factored into their salaries

For those who own businesses, staying afloat has become a ruthless game now. Every week they release stories blaming either corruption fighting back or GEJ or crude oil price while implementing radical policies in an already fragile economy.

The amount of pressure on employers has tripled with taxation drive, exchange rate, custom duties hikes, cash flow restrictions and knee jerk policies that weaken the already choked lifeline keeping some income streams alive. Employers are taking it out on the weakest link-staffs. Those that dont have staffs to sack are closing down offices, or reducing their service or product offerings to only very high revenue streams. Others are basically buying time by owing salaries and hoping they can cash out before everywhere collapses.

The result of all these is inflation, weakening naira and crime. Nobody likes police but about 1 million youths applied for about 10k job. We hear 5 million nigerians have left nigeria. Soon that figure will rise to 50 million

PMB might be sincere in his intentions but his methods are plain stupid. As long as zombies keep praising him, we are not getting anywhere anytime soon

Concerned Wailer

I worked for a company Contemporary Group LTD for close to 3yrs, monthly deductions were made from my salary for tax and pension, yet not a dime wz remitted to me. I'll definitely write PENCOM soonest.

Inova:

If you dont have evidence of what you are saying pls dont just type nonsense. Do you have a pensioner in your family?

If I have my way all of you working in pension will be sacked. You are parasites. You bring nothing to the table, yet you take everything.

Nigeria lacks the probity and law enforcement capacity that modern pension scheme being touted demands.