Friday, March 29, 2024

PenCom recovers N17.52bn from defaulting employers

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The National Pension Commission has recovered N17.52bn from employers who deducted monthly pensions from their workers’ monthly salaries but refused to remit to their Retirement Savings Accounts with the respective Pension Fund Administrators.

PenCom disclosed this in its second quarter 2020 report,

The amount consists of principal contribution of N8.89bn and penalty of N8.63bn.

The commission stated that during the quarter, there was no application for transfer of contributions from NSITF members.

One batch of NSITF lump sum payment application totalling N225,442.72 was however received on behalf of five NSITF members during the quarter ended 30 June, 2020, it stated.

It said the application was processed and five members’ contributions transferred to their bank accounts.