The National Pension Commission (PenCom) says the retirement savings accounts (RSAs) of over 41,000 employees’ have not been credited due to the failure of employers to provide complete documentation for their pension contributions.
The commission disclosed this in a statement on Wednesday, titled, ‘Outstanding Pension Contributions in the Account of Pension Fund Administrators (PFAs)’.
PenCom said it observed that some employers are remitting the pension contributions of their workers with incomplete documentation.
Consequently, the agency said, “PFAs have been unable to credit the RSAs of the affected employees”.
Available data on the commission’s website show that about 41,628 employees have not been credited.
The agency asked employers to provide PFAs with the necessary information to ensure the crediting of workers’ RSAs, threatening to “take regulatory actions” against firms that fail to comply.
“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,” the statement reads.
“PenCom has observed that some employers are remitting the pension contributions of their employees with incomplete documentation. Consequently, PFAs have been unable to credit the RSAs of the affected employees.
“The list of the affected employers and employees can be viewed on the websites of PenCom and PFAs.
“All employers and employees on the aforementioned list are required to provide the PFAs with the requisite information to facilitate the crediting of pension contributions into the employees’ RSAs.”
PenCom reassured RSA holders and the public of its commitment to effectively regulating and supervising the pension industry to ensure that retirement benefits are paid as and when due.
As at June 2023, PenCom pegged the number of contributors to over 10 million under the contributory pension scheme (CPS) as against the 9.86 million members at the end of 2022.
