PenCom deploys agents to recover unpaid pension contributions

Bisola David
Bisola David
PenCom recovers N25.45bn unremitted contributions

The National Pension Commission has announced that it continues to use Recovery Agents to recover unpaid pension contributions and fines assessed against defaulting businesses.

According to Vanguard, employee interest in the Contributory Pension Scheme decreased in the first quarter of 2023 as a result of a 10.2% YoY decline in the number of new RSA enrolments from 93,114 registered in the first quarter of 2022 to 83,654.

The Commission also stated in its Q1’23 report that “Demand notifications were sent to failing employers whose pension liabilities were identified by the Recovery Agents.

“During the quarter, 34 defaulting employers were paid a total of N384,280,651.48, which was made up of principal payments (N193,058,483.56) and penalties (N191,222,167.92).

“The Commission Secretariat/Legal Advisory Services Department received four defaulting employers for prosecution. A total of N24,533,339,305.09 made up of primary contributions (N12,440,682,240.91) and penalties (N12,092,657,064.18), was collected from defaulting employers from the start of the recovery exercise in June 2012 to the end of March 2023.”

Stanbic IBTC continues to hold the greatest market share of 28% with 23,586 new registrations, according to a breakdown of the performance of the Pension Fund Administrators, or PFAs, in the RSA registrations in Q1’23.

Following this was Access Pensions Limited, which had an 11% market share and 9,546 new registrations, and ARM Pension Managers Limited, which had a 9.2% market share and 9,546 new registrations, respectively, finished in second and third place, respectively.

Leadway Pensions had an 8.8% market share with 6,430 new registrations, while Premium Pension Limited came in second with 6,044 registrations and a 7% market share.

NPF Pensions Managers are at the bottom of the performance leaderboard with just 131 new RSAs, or 0.001% of all registrations.

Nigerian University Pension Management Company came in next with 179 new RSAs, accounting for 0.1% of all registrations.

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