The National Pension Commission (PenCom) has commended the effort of the recovering agent saying it has assisted the commission in recovering funds from defaulting firms.

The commission noted that in 2012, when it discovered that several thousands of employers were not funding their workers’ Retiring Savings Account (RSAs), it employed the services of recovery agents.

These recovery agents, it said were mandated to go after the defaulting employers to retrieve all outstanding contributions along with the interest penalty.

As the recovery agents have continued their work up till now, PenCom revealed that it had been able to recover a lot of funds from the defaulting employers.

According to PenCom, a total of over N11 billion was recovered between 2013 till date from erring firms through these recovering agents.

The Commissions Secretary and Legal Adviser Muhammad S Muhammad however warned that non remittance is a criminal offense adding the Commission was working with the Economic and Financial Crime Commission (EFCC) to ensure all outstanding contributions were remitted.