PenCom begins clampdown on defaulting employers, appoints recovery agents
The National Pension Commission has begun clampdown on employers who deducted monthly pensions from employees’ salaries but failed to remit them to their Pension Funds Administrators. As such, the pension industry regulator has appointed recovery agents to go after the defaulting employers to recover outstanding liabilities. PenCom made this known in its second quarter report for 2021. The report revealed that workers who attained the age of 50 and retired under the Contributory Pension Scheme but were not entitled to monthly pensions rose to 123,758 as of the end of June 2021.The affected public and private sector workers got a total refund of N31.46bn from their PFAs which constituted the total balance in their RSAs. PenCom noted that most of the affected retirees had less than N550,000 balance in their Retirement Savings Accounts with the respective PFAs. It noted that a few of them included nationals of other countries who were relocating back to their countries.