…PenCom says pension contribution not remitted into states employees’ RSAs
WED, JUNE 26 2019-theG&BJournal- The National Pension Commission (PenCom) said over N3.4 billion pension contribution fund deducted by states from employees’ salaries was yet to be remitted into the employees’ Retired Savings Accounts (RSAs).
The Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, represented by Mr Dan Ndackson, PenCom’s Head, State Operations Department, made the disclosure at the 2019 second quarter consultative forum of pension stakeholders from all states of the federation and the Federal Capital Territory (FCT).
According to Dahir-Umar, based on the N3.4billion pension contributions, not remitted into the RSA’s as May 31, over 38 per cent of the amount had been outstanding for over one year.
“All hands must be on deck to address this problem holistically. The stakeholders must be mindful that the hopes of prospective retirees are hinged on the successful implementation of the CPS, which was instituted in response to the failure of the Defined Benefits Scheme (DBS),’’ she said.
“It is also heart-warming to observe the steady progress of CPS in some states, especially with regards to remittance of pension contributions. Returns submitted to the commission by the PFAs further revealed that over N8.09 billion were remitted as pension contributions of state employees in the first quarter of 2019,” , Dahir-Umar said.
She said that the second quarter in the country’s pension landscape recorded remarkable achievements. Dahir-Umar said the commission, so far, has conducted three PFA branches inspections in Edo, Ondo and Ekiti states.
According to her, as more inspections of PFA branches are coming, the commission is currently utilising the outcomes of the inspections to ensure that PFAs take necessary remedial actions for excellent service delivery in the Pension Industry.
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