Pension

Over N3.40bn Pension Contributions Uncredited Into States Employees’ RSAs – PenCom

Hajia Aisha Dahir-Umar, DG PenCom

* instituted Annual Recognition/Award For States and Operators 

BY NKECHI NAECHE—-The National Pension Commission (PenCom) on Wednesday said that based on PFAs’ returns, over N3.40 billion pension contributions is uncredited into State employees’ RSAs as at 31st May 2019.

The Director General of the Commission disclosed this to participants at the second Consultative Forum organized by the commission for States and the FCT in Lagos.

The Director General who was represented by Dr. Dan Ndackson head states  operations Dept , that the age analysis showed that over 38% of this amount had been outstanding for over one year. 

She also disclosed that about N8.09 billion was remitted to the commission as pension contributions of State employees in the first quarter(Q1) of 2019 by Pension Fund Administrators (PFAs). 

She frowned at the recurring issue of uncredited remittances which denies concerned employees the investment income that should have accrued to them. 

She added that “As part of efforts to engender best practices and to recognise excellence among States in their implementation of the Contributory Pension Scheme, the commission has instituted an Annual Recognition/Award Event to recognize and award States and operators that are foremost in implementing the CPS.

The maiden edition according tofor the year 2019 would be coming in the first quarter of 2020. Details would be discussed at this Forum in the course of the year.

She added that the Commission has desire to implement a uniform set of rules, regulations and standards to guide the administration and payment of pensions, notwithstanding the differences in the pension laws of the various States.

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