MPCs: PenCom recovers N24.5bn from defaulting employers
National Pension Commission (PenCom) says it has so far recovered N24,533,339,305.09 from defaulting employers who failed to comply with the provisions of Pension Reform Act 2014, as it relates to the mandatory monthly pension contributions (MPCs).
PenCom which disclosed this at the 2023 Journalists’ Conference in Abuja, said the amount was released from the commencement of the recovery exercise, which spanned from June 2012 to 31 March 2023, through the whistle-blowing mechanism introduced by the commission.
A breakdown of the sum shows that the recovery comprises principal contributions of N12,440,682,240.91 and penalties N12,092,657,064.18 from defaulting employers.
In the first quarter of 2023 (Q1 2023), the sum of N384,280,651.48 comprising principal contributions of N193,058,483.56 and penalties N191,222,167.92 was recovered from 34 defaulting employers.
In his presentation titled; “Enhancing customer Service in the Pension Industry: PenCom’s New Strategic Plan”, Head of Consumer Protection Department of PenCom, Mr. Ikenna Chidi-Ebere explained that PenCom introduced the ‘Whistleblowing Mechanism’ to ‘encourage the general public, especially private sector employees to report defaulting employers not complying with the provisions of Pension Reform Act 2014 (Non-remittance of Mandatory Monthly Pension Contributions) as it relates to not remitting the monthly pension contributions of their workers.’
According to Mr. Chidi-Ebere, ‘the report can be submitted anonymously to protect employees from the risk of job loss or victimization by their employers.’
“Employees can also report any observed irregularity that relates to pension matters which may hamper the customer satisfaction. The report can be lodged at the online and off-line addresses provided by the Commission,” Mr. Chidi-Ebere added.
Remarking at the event, Director General of PenCom, Mrs Aisha Dahir-Umar said: “PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.”
Represented by Abdulqadir M. Dahiru, Head, Corporate Communications Department, the PenCom Director General said the creation of the Consumer Protection Department (CPD) underscores PenCom’s determination to prioritise service delivery and provide Retirement Savings Account holders with the care and attention they rightfully deserve.
