The National Pension Commission (PenCom) ensures the recovery of unremitted pension contributions with penalties from employers that fail to remit pension contributions of their employees as and when due.
The Pension Reform Act 2014 (PRA 2014) provides that every eligible employee shall maintain a Retirement Savings Account (RSA) with any Pension Fund Administrator (PFA) of their choice. Once an RSA is opened, the employee must inform their employer by submitting the RSA Personal Identification Number (PIN) issued by the PFA.
