The National Pension Commission (PenCom) plays a crucial role in ensuring the timely remittance of pension contributions and imposing penalties on defaulting employers. From the inception of the recovery initiative in June 2012 through September 30, 2023, PenCom has successfully recovered N25.13 billion from defaulting employers.
This sum is comprised N12.80 billion, principal contributions, and N12.33 billion, penalties for delayed payments. The Pension Reform Act of 2014 (PRA 2014) stipulates that all eligible employees must maintain a Retirement Savings Account (RSA) with a Pension Fund Administrator (PFA) of their choosing. Once an RSA is established, the employee must furnish the employer with their RSA Personal Identification Number (PIN) issued by the PFA.
