States, Others Not Funding 3.5m Workers’ Pension – PenCom       The National Pension Commission has faulted states and some private companies for not funding 3.5 million pension accounts opened by their workers as of the end of 2020. The implication of this default is that the workers...

PenCom Recovers N553.03m From Defaulting Employers       The National Pension Commission has said it recovered N553.03m from defaulting employers who deducted their workers monthly emoluments but failed to remit to their Retirement Savings Accounts with their respective pension fund administrators. PenCom disclosed this in its monthly report...

PenCom Moves To Curb Unfunded Retirement Savings Accounts       The National Pension Commission has ordered Pension Fund Administrators to ensure that all remitted contributions are credited into the Retirement Savings Accounts of the workers. This is to reduce the number of unfunded RSAs of workers under the...

PenCom Reviews Payments As 65,419 Deceased Relatives Claim N215.27bn         To clamp down on fraudulent death benefits and claims that do not meet required internal control measures, the National Pension Commission has stopped death payments to legal beneficiaries by the Pension Fund Administrators without approval. The National...

Only 11% Of Workforce Is Enrolled In The Pension Scheme – PenOp         Despite the astronomical growth recorded in the pension fund, only 11 percent of workforce is enrolled in the Contributory Pension Scheme, CPS, and the micro pension schemes and this number needs to improve,...

Pension Contributors Withdraw N14.79bn As Job Losses Rise         About 26,458 workers who lost their jobs since the COVID-19 pandemic started taking its toll on the economy withdrew N14.79bn from their Retirement Savings Accounts in 10 months. Records from the National Pension Commission have revealed that more...