PenCom recovers N1.34 billion pension in third quarter of 2017

PenCom recovers N1.34 billion pension in third quarter of 2017

The National Pension Commission (PenCom) has recovered pension contributions and interest totalling N1.34billion from defaulting employers during the third quarter of 2017.

The Commission in its 2017 third quarter report posted on its website said it used 55 consultants as recovery agents to get back the outstanding pension contributions and penalties from the defaulting employers.

PenCom said the affected employers were issued with appropriate notice to remit the outstanding pension contributions.

“During the quarter, the sum of N1.34 billion was recovered, this brings the total recoveries made since inception of the Recovery Agents’ activities in 2012 to N13.58 billion,” it stated.

On Pension contributions within the period, it indicates that the total monthly pension contribution by contributors from the public and private sectors into their Retirement Saving Accounts (RSA) was N4.38 trillion.

This, it said showed an increase of N135.22 billion representing 3.18 per cent over the total contributions as at the end of the previous quarter.

According to the report, the aggregate total contribution shows that the public sector contributed 51.34 per cent, while the private sector contributed the remaining 48.64 per cent.

Read More