PENCOM Remits N103bn to 119,865 Employees In Q1 2023
The National Pension Commission (PenCom) has disclosed that a sum of N103,469,914,514.26 was remitted into the Retirement Savings Accounts (RSAs) of 119,865 employees of the 4,487 organisations that were issued Pension Clearance certificates (PCC) in the first quarter of 2023
The commission in a statement Monday also warned that it is illegal for employers and companies to use touts and agents to obtain pension clearance certificates (PCC), stating that, “The use of touts and agents is illegal and contrary to the provisions of section 104 (b) and (c) of the Pension Reform Act (PRA) 2014.
“The pension sector regulator submitted that the issuance of PCC is free of charge and the application process is also very easy and transparent, adding that it takes seven working days to process applications submitted with full documentation.
“The agency urged employers to deal directly with it on matters relating to the application for the issuance of the PCC.”
The Commission listed the required documents to include a “Certified list of employees of the organisation as at the end of the last fiscal year among others
Others are Certified rates of monthly pension contributions (specifying employer and employee rates). The rates relating to the monthly emoluments are a minimum of ten per cent (10%) by the employer; and a minimum of eight per cent (8%) by the employee, and evidence of remittance of monthly pension contributions for all employees for the last three fiscal years for organisations that were in existence for that period and have three or more staff.
“Evidence of remittance of all outstanding pension contributions and penalties (for late remittance).
“Evidence of transfer of pension fund and assets held before the commencement of the contributory pension scheme (CPS) to a licensed pension fund operator.
“This is only applicable to organisations that had pension arrangements or were in the custody of pension assets before June 2004.
“Evidence of current group life insurance policy procured for the staff of the organisation specifying the number of lives and sum assured.”
“The application is currently in the process of automation. Until this is completed, certificates of compliance can be picked up at the offices where applications were submitted.
“Applications can be submitted at either the commission’s head office at Plot 174, Adetokunbo Ademola Crescent, Wuse II, Abuja, or any of its zonal offices in the six (6) geo-political zones,” it posited.
The agency stressed that details of the zonal offices can be found on the commission’s website, www.pencom.gov.ng.”
It implored applicants to track their applications by visiting its website where the list of organisations that are issued clearance certificates is updated daily.
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