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2 weeks ago
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- Nigeria's pension regulator is acceptable to enforce compliance among employers aft respective warnings and deadlines
- In enactment with the provisions of the 2014 Pension Reform Act, organisations are to regularly remit pension obligations for their staff
- PenCom has sent a last informing to non-compliant firms and fixed them a last day to bash their remittance oregon look blacklisting
Ruth Okwumbu-Imafidon, a Legit.ng journalist, has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.
The National Pension Commission (PenCom) has issued a last informing to employers and organisations implicit the owed remittance of pension obligations.
Organisations that neglect to comply and remit each pension obligations hazard being blacklisted.
The Director General of PenCom, Omolola Oloworaran, gave this informing astatine the commission’s Q2 Media briefing successful Lagos.
Source: Getty Images
Note that PenCom introduced a caller pension publication remittance strategy successful May to amended transparency, and archetypal acceptable June 1, 2025, arsenic the deadline for employers to follow the caller system.
Oloworaran noted that the committee is present successful an epoch of zero tolerance for non-compliance and would afloat enforce the 2014 Pension Reform Act.
The last day for compliance is acceptable for November 10, 2025 and each organisaiton that has not met their remittance obligations by the said day would beryllium blacklisted.
She warned:
“Every organisation, public, private, large oregon small, indispensable comply with pension remittance obligations. No exceptions, nary delays. All Pension Fund Administrators and Custodians person been directed to guarantee each vendor, work provider, and counterparty has a valid Pension Clearance Certificate (PCC) that evidences that they person been up to day and compliant with pension contribution.“By November 30 this year, immoderate entity without a PCC volition beryllium blacklisted and chopped disconnected from pension concern with each PenCom regulated entities.”The PenCom DG insisted that compliance with the directive is not optional but existential, adding that the directive includes fiscal institutions similar banks, arsenic good arsenic their genitor companies, concern counterparties, and shareholders of licensed pension money administrators and custodians.
The latest determination is successful enactment with efforts to restructure the pension industry successful Nigeria and physique a robust and inclusive strategy that volition enactment sustainable economical development.
The Cable News reports that successful this robust system, lone companies that worth the aboriginal of their employees volition enactment and reap the rewards.
She urged each pension-fund-affiliated entities to enforce the PCC requirements among their operators.
PenCom introduces caller request for PSAs
Recall that PenCom mandated the inclusion of the Bank Verification Numbers (BVN) for status savings accounts.
This directive targets the savings accounts of workers of some authorities and backstage companies.
According to the commission, the determination would assistance to bolster the information and integrity of the pension database.
Source: Getty Images
The funds can past beryllium invested into assets similar national authorities Bonds, Treasury Bills, Agency Bonds, SUKUK Bonds, and Green Bonds.
PenCom grants PFAs support authority
In related news, PenCom has granted Pension Funds Administrators afloat authorization to process and o.k. status benefits.
The caller rules destruct the request for anterior support from PenCom erstwhile workers request to entree status benefits.
Legit.ng reported that 8 Payment Service Providers (PSPs) were besides approved to facilitate seamless pension disbursements.
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Source: Legit.ng
