PENCOM moves to recover contributions from defaulting employers, reveals amount recovered so far

• The National Pension Commission is going each retired to support employees' rights to their status savings
• In caller enforcement moves, the committee is making employers comply and wage up their pension contributions
• Huge sums of wealth person been recovered truthful far, and PENCOM has shared plans to thrust its enforcement into much states

Legit.ng journalist Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

The National Pension Commission (PENCOM) is ramping up its enforcement efforts to retrieve contributions from employers.

So far, astir N1.58 cardinal has been recovered successful this renewed thrust to guarantee employers comply with the Contributory Pension Scheme.

The PENCOM Director-General, Omolola Oloworaran, disclosed this portion speaking astatine the First Run 2025 Consultative Forum for States and the Federal Capital Territory, held successful Kano state connected Wednesday.

The enforcement thrust is compelling employers to follow the contributory pension strategy and get their employees enrolled. Photo credit: PENCOM/Nurphoto
Source: Getty Images

According to the PENCOM boss, this is portion of the moves to support employees’ rights to status savings.

The PENCOM DG disclosed that the authorities remittances are growing, arsenic the adoption of the Contributory Pension Scheme (CPS) spreads nationwide.

PENCOM assets emergence past N23 trillion

She revealed that pursuing the enforcement efforts, full pension assets nether absorption person risen supra N23 trillion arsenic of February 2025.

Oloworaran, however, noted that contempt the efforts enactment successful truthful far, the lack of a legislative model successful immoderate states constitutes a challenge.

News Agency of Nigeria (NAN) reports that lone 25 states (including FCT Abuja) had wide laws connected the implementation of the contributory pension scheme, with lone 8 states afloat implementing the Contributory Pension Scheme.

Six different states run hybrid pension schemes, portion six others person bills that person reached precocious legislative stages.

Olowororan announced that the committee had introduced a flexible adoption exemplary that would assistance different states gradually articulation successful by archetypal implementing the strategy with caller employees and those with little than 10 years of service.

PENCOM is besides giving the states method enactment to instrumentality the scheme, and program for bequest liabilities arsenic well.

According to the PUNCH, astir 23,673 disengaged workers person been capable to retreat a full of N33.43 cardinal from their Retirement Savings Accounts successful Q3, 2024.

FG orders 20% pension increase

Recall that President Bola Tinubu precocious ordered a 20% pension increase for retirees nether the Defined Benefit Scheme (DBS).

This determination came aft the authorities approved the caller nationalist minimum wage of N70,000 aft months of agitation from the labour unions.

PENCOM has granted the pension money administrators higher autonomy to o.k. and disburse pension payments. Photo credit: James Marshall
Source: Getty Images

The summation besides introduced a caller minimum pension of N32,000 monthly for pensioners, and elicited appreciation from the Nigeria Union of Pensioners (NUP).

PENCOM introduces reforms to the pension scheme

In related news, Legit.ng reported that the National Pension Commission (PenCom) has introduced reforms to the medication of status benefits nether the Contributory Pension Scheme (CPS).

In a circular released, PenCom grants Pension Fund Administrators (PFAs) greater autonomy successful processing payments and approving status benefits.

The caller rules destruct the request for anterior support from PenCom erstwhile workers request to entree status benefits.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng