PenCom Recovers N25.4 Billion Unremitted Contributions

By Linda Ike

The National Pension Commission, PenCom said it has recovered N25.4 billion unremitted pension contributions between 2022 to 2023.

The Director, Corporate Communications of PenCom, Ibrahim Buwai stated this at the annual meeting of the Finance Correspondents Association of Nigeria (FICAN), on Friday, in Abuja.

Buwai disclosed that the principal contributions recovered were about N12.9 billion while the penalty from defaulters was about N12.5 billion.

He said every fund recovered was.paid into the individual Retirement Savings Account (RSA) “Nobody takes a penny, not PFAs, not PenCom, all the money recovered were for RSA holders and it goes into RSA.”

Buwai urged all employers to remit their contributions early hence late remittances attract penalties and interest of two per cent monthly.

He also assured that pension assets which are in excess of N18 trillion are safe and well invested as safety of pension funds remains the cardinal principles of pension regulations.