In view of the high level of non-compliance with pension fund remittance by employers in the country, the National Pension Commission (PenCom) has embarked on clampdown of employers to compel them to comply.
The Commission has also engaged the services of 173 recovery agents to visit various businesses to ascertain their level of compliance with provision of the Pension Reform Act 2004 regarding contribution and remittance of their employees’ pension contributions.
Director General of PenCom Muhammad Kabir Ahmad who disclosed these, said that the recovery agents have already commenced work.
Speaking during an interactive session for members of the House of Representatives on Pensions, Licenced Pension Fund Operators and the Commission, which held yesterday in Abuja, Ahmad said PenCom was determined to take any actions necessary against the employers, including legal actions, to ensure compliance.
“Just recently we engaged recovery agents, about 173 of them. They have commenced work. They will go to various businesses to ascertain whether they are complying or not. If they are not complying, we will take the next step to ensure compliance, including legal action,” he said.
The DG said that steps are currently being taken to amend the Pension Reform Act 2004 to strengthen options available to the commission to enforce compliance by employers.