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Pencom Recovers N564.67m Unremitted Pension In Q3 2018

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The National Pension Commission (PenCom) says it has recovered pension contributions and interest totalling N564.67 million from defaulting employers during the third quarter of 2018.

The commission, in its 2018 third quarter report posted on its website, said it engaged the services of recovery agents to recover the outstanding pension contributions and penalties from the defaulting employers.

PenCom said the affected employers were issued with demand notices to remit the outstanding pension contributions after their liabilities had been established by the agents.

According to PenCom, some of the employers had remitted the outstanding contributions and penalty.

It said the recovered contributions in the quarter represented a principal contribution of N199.01 million and a penalty of N365.67 million.

This, PenCom said, brought the total recoveries made to date to N14.95 billion, comprising principal contribution of N7.62 billion and penalty of N7.32 billion.

On transfer of Nigeria Social Insurance Trust Fund (NSITF) contributions to members Retirement Saving Account (RSA), PenCom said 741 NSITF applications totaling N46.50 million was received, processed and the amount transferred to RSAs of members.

According to the commission, N9.82 billion has been transferred to the RSAs of 136,578 NSITF contributors to date.

On monthly NSITF scheme pensions, the commission processed pension payments totaling N59.00 million for 3,470 NSITF pensioners during the quarter.

It said the total pension payment to NSITF pensioners’ was N4.32 billion during the quarter under review.

It further said the total monthly pension contribution made by contributors from both the public and private sectors was N4.94 trillion.

This, it said, showed an increase of N171.74 billion, representing 3.60 percent over the total contributions made at the end second quarter 2018.

It said a review of the aggregate total contribution showed that 50.85 percent of the contributions came from the public sector, while the private sector contributed the remaining 49.15 percent.

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