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In its first-quarter report for 2022, the National Pension Commission (PenCom) revealed that it had collected N422.34 million from defaulting companies who failed to return pension contributions by their employees to respective pension fund administrators (PFAs).

Though this is a 30.6 percent decrease from the commission’s recovery of N608.55 million in the first quarter of the previous year, the sum includes N124.89 million in principle contribution and N295.45 million in penalty, according to the agency.

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During the quarter under review, PenCom said the money was collected from 23 defaulting employers, and that six failing employers had been brought for legal action.

“Following the issuance of demand notices to defaulting employers whose pension liabilities were established by the commission’s recovery agents (RAs), the sum of N422.34 million was recovered from 23 defaulting employers during the quarter under review, representing principal contribution (N124.89 million) and penalty (N295.45 million).”

“In the meantime, when all administrative efforts to get them to comply failed, six defaulting employers have been referred for suitable judicial action for refusing to pay their employees’ pension contributions.

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“From commencement until the end of the first quarter of 2022, cumulative pension contributions totaled N7.77 trillion, up from N7.58 trillion at the end of Q4 2021.”

While the public sector’s total pension contributions increased from N3.92 trillion in the fourth quarter of 2021 to N4.02 trillion at the end of Q1 2022, the private sector’s total pension contributions increased from N3.66 trillion in the fourth quarter of 2021 to N3.76 trillion at the end of Q1 2022.

As of March 31, 2022, the total value of pension fund assets was N13.88 trillion. N9.81 trillion was invested in RSA’ Active’ Funds (RSA Funds I, II, III, and V); N1.10 trillion in RSA Retiree Fund (Fund IV); N1.54 trillion in CPFAs; and N1.42 trillion in Approved Existing Schemes. The total value of Fund VI Active and Retiree Fund was?23.16 billion.

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PenCom also reported that from January to March 2021, it received a total of 11,200 applications for the issue of pension clearing certificates from private sector organizations (PCCs).

“PCCs were issued to 10,541 organizations out of this total,” the statement continued, “while 659 applications were awaiting clearance as of March 31, 2022.”

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“According to the data, a total of N59.39 billion was deposited into the retirement savings accounts (RSAs) of their employees, totaling 45,170.”

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Employees have also been urged to deposit their monthly pension contributions into a retirement savings account (RSA) that would be used solely to provide retirement income.

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