PenCom gives deadline for employers to submit incomplete remittance documentation to PFAs

 

The National Pension Commission (PenCom) has given employers with incomplete remittance documentations till December 31, 2023 to provide their Pension Fund Administrators (PFAs) requisite information to facilitate the crediting of pension contributions into the employees RSAs or face regulatory actions.

PenCom stated this in a document entitled: Outstanding pension Contributions in the Account of Pension Fund Administrators (PFAs), signed by its management and issued today, August 30, 2023.

The pension industry regulator said it has observed that some employers are remitting the pension contributions of their employees with incomplete documentation, adding that consequently, PFAs have been unable to credit the RSAs of the affected employees.

PenCom said the list of the affected employers and employees can be viewed on its website and the PFAs, stressing that all employers and employees on the aforementioned list are required to provide the PFAs with the requisite information to facilitate the crediting of pension contributions into the employees RSAs.

“Please note that the Commission shall take appropriate regulatory actions against employers who fail to comply with this directive by December 31, 2023, in line with the provisions of the PRA 2014,” it posited.

PenCom noted that the Pension Reform Act (PRA) 2014, mandates employers with three or more employees to remit pension contributions into the Retirement Savings Accounts (RSAs) of their employees with Pension Fund Administrators (PFAs), adding the Act further mandates employers to remit the pension contributions of their employees who are yet to open RSAs into nominal RSAs with any PFA chosen at the employer’s discretion.