The National Pension Commission PenCom, on Wednesday, said over N3.4 billion pension contribution fund deducted by states from employees’ salaries was yet to be remitted into the employees’ Retired Savings Accounts (RSAs). The Acting Director-General, PenCom, Mrs Aisha Dahir-Umar disclosed this at the 2019 second quarter consultative forum consisting of critical pension stakeholders in Lagos.
The News Agency of Nigeria (NAN) reports that the forum, organised by the commission, consisted of critical pension stakeholders from all states of the federation and the Federal Capital Territory (FCT). The PenCom Acting Director General was represented by Mr Dan Ndackson, PenCom’s Head, State Operations Department.
The platform enables the stakeholders to brainstorm on challenges in the implementation of the Contributory Pension Scheme (CPS) with a view to proffering solutions to such challenge within the ambit of the CPS. She said that a major item which should occupy a front burner during the deliberations was the recurring issue of non-remittances, which denies concerned employees the investment income that should have accrued to them.
According to her, based on the N3.4billion pension contributions not remitted into the RSA’s as May 31, over 38 per cent of the amount had been outstanding for over one year. “All hands must be on deck to address this problem holistically.
“The stakeholders must be mindful that the hopes of prospective retirees are hinged on the successful implementation of the CPS, which was instituted in response to the failure of the Defined Benefits Scheme (DBS). “It is also heart-warming to observe the steady progress of CPS in some states, especially with regards to remittance of pension contributions. “Returns submitted to the commission by the PFAs further revealed that over N8.09 billion were remitted as pension contributions of state employees in the first quarter of 2019,” Dahir-Umar said. (NAN)
Source: Daily Trust