5.1m Pension contributors to undergo data recapture – PenCom

Ø  Recovers N553.03m from defaulting employers

No fewer than 5.1 million pension fund contributors are set to undergo fresh data recapturing.

This became necessary after findings showed that they submitted either incomplete or no data during the previous data recapturing exercise.

In a data released by the pension industry’s regulatory body, the National Pension Commission (PenCom) at the weekend, 5.1 million Retirement Savings Account (RSA) holders had incomplete documentation as at Q4 2020.

According to its report, findings show that, of the 9.27 million RSA holders, only 4.1 million pension contributors were able to submit the needed and correct data requested of them by their respective Pension Fund Administrators (PFAs) last year.

To this end, PenCom has advised the concerned contributors to go to their PFAs to recapture their data, which allows them access their contributions at retirement as well as ensure they can switch PFAs if they are not contented with the current ones.

It added that the engagement of agents to conduct the data recapture on behalf of all PFAs is expected to address this issue and validate all relevant documents under the profile of individual RSA holders.

The Commission further said it recovered N553.03m from defaulting employers who deducted their workers monthly emoluments but failed to remit to their RSAs with their respective Pension Fund administrators.

Out of this amount, the principal contribution of the workers was N382.46m, while penalties of N170.57m were recovered through recovery agents.

Related news

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.