The National Pension Commission (PenCom) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have recovered more than N3 billion in unremitted pension contributions from defaulting employers as part of efforts to enforce compliance with the Pension Reform Act 2014. The recovered funds have been fully remitted into the Retirement Savings Accounts of affected employees.
According to PenCom, the recoveries were achieved through a joint enforcement initiative with the ICPC aimed at addressing pension contribution defaults and safeguarding workers’ retirement savings. The recovered funds were obtained from employers in the electricity sector that failed to fulfil their statutory pension obligations.
PenCom noted that the partnership with the anti-corruption agency has strengthened enforcement efforts and demonstrated the effectiveness of inter-agency collaboration in ensuring compliance with pension laws. The commission disclosed that the ICPC is currently investigating several private-sector employers referred by PenCom for alleged non-compliance with the Pension Reform Act.
The commission reiterated that employers are required by law to deduct and remit pension contributions into employees’ Retirement Savings Accounts within seven working days after salaries are paid. Failure to comply attracts sanctions, including the recovery of outstanding contributions, penalties, and possible prosecution.
PenCom urged employers, particularly those in the private sector, to regularise outstanding pension remittances and fully comply with pension regulations to avoid enforcement actions. The commission reaffirmed its commitment to protecting workers’ retirement savings and promoting compliance with the Contributory Pension Scheme across Nigeria.
