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.

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The National Pension Commission (PenCom) has directed Ministries, Departments, and Agencies (MDAs) to submit the details of retiring employees within a specified deadline to facilitate the timely processing of retirement benefits.

The commission said the move is aimed at improving pension administration and ensuring that retirees receive their entitlements without unnecessary delays after leaving public service.

According to PenCom, compliance by MDAs is critical to maintaining an efficient retirement benefits system under the Contributory Pension Scheme. The commission emphasized that the timely submission of required documentation would help streamline verification processes and reduce administrative bottlenecks.

Officials noted that delays in forwarding retirement records have often contributed to challenges experienced by retirees during the benefit processing stage. As a result, the commission has urged all affected agencies to adhere strictly to the timeline provided.

PenCom reiterated its commitment to protecting the interests of retirees and improving service delivery across the pension sector. The commission added that accurate and complete data submission remains essential for the smooth administration of retirement benefits.

The directive forms part of ongoing efforts to strengthen pension management and enhance confidence in Nigeria’s retirement savings framework. Stakeholders have consistently called for improved coordination among government institutions to ensure pension obligations are met efficiently.

Industry observers believe that stricter compliance with reporting requirements could help reduce delays in benefit payments and improve the overall experience of public sector retirees.

The commission encouraged MDAs to work closely with relevant pension administrators to ensure all necessary information is submitted within the stipulated period.

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