Obi: Attempt to Ascribe Ethno-religious Motives to Obidient Movement Will Fail
My Election Greatest Birthday Gift, Says Tinubu
Shell Pays FG over $4.5bn in Royalties, Taxes, Others to Nigeria
States Failed to Remit N3.4bn Deducted from Workers’ Pay, PenCom Alleges
The acting Director-General of National Pension Commission, Mrs Aisha Dahir-Umar, has alleged that some of the 36 states operating the Contributory Pension Scheme refused to remit about N3.4 billion pension contributions deducted from their workers monthly remunerations into their respective Retirement Savings Accounts (RSAs) with their Pension Fund Administrators (PFAs).
Speaking yesterday in Lagos during the second quarter consultative forum for states, which was attended by pension compliance officers and other stakeholders from different states and pension fund operators’ offices, Dahir-Umar said that N8.09 billion was remitted as pension contributions in the first quarter of 2019.
“Based on PFAs’ returns, over N3.4 billion pension contributions are uncredited into state employees’ RSAs as of May 31, 2019, and the age analysis showed that over 38 per cent of this amount had been outstanding for over one year.
Dahir-Umar, who was represented by the Head, States Operations Department, PenCom, Dan Ndackson, said a major item, which should occupy a pride of place during deliberations, was the recurring issue of uncredited remittances, which denied concerned employees the investment income that should have accrued to them.
She added that it was heart-warming to observe the steady progress of the implementation of the CPS in the states, especially with regards to the remittance of pension contributions.
“Returns submitted to the commission by the PFAs showed that over N8.09 billion was remitted to them as pension contributions of state employees in the first quarter of 2019,” she said.
The PenCom boss informed that the second quarter had recorded remarkable achievements in ensuring seamless implementation of the CPS in states.
In this regard, she said the commission, as part of its mandate of supervising the smooth implementation of the CPS and to ensure excellent service delivery, especially in state pension administration, introduced branch inspection of PFAs in states.
Dahir-Umar reported that the commission had so far conducted three of such branch inspections in Edo, Ondo and Ekiti states.
“As more inspections of PFA branches are upcoming, the commission is currently utilising the outcomes of these inspections in ensuring that PFAs take the necessary remedial actions to ensure excellent service delivery in the pension industry,” she said.