Tension as PenCom Threatens To make public Pension Defaulters

The National Pension Commission (PenCom) says it is compiling the list of companies and organizations that default in remitting employees’ contributions to Pension Fund Administrators.
The agency also said it has involved the Economic and Financial Crimes Commission (EFCC) and other law enforcement agencies to prosecute those found wanting.
The Director-General of PenCom, Mrs. Chinelo Anohu-Amazu, disclosed this in Lagos at a press conference to herald the third edition of the World Pension Summit Africa, which would be hosted by the agency in Abuja between September 27 and 28 this year.
She said it is a criminal act for any one or bodies to collect employees’ fund for the pension purpose and renege to do so.
The PenCom boss said her agency’s current effort was designed to continually nurture transparency in pension administration in Nigeria.
She said:”In its 12 years of its existence, PenCom has painstakingly built a strong, transparent and dependable pension system in Nigeria, which is overseen by a dynamic and efficient regulatory structure. Its efficient regulation has enabled generation of pool of long term funds in the region of N5.73trillion as at the end of June 2016″
She said of the 24 states that have embraced employee scheme, only 10 have since commenced full implementation of same.
She added that her agency was desirous to ensure that all the states in the country as well as self-employed in Nigeria embrace the scheme‎ so that employees would have something to fall back on at retirement age.
She said its theme, “Pension Innovations: The African Perspective” was chosen because her agency seeks to drive into prominence the revolutionary strides and achievements of African governments in the area of pensions and social benefits.
“PenCom also seeks to galvanize not only the Nigerian pension system but also those of other African countries towards sustainability and socio economic impact”,   she added.