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Published On: Tue, May 6th, 2014

PenCom to deal with pension defaulters

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The Executive Secretary, Pension Fund Operators Association of Nigeria (PenOp), Susan Oranye has reiterated the pensions industry’s regulators (PenCom) resolved to deals with organizations that does not remit workers contributions.

Speaking during the associations campaign to educate Nigerian workers on the important of maintaining Retirement Savings Account (RSA) on the May Day 2014 celebration in Lagos, Oranye stated that investigations have shown that some employers were not remitting deductions from their employees salaries and remunerations adding PenCom has resolved to sanction such erring institutions.

She noted that the issue of non-remittance has become a serious challenge for both the regulatory authorities, Pension Fund Administrators (PFAs) and allied bodies within the pension industry adding that PenCom and pension operators were working hard to tackle the problem.

The PenOp secretary disclosed that the industry had come up with names of defaulters and was working on their compliance.

She also said that PenOp had been having seminars and interactive sessions with employers to find out why they were not remitting the contributions.

“We have been educating them on the need to understand that the funds are for their employees and that they should also consider the system as a corporate social responsibility which helps in boosting the morale of workers,” Oranye said.

According to her, when employers provide secure future for their employees through pension, they will be happy to give their best, which will raise the bottom-line of the employer.

She said employers of labour should see adequate remittance of pension funds of their employees and adoption of such scheme by those that are yet to do so as a corporate social responsibility (CSR) to their employees and the society.

Oranye equally hinted that the association has started a campaign to encourage employers to open Retirement Savings Accounts for their workers.

We are here to kick off our campaign with the theme ‘Every worker deservers an RSA’. We have come to let workers know how important it is to have a pension account,” she said.

 

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