PENCOM Vows To Recover Unremitted Funds

Channels Television  
Updated December 25, 2012

The National Pensions Commission (PENCOM), has revealed that between January 2010 and December 2011, about 15,427 employers, who had registered under the contributory pension scheme, failed to remit the monthly contributions deducted from employees’ remunerations into their retirement savings accounts.

PENCOM stated this in a report, titled, “Unremitted pension contribution.

However, the report was silent on the value of accruing failed remittances for the two years.

Meanwhile, the commission has vowed to recover the unremitted funds from the defaulters through legal means, with interest as penalty.

PENCOM says it has been employing different approaches to entice employers to embrace voluntary compliance, including public enlightenment, media campaign and collaboration with regulatory and professional bodies