The National Pensions Commission (PenCom) says states operating the Contributory Pension Scheme have refused to remit about N3.4 billion pension contributions deducted from their workers monthly remunerations.
PenCom’s Acting Director-General, Aisha Dahir-Umar disclosed this during the second quarter consultative forum for states in Lagos on Wednesday .
She told participants at the forum which was attended by pension compliance officers and other stakeholders from different states and pension fund operators’ offices that N8.09 billion was remitted as pension contributions in the first quarter of 2019 .
Her words: “Based on PFAs’ (Pension Funds Administrators) returns, over N3.4 billion pension contributions are uncredited into state employees’ RSAs (Retirement Savings Accounts) as of May 31, 2019 and the age analysis showed that over 38 percent of this amount had been outstanding for over one year.
Represented by the Head, States Operations Department of PenCom, Dan Ndackson, Dahir-Umar 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.
“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.
She added that the Commission’s collaboration and concerted efforts with various states had led to significant in-roads in the areas of stakeholder engagement, capacity development and implementation milestones.