CPS: Employers Remit N195.08bn Into Contributors’ RSAs In Q2 2021

The National Pension Commission (PenCom) said a total of N195.08 billion has been remitted by employers to contributors’ Retirement Saving Accounts (RSAs) through their Pension Fund Administrators (PFAs) in the second quarter of 2021.

Of this amount, according to PenCom’s Second quarter report, the public sector accounted for N97.17 billion or 49.81 per cent, while the private sector contributed N97.91 billion or 50.19 per cent.

It also disclosed that 19 defaulting employers have been recommended for appropriate legal action over their failure to contribute and remit pension funds for their workers.

According to the report, following the issuance of demand notices to defaulting employers whose pension liabilities were established by the Recovery Agents (RAs), the sum of N398,006,984.46 representing principal contribution (N243,396,311.27) and penalty (N154,610,673.19) were recovered from 31 defaulting employers during the quarter under review.

The pension sector regulator noted that the pension industry recorded a marginal growth of 0.89 per cent (83,146) in schemes membership during the quarter under review, rising from 9.36 million members at the end of Q1: 2021 to 9.44 million as at Q2: 2021.

It said the growth in the industry membership was driven solely by the RSA Scheme, which had an increase of 83,146 registered contributors, stressing that Membership of the Closed Pension Fund Administrator (CPFA) Schemes and Approved Existing Schemes (AES) remained unchanged as at Q2: 2021.

The cumulative pension contributions from inception to the end of the second quarter of 2021 amounted to N7.10 trillion, which is an increase from N6.70 trillion as at the end of Q1: 2021.