PenCom Recovers N27.97 billion From Defaulting Employers In 12 Years
The National Pension Commission (PenCom) said it has recovered a total sum of N27.97 billion comprising of principal contributions of N13.60 billion and penalties of N14.17 billion since the commencement of recovery exercise 12 years ago.
This is contained in the 2024 second quarter report published by PenCom.
According to the report, from the commencement of the recovery exercise in June 2012 to 30 June 2024, a total sum of N27.97 billion comprising of principal contributions (N13.60 billion) and penalties (N14.17 billion) was recovered from defaulting employers.
The Commission maintained that it engaged the services of 25 Recovery Agents (RAs) for the recovery of unremitted pension contributions and penalties from defaulting employers.
During the quarter, the sum of N336.255 million comprising principal contributions (N125.57 million) and penalties (N210.68 million) was recovered from thirty-five (35) defaulting employers.
The Commission Secretariat/Legal Advisory Services Department had been requested to take legal action against three (3) defaulting employers.
Meanwhile, during the period under review, the Commission said it received five requests for refund of pension contributions to Military Personnel and other Security Agencies.
All five requests, according to PenCom, were processed and the sum of N 0.39 million was refunded to the affected personnel during the quarter.
PenCom said the refund was attributed to the exemption of the Military and other Security Service Agencies from the Contributory Pension Scheme due to the nature of their jobs.
