Pensioners received N67.42bn benefits in Q1 – PenCom

Pensioners claimed N67.42bn benefits in Q1 – PenCom

Pensioners received N67.42bn benefits in Q1 – PenCom     Pension Fund Administrators (PFAs) in Nigeria paid N67.42 billion retirement benefits to pensioners under the Contributory Pension Scheme (CPS) in the first quarter of 2021, according to data obtained from the National Pension Commission. “A total of N67.42 billion was paid as retirement benefits in Q1 2021. This was lower than the N90.99 billion paid in Q4 2020 by N23.57 billion,” the commission said in its Q1 report. The report also showed that the number of workers with pension accounts…

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25 defaulting employers cough out N608.55m pension remittance

25 defaulting employers cough out N608.55m pension remittance

25 defaulting employers cough out N608.55m pension remittance     The National Pension Commission (PenCom) has said it recovered N608.55 million from 25 employers who deducted the monthly emoluments of their workers but did not remit to their respective Pension Fund Administrators (PFAs). PenCom said this in its first-quarter 2021 report obtained by our correspondent on Tuesday. According to the report, the employers were fined N446.17m during the period under review. The commission said, “Following the issuance of demand notices to defaulting employers whose pension liabilities had been established by…

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‘PenCom working with FG to offset outstanding pension liabilities’

Pensioners claimed N67.42bn benefits in Q1 – PenCom

‘PenCom working with FG to offset outstanding pension liabilities’     Recently, the director-general of National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, briefed the National Assembly as well as the media on the activities of the regulatory agency to grow the pension sector of the nation’s economy to lofty height. EXCERPTS. What is the regulatory body doing on calls by stakeholders on the amendment of some aspects of the PRA 2014? Another issue that is worth mentioning is the persistent complaints against certain sections of the Pension Reform Act 2014,…

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Defaulting employers cough out unremitted N553.03m pension money

PenCom recovers N553.03m from defaulting employers

PenCom recovers N553.03m from defaulting employers   The National Pension Commission (PenCom) has said it recovered N553.03 million from defaulting employers who deducted their workers monthly emoluments but failed to remit to their Retirement Savings Accounts (RSAs) with their respective pension fund administrators. PenCom disclosed this in its monthly report for the fourth quarter of 2020 obtained on Sunday. Out of this amount, the principal contribution of the workers was N382.46 million, while penalties of N170.57 million was recovered through recovery agents. Part of the report read, “Following the issuance…

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Pension fund assets hit N11.57trn, rise by 11% in 1 year

Pensioners claimed N67.42bn benefits in Q1 – PenCom

Pension fund assets hit N11.57trn, rise by 11% in 1 year   The aggregate value of pension fund assets in Nigeria has recorded significant gain to hit N11.57 trillion after advancing by 11 per cent within a year. Despite the many challenges that characterized the year, pension fund assets in the country gained N1.76 trillion equivalent to 11 per cent growth in the last one year, growing from N9.81 trillion in October 2019 to N11.57 trillion at the end of September 2020. The huge gains, according to findings, was attributed…

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Defaulting employers cough out N17.52bn unremitted pensions — PenCom

Pensioners claimed N67.42bn benefits in Q1 – PenCom

As pension fund assets hits N11.09trn___________________________________ The National Pension Commission (PenCom) has recovered N17.52 billion from employers who deducted monthly pensions from their workers’ monthly salaries but refused to remit to their Retirement Savings Accounts (RSA) with the respective Pension Fund Administrators (PFAs). PenCom disclosed this in its second quarter 2020 report which was released on Friday. The amount consists of principal contribution of N8.89 billion and penalty of N8.63 billion. Part of the report read, “Following the issuance of demand notices to some defaulting employers whose outstanding pension contribution…

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