PenCom recovers over N28bn unremitted pension contributions, engages 41 Recovery Agents

Nike Popoola

The National Pension Commission (PenCom) says it has recovered over N28bn unremitted pension contributions since 2012 till end of 2024, and engaged 41 Recovery Agents.

A statement obtained by Dailyeconomy on Thursday titled, ‘Recovery of outstanding pension contributions from defaulting employers- engagement of recovery agents’, states that it continues to enforce the provisions of the Pension Reform Act (PRA) 2014 to safeguard the pension rights of employees.

Under Section 92(2) of the PRA 2014, the Commission says it is empowered to appoint Recovery Agents to review employers’ pension records and ascertain their outstanding pension liabilities.

“Since the commencement of the recovery exercise in June 2012, significant milestones in recoveries of unremitted pension contributions have been made. As of December 2024, a total of N28,187,827,996.23 has been successfully recovered from 911 employers.

“This amount comprises N13,829,457,569.70 a s outstanding pension contributions and N14,348,658,637.95 in penalties for late remittances.

“Accordingly, 41 Recovery Agents whose names are published hereunder have been engaged and assigned to various employers for the exercise. In addition, the Recovery Agents are required to present introductory letters issued by PenCom and addressed to the specific employer before commencing the exercise.

It states that the key responsibilities of the Recovery Agents include reviewing the records of the employers and determining outstanding pension liabilities from January 2005; Computing the penalty on outstanding pension contributions; serving demand letters on defaulting employers requesting for remittance of outstanding pension contributions with penalty after obtaining a ‘no objection’ from PenCom and obtaining evidence of remittance of outstanding pension contributions/penalty into the employees’ Retirement Savings Accounts.