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PenCom gives 5,453 employers certificates for pension, insurance compliance

The National Pension Commission said it gave 5,453 employers compliance letters for having pension and insurance covers for their workers in three months.

It said this in its third quarter report for 2019 which was obtained on Friday.

The report was titled ‘Update on compliance by the private sector’.

The report said, “The commission received a total of 5,600 applications for the issuance of compliance certificates.

“As at end of Q3 2019, 5,453 certificates were issued while 147 applications were declined due to non-remittance of pension contributions for the appropriate period and/or non-provision of Group Life Insurance Policy for the employees.

“The sum of N14.56bn was remitted to 70,982 employees’ RSAs by the 5,453 organisations.”

PenCom in its compliance guidelines for life insurance policy for employees and submission of insurance certificate for 2020 issued to employers, stated that with effect from end of March, companies that had no insurance covers for their workers would no longer be allowed to do any government business.

It noted that the new regulations would be in addition to ensuring that the companies had appropriate pension accounts for the workers.

PenCom’s directive on issuance of certificate of compliance with the provisions of the Pension Reform Act 2014 to the general public, suppliers, contractors or consultants bidding or soliciting for contract or business from any Federal Government ministries, departments and agencies, stated that employers must fully comply with the provisions of the law

It indicated further, “In that regard, the commission issues annual pension clearance certificate to eligible organisations.

“The MDAs are reminded to ensure that only pension clearance certificates issued by the commission are accepted as evidence of compliance with the PRA 2014.”

In the new directive, PenCom stated that in accordance with the provisions of Section 4(5) of the  2014 and Section 5.5 of the guidelines for life insurance policy for employees, employers of labour covered by the PRA 2014 were required to submit copies of the insurance certificates with the schedule of benefits to the commission.

 

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