13 June 2018

Nigeria: It's Fraud to Deduct Workers' Salary for CPS Without Remitting Same, IBTC Tells Employers

Stanbic IBTC Pensions Managers has advised employers to avoid deducting money meant for the Contributory Pension Scheme, CPS, of their employees and not remitting same to the Pension Funds Administrators, PFAs.

Stanbic IBTC gave this advice in Port Harcourt, Rivers State, during a Pre-Retirement Forum for workers ahead of their retirement from active service.

Speaking, Executive Director, Investment, Stanbic IBTC Pensions Managers Nigeria Limited, Oladele Sotubo, said: "The way CPS is expected to run we all have responsibilities. If any employer is deducting and is not remitting, we have to cry out. We should cry out to PenCom. Do a report to Pencom and the task force will be sent to recover the fund. There are various ways to do it. Even before the Federal Government promulgated the Whistle-Blowing Policy, PenCom had done it.

You must not put your RSN number when you are writing the report. Anybody that is deducting and is not remitting is committing fraud and fraud should be discouraged. It is even a tax saving process, why should an employer be involved in it. There is no hiding place for employers who deduct and do not remit."

He promised those under Stanbic IBTC CPS that their funds are in safe hands, stating that everyone under CPS would retire well.

Sotubo said: "I trust that your pension is in good hands. We will all retire well. Planning for your retirement should start from the day you get your first job. Pension is more of planning. Everything about Pension is based on trust. When you talk about trust, you look at the pedigree of the people involved. We have good heritage. The commission that is behind pension has put strict guidelines and how pension should run and we follow it strictly."

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