THE National Pension Commission, PenCom, turned down application for clearance certificates from 207 organisations in the second quarter of 2018.
PenCom said the affected firms were denied the certification because of their failure to remit pension contributions for the appropriate period as well as non-provision of group life insurance policy for the employees. PenCom clearance certificate is a requirement for firms seeking federal government contracts in the country.
In its recently released second quarter report, PenCom, however, said it issued certificates to 5,427 organisations.
The report stated, "The Commission received a total of 5,634 applications for issuance of pension clearance certificates. Out of these applications, certificates were issued to 5,427 organisations while applications from 207 organizations were turned down due to non-remittance of pension contributions for the appropriate period and/or non-provision of group life insurance policy for the employees."
PenCom noted that the sum of N49.3 billion was remitted to the Retirement Savings Accounts, RSAs, of 71,386 employees by the 5,427 organisations to whom certificates were issued. The Commission stated that it continued to apply various strategies to ensure compliance with the provisions of the Pension Reform Act (PRA) 2014, adding, "This included the application of sanctions and collaboration with key stakeholders on public enlightenment campaigns as well as engagement of defaulting employers through pension recovery agents engaged by the Commission to recover unremitted pension contributions.
"The Commission constituted a Committee to enhance the Contributor Registration System (CRS). The main objective of the enhanced CRS is to allow data recapture on the existing Retirement Savings Account holders.