19,716 organizations have been issued clearance certificates by the National Pension Commission (NPC) for fully complying with the Pension Reform Act in the first six months of 2021.
This was disclosed by Pencom in its latest quarterly report obtained by news correspondents on Friday.
It said it received a total of 14,741 applications from private sector organisations in the first quarter of 2021 for the issuance of Pension Clearance Certificates.
“Out of this number, PCCs were issued to 9,299 organisations while 5,442 applications
were being processed. The records show that a total sum of N41.97b was remitted into the Retirement Savings Accounts of 163,286 employees of the 9,299 organisations,” it said.
The commission said it received 10,700 applications from private sector organisations to issue Pension Clearance Certificates in Q2.
It said, “Out of this number, PCCs were issued to 10,417 organisations, while 283 applications were in the approval process as at 30 June 2021.
“The records showed that 10,417 organisations had remitted a total sum of N38.371b into the Retirement Savings Accounts of their employees totaling 127,483.”
PenCom, in its compliance guidelines for life insurance policy for employees and submission of insurance certificate issued to employers, said companies with no insurance covers for their workers would no longer be allowed to do any government business.
According to the commission, the regulations will ensure that the companies have appropriate pension accounts for the workers.
In its 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, it said employers must fully comply with the provisions of the law.
PenCom said, “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 Pension Reform Act 2014.”
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