The National Pension Commission has commended the efforts of its recovery agents, saying they have assisted it in recovering funds from defaulting firms.
The commission noted that in 2012, when it discovered that thousands of employers were not funding their workers’ Retirement Savings Accounts, it employed the services of recovery agents.
These recovery agents, PenCom said, were mandated to go after the defaulting employers to retrieve all outstanding contributions along with the interest as penalty.
PenCom revealed that they had been able to recover a lot of funds from the defaulting employers.
PenCom disclosed that a total of over N11 billion was recovered from 2013 till date from erring firms through these recovery agents.
PenCom’s Secretary and Legal Adviser, Muhammad S. Muhammad, however warned that non- remittance remained a criminal offence and that the commission was working with the Economic and Financial Crime Commission to ensure that all outstanding contributions were remitted.
