The National Pension Commission (PenCom) has revealed that pension contributions worth N99.28 billion remain uncredited because many contributors have not been properly identified or linked to their Retirement Savings Accounts (RSAs).
The commission explained that the money belongs to workers whose pension contributions were paid by their employers but could not be credited due to incomplete or incorrect records. As a result, the funds are still waiting to be matched with their rightful owners.According to PenCom, employers are required by law to remit pension deductions into the Retirement Savings Accounts of their employees. However, in many cases, some employers submitted contributions without complete employee details or failed to provide the required documentation. This has prevented Pension Fund Administrators (PFAs) from transferring the money into the affected workers’ accounts.
To address the problem, PenCom has published a list of employers and employees linked to these uncredited contributions. The commission is urging workers to check the list and take immediate steps to confirm their records with their Pension Fund Administrators.The regulator advised employees who already have an RSA PIN to submit documents such as their employment letter and RSA welcome letter to enable the PFAs verify their information. Workers who have not yet opened a Retirement Savings Account are also encouraged to register with a Pension Fund Administrator and provide the necessary documents so their contributions can be credited.
PenCom stressed that resolving these documentation issues is important because retirement benefits cannot be processed correctly if pension contributions remain uncredited. The commission also warned employers to ensure they submit complete and accurate employee information whenever pension contributions are remitted.The commission noted that many of the outstanding cases are not the result of missing payments but rather incomplete records that prevent the contributions from being assigned to the correct Retirement Savings Accounts.
Once the required information is provided, the funds can be credited to the affected employees.PenCom reassured contributors that the money remains safe within the pension system while efforts continue to identify the rightful owners.The commission maintained its commitment to protecting contributors’ retirement savings and ensuring that pension benefits are paid promptly once all necessary requirements have been met.Speaking on the issue, PenCom said, “The Commission remains totally dedicated to the safeguard of your rights and payment of your retirement benefits as and when due.”
The development highlights the need for employers and employees to regularly verify their pension records and personal information. Experts say keeping employment records, RSA details and other identification documents up to date will help reduce delays in crediting pension contributions and ensure workers receive their retirement benefits without unnecessary complications.
