PenCom goes tough on pension fund defaulters

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Director-General, PenCom, Mrs. Chinelo Anohu-Amazu
Director-General, PenCom, Mrs. Chinelo Anohu-Amazu
The Director-General of the National Pension Commission, Mrs. Chinelo Anohu-Amazu, on Wednesday described non-remittance of pension funds by employers as a crime.
Anohu-Amazu, who stated this after a meeting with President Muhammadu Buhari in Abuja, revealed that there were 6.637 million account holders in the contributory pension scheme.
She said that the commission would seek the support of law enforcement agencies to enforce remittance of the funds.
The director also said that the informal sector would be made to join the scheme, adding that only 11 per cent of the working population were in the scheme.
She stated, “The PenCom reform has introduced the pension contributory scheme. The scorecard remains that we have 6.637million retirement savings account holders today. What that has done is to show us the opportunity for more people to get in because it is only about 11 per cent of the working population (that are in the scheme).
The director-general said the commission briefed the President on the challenges facing the scheme.
According to him, the President has directed the commission to work with   Vice- President Yemi Osinbajo   to ensure that all states join the scheme.

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