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PenCom: FG Yet To Comply With Pension Contribution
The National Pension Commission has revealed that the Federal Government is yet to comply with some statutory rate and increase of the pension contribution. PenCom said the Federal government is yet to agree with the new minimum statutory rate of pension contribution of 18 percent since 2014. Also, it was yet to pay approved…
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PenCom Recovers N553.03 Million From Defaulters
The National Pension Commission has said it recovered ₦553.03 million from defaulting employers who deducted their workers monthly emoluments but failed to remit to their Retirement Savings Accounts with their respe ctive pension fund administrators. PenCom disclosed this in its monthly report for the fourth quarter of 2020 saying that out of this amount, the…
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Total Pension Assets Hit N12.3 Trillion In 2020
National Pension Commission has reported that the total pension assets under the Contributory Pension Scheme rose to N12.3tn in 2020. This is an N2.1 trillion increase when compared to 2019 which had N10.2tn. According to PenCom N8.13 trillion of the funds was invested in Federal Government of Nigeria Bonds, while N858.46 billion and N92.91billion were…
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In Six Years, Over Hundred Thousand Retirees Withdraw N29.26bn
According to information obtained from the National Pension Commission, in six years, a total of 118,044 retirees have withdrawn N29.26bn from their Retirement Savings Accounts. These retirees have left the Contributory Pension Scheme because they had low balances in their accounts which could not be utilised as monthly stipends. The affected retirees were those that…