How to Report a Defaulting Employer to PenCom
It is your right to receive remittance of your pension contributions into your Retirement Savings Account (RSA) within 7 working days after your salary has been paid and deductions have been made.
Below is the notice released by the National Pension Commission (PenCom) on the right to Group Life Insurance policy and pension contributions to all employees:
Over and beyond this, the National Pension Commission (PenCom) has continuously appealed to employees to report employers who fail to remit employees’ pension contributions within 7 working days after the payment of salaries.
In this blog post, we’ll cover the necessary steps to take when you are ready to report a consistently defaulting employer to the Commission.
We will start by covering the existing punishment for such employers.
What is the punishment for an employer who fails to remit pension contributions?
Defaulting employers are liable to pay a penalty that is not less than 2% of the total outstanding pension contributions that remain unpaid for each month or part of each month the default continues.
What happens when you report an employer to PenCom?
PenCom immediately swings into action by using Recovery Agents to go after reported employers and ensure that they pay the outstanding pension contributions plus interest.
Here’s how to report a defaulting employer to PenCom:
Write a letter of complaint
In your letter, state the name and address of the employer and the months outstanding to enable PenCom to send recovery agents to go after the employer.
Send the letter to the nearest PenCom office
Drop the letter at or send the letter to any PenCom office closest to you.
You can also report anonymously through the letter of complaint.
Never doubt your right
It is your right to receive a credit in your Retirement Savings Account (RSA) within 7 working days of receiving your monthly net salary. Never doubt it.
Ready to make the move?
To move your RSA from your current Pension Fund Administrator (PFA) to Oak Pensions, call the Marketing Manager at 09087448661 or send us an email via firstname.lastname@example.org.