Lagos — The
National Pension Commission (PenCom ) has issued a strong warning to
firms that make deductions from employees salaries under the
Contributory Pensions Scheme, CPS, but failed to remit same to the
employees preferred Pension Fund Administrator, PFA, that it will apply
sanctions against such firm in accordance with the Pension Act.
The agency also reminded employers that they were under an obligation to open Group Life Insurance for their employees.
Issuing the warning
in Lagos during Employers Forum organised by IBTC Pension Managers
Limited, Mr. Lanre Ogidingbe, senior manager south - west zonal office
of PenCom, noted that for over 13 years the scheme has not recorded any
fraud because it has in place stringent regulations and tight control
process that will not allow any form of leakages or fraud.
Ogidingbe said
there had been cases of withheld deductions but the agency has a
recovery mechanism through which such deductions are recovered and
remitted accordingly but said such also attracts penalties.
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