The Nationwide Pension Fee, PenCom, on Thursday mentioned it had issued over 38,000 Pension Clearance Certificates, PCC, up to now to organisations, in 2024.
The Director-Common of PenCom, Omolola Oloworaran, mentioned this at a workshop organised by PenCom for journalists overlaying the pension business in Lagos.
The theme of the workshop was, “Tech-Pushed Transformation: Shaping the Pension Panorama”.
In 2023, PenCom issued 30,293 PCCs to companies.
PCC is an proof of compliance with the Pension Act.
it serves as a prerequisite for all suppliers, contractors, or consultants soliciting contract or enterprise from Ministries, Departmentss, and Businesses, MDAs, of the Federal Authorities.
PenCom commenced the issuance of PCC to organisations in 2012 in keeping with the Pension Reform Act, PRA, which mandates all organisations with a minimum of three workers to take part within the Contributory Pension Scheme, CPS.
Nevertheless, the certificates is legitimate as much as Dec. 31 of the 12 months it was obtained, regardless of the date it was issued inside the 12 months.
Organisations are, thus, required to use for brand spanking new PCC’s annually.
Ms Oloworaran mentioned that the fee additionally achieved a serious milestone with the launch of the e-Utility Portal for the PPC in October.
She mentioned that the initiative changed the earlier handbook course of, enabling corporations to seamlessly apply for and obtain PCCs on-line, considerably enhancing ease of doing enterprise and making certain compliance.
The director-general mentioned that the Pension Trade Shared Service Initiative is in a complicated stage of implementation.
She mentioned that the initiative would digitise pension contributions and remittances, making certain seamless processing of contributions and resolving discrepancies brought on by incomplete remittance particulars.
“To additional improve contributors’ experiences, we now have launched a revised programme withdrawal template, simplifying entry to voluntary contributions and revising the brink for en-bloc funds in keeping with the brand new minimal wage.
“These measures are designed to make retirement processes extra environment friendly and user-centric.
“However past insurance policies and programs, what actually excites me is the potential to rework lives,” she mentioned.
In line with her, expertise has turn out to be the spine of transformation throughout all sectors, and the pension business isn’t any exception, therefore PenCom has embraced the transformation wholeheartedly.
Ms Oloworaran mentioned that there are over 10.5 million contributors, whereas pension belongings are in extra of N21.9 trillion as at October.
She mentioned that this progress demonstrated the energy of the CPS, although not with out challenges.
“Inflation, as an illustration, continues to erode the buying energy of pensioners, and we’re actively searching for modern options to deal with this difficulty.
“We additionally proceed to face the persistent difficulty of delays within the cost of accrued rights.
“Not too long ago, N44 billion was accredited below the 2024 funds appropriation to settle accrued pension rights for retirees from March to September 2023.
“Transferring ahead, we’re working with the Federal Authorities to place in place a sustainable resolution that ensures that retirees obtain their advantages promptly and with out undue stress,” she mentioned.
She mentioned that since assuming workplace, she and her staff had been targeted on strengthening compliance, enhancing service supply, diversifying pension belongings to optimising returns.
She mentioned that they’d additionally been enhancing advantages and increasing protection to incorporate extra Nigerians, particularly these within the casual sector.
Ms Oloworaran expressed ardour over the micro-pension initiative, particularly, noting that it’s the fee’s method of fostering monetary inclusion, regardless of how small an incomes may be.
She mentioned that the fee supposed to make use of expertise to scale the micro-pension plan.
“Know-how performs an important position in driving this inclusion from cellular enrollment to real-time account administration,” she mentioned.
She mentioned that PenCom deliberate to rebrand the micro-pension scheme, and in addition goal onboarding not lower than 20 million Nigerians within the casual sector.
Ms Oloworaran acknowledged the position of the media as stakeholders within the success of the pension system.
“As we combine expertise throughout each facet of the pension business, we’re paving the best way for a future the place the CPS turns into extra accessible, dependable, and sustainable.
“Nevertheless, this transformation can not succeed with out your unwavering assist as media practitioners.
“Your position in amplifying our initiatives and educating stakeholders throughout Nigeria is crucial to reaching this imaginative and prescient,” she mentioned.
She described the power of the media to tell, educate, and maintain establishments accountable as invaluable.
“Collectively, we are able to be certain that each Nigerian, together with probably the most susceptible, has entry to a safe and dignified retirement,” she mentioned.
NAN
