PenCom points 38,000 Pension Clearance Certificates – DG — Each day Nigerian

The National Pension Commission, PenCom, on Thursday mentioned it had issued over 38,000 Pension Clearance Certificates, PCC, up to now to organisations, in 2024.

The Director-General of PenCom, Omolola Oloworaran, mentioned this at a workshop organised by PenCom for journalists masking the pension trade in Lagos.

The theme of the workshop was, “Tech-Driven Transformation: Shaping the Pension Landscape”.

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 Agencies, MDAs, of the Federal Government.

PenCom commenced the issuance of PCC to organisations in 2012 according to the Pension Reform Act,  PRA, which mandates all organisations with at the least three staff to take part within the Contributory Pension Scheme, CPS.

However, the certificates is legitimate as much as Dec. 31 of the yr it was obtained, regardless of the date it was issued throughout the yr.

Organisations are, thus, required to use for brand new PCC’s annually.

Ms Oloworaran mentioned that the fee additionally achieved a serious milestone with the launch of the e-Application 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 Industry 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 attributable to incomplete remittance particulars.

“To additional improve contributors’ experiences, we’ve launched a revised programme withdrawal template, simplifying entry to voluntary contributions and revising the brink for en-bloc funds according to the brand new minimal wage.

“These measures are designed to make retirement processes extra environment friendly and user-centric.

“But beyond policies and systems, what really excites me is the potential to transform lives,” she mentioned.

According to her, expertise has grow to be the spine of transformation throughout all sectors, and the pension trade isn’t any exception, therefore PenCom has embraced the transformation wholeheartedly.

Ms Oloworaran mentioned that there are over 10.5 million contributors, whereas pension property are in extra of N21.9 trillion as at October.

She mentioned that this progress demonstrated the power of the CPS, although not with out challenges.

“Inflation, as an example, continues to erode the buying energy of pensioners, and we’re actively in search of progressive options to handle this subject.

“We additionally proceed to face the persistent subject of delays within the fee of accrued rights.

“Recently, N44 billion was authorized underneath the 2024 funds appropriation to settle accrued pension rights for retirees from March to September 2023.

“Moving forward, we are working with the Federal Government to put in place a sustainable solution that ensures that retirees receive their benefits promptly and without undue stress,” she mentioned.

She mentioned that since assuming workplace, she and her group had been targeted on strengthening compliance, enhancing service supply, diversifying pension property to optimising returns.

She mentioned that that they had 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, specifically, noting that it’s the fee’s approach of fostering monetary inclusion, irrespective of how small an incomes is perhaps.

She mentioned that the fee meant to make use of expertise to scale the micro-pension plan.

“Technology plays a vital role in driving this inclusion from mobile enrollment to real-time account management,” she mentioned.

She mentioned that PenCom deliberate to rebrand the micro-pension scheme, and likewise goal onboarding not lower than 20 million Nigerians within the casual sector.

Ms Oloworaran acknowledged the function of the media as stakeholders within the success of the pension system.

“As we combine expertise throughout each side of the pension trade, we’re paving the way in which for a future the place the CPS turns into extra accessible, dependable, and sustainable.

“However, this transformation can’t succeed with out your unwavering help as media practitioners.

“Your role in amplifying our initiatives and educating stakeholders across Nigeria is essential to achieving this vision,” she mentioned.

She described the power of the media to tell, educate, and maintain establishments accountable as invaluable.

“Together, we can ensure that every Nigerian, including the most vulnerable, has access to a secure and dignified retirement,” she mentioned.

NAN