1,866 employers obtain pension compliance certificates

About 1,866 employers have obtained pension compliance certificates in 2025 from the Nationwide Pension Fee.

In keeping with the newest schedule launched by the regulator, dated January 22, 2025, PenCom began to challenge certificates on January 2, which can expire on the thirty first of December, 2025.

In keeping with the Fee, the employers have between three and 1,976 staff. A few of the corporations with the very best variety of staff embrace Stanbic IBTC Bank Plc, with 1976 staff, and paid N1.83bn. Presco Plc, with 1346 staff, paid N340.59m, and Providus Bank Restricted, which has 1075 staff and paid N759.74m.

PenCom commenced the issuance of PCC to organisations in 2012 consistent with the Pension Reform Act, 2014 (PRA, 2014), which mandates all organisations with a minimum of three staff to take part within the CPS.

The PCC is proof of compliance with the PRA 2014 and serves as a prerequisite for all suppliers, contractors, or consultants soliciting any contract or enterprise from the federal authorities’s ministries, departments, and companies. Accordingly, PenCom points PCCs to organisations that apply and have totally complied with the necessities.

To qualify for a PCC, the employer should be sure that its staff open retirement financial savings accounts (RSAs) with any pension fund administrator of their alternative.

Employers should additionally remit the employer and worker month-to-month pension contributions to the pension fund custodians no later than seven working days from the fee date of salaries.

Moreover, employers with pension schemes that existed earlier than the CPS should switch pension funds and property of their custody to licensed pension operators. Lastly, employers should present their employees with a bunch life insurance coverage coverage protecting a minimum of 3 times the annual whole emoluments of the staff.

In December, the PenCom Director-Normal, Omolola Oloworaran, revealed that over 38,000 PCCs have been issued to organisations in 2024. This was larger than the 30,293 organisations that have been issued PCCs in 2023.