PenCom concerned about uncredited pension contributions, may penalise noncompliant employers

The National Pension Commission has raised concerns over the growing number of pension contributions yet to be credited to employees’ retirement savings accounts .

“PenCom emphasises that this is a rallying cry for employers and employees to embrace responsibility.“All hands must be on deck to overcome the challenge of uncredited contributions to achieve the objective of a future of secure retirements, unburdened by financial uncertainties.”e agency said the essence is to establish a financial safety net for employees in their golden years, allowing them to enjoy the fruits of their labour without any financial constraints.

“When an employee becomes eligible for pension contributions under the CPS but has not selected a PFA or provided the RSA details to his employer, the employer is still obligated to make contributions on behalf of the employee. As a result, the employer sets up a nominal RSA with a PFA of their choice,” the agency explained.

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