Some good news in the pension scene. Newspapers report that The Pension Commission has now moved N7billion of pension contributions that had been with the NSITF to Retirement Savings Account of employees
The National Pension Commission has transferred a total of N7bn pension contributions of workers under the defunct Nigerian Social Insurance Trust Fund to the Retirement Savings Accounts of the contributors in line with the requirements of the Contributory Pension Scheme.
According to figures made available to our correspondent on Thursday, the N7bn has been transferred into 92,655 RSAs.
PenCom said it recently received 3,752 applications from Trustfund for the transfer of N242.44m to the respective RSAs of the contributors.
For those who don’t remember,pension deductions used to be remitted to the NSITF until the Pencom Act of 2004 when the entire Pension contributory scheme was overhauled. Today, rather than contribute to the NSITF employee contributions are made to PFC who then make the amount available to PFA’s to manage and invest. However, those who had contributed to the NSITF in the past still had their money stuck in there as Pencom worked on matching the names of the contributors in the NSITF with those who have migrated to the PFA’s.