Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Fixed Income Funds Management

PenCom issues over 10,000 Pension Compliance Certificates to organizations in Q1 2022

The organizations remitted a total sum of N59 billion into the RSA of employees

Zainab Iwayemi by Zainab Iwayemi
June 17, 2022
in Funds Management
Aisha Dahir-Umar

Aisha Dahir-Umar, Director General of PenCom

Share on FacebookShare on TwitterShare on Linkedin

The pension industry regulator, National Pension Commission (PenCom) has stated that a total of 10,541 Pension Compliance Certificates, PCC, were granted to organizations in the first quarter of 2022.

According to its first-quarter report for the year, the Commission received 11,200 applications from private sector organizations for the issuance of PCCs. Out of this number, 659 applications were in the approval process as at 31 March 2022.

The records showed that the 10,541 organizations had remitted a total sum of N59 billion into the Retirement Savings Accounts (RSAs) of their employees, totalling 45,170.

RelatedPosts

Bad week for Nigerian ETFs as market capitalization drops to N7.48 billion

Pension Funds in Nigeria invest N1 trillion in Nigerian Stocks

Why this matters

  • A Pension Compliance Certificate is issued to any employer of labour mandated to participate in the CPS and has rightfully complied with the provisions of the PRA 2014 on the pension administration of its employees.
  • In accordance with the provision of PRA 2014, the PCC is a prerequisite for providing evidence of remittance of employee’s contribution to suppliers, contractors or consultants who are soliciting contracts or business from any federal government ministries.
  • In its compliance guidelines for life insurance policy for employees and the submission of insurance certificates issued to employers, PenCom said companies with no insurance covers for their workers would no longer be allowed to do any government business.
  • Notably, compliance is not necessary for organizations with less than 3 persons as specified by the PRA 2014 hence, such companies are not issued the PCC.

What you should know

  • The pension industry recorded a marginal growth of 0.96% (92,618) in Scheme memberships during the quarter under review, rising from 9.53 million members at the end of 2021 to 9.68 million as at the first quarter of 2022.
  • The growth in the industry membership was driven mainly by the RSA Scheme, which had an increase of 92,852 registered contributors.
  • Similar to this, membership of the Closed Pension Fund Administrator (CPFA) Schemes recorded a decrease of 1.44 (234), while Approved Existing Schemes (AES) remained unchanged as of the period.

Related

Tags: National Pension Commissionpencom

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • DEAL: Nigerian startup, Moove secures $20 million credit from British International Investment
    • VAT collections up in Q1 2022
    • FG to tax Shisha N3,000 per litre

    Follow us on social media:

    Recent News

    Drivers to receive $23 million funding from Uber Nigeria’s partner

    DEAL: Nigerian startup, Moove secures $20 million credit from British International Investment

    June 30, 2022
    VAT collections up in 2021

    VAT collections up in Q1 2022

    June 30, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com