The National Pension Commission (PenCom) has announced that, starting November 10, it will blacklist companies that do not fulfill their pension remittance responsibilities.
Omolola Oloworaran, Pencom’s Director-General (DG), shared this information during the commission’s second-quarter media briefing in Lagos on Wednesday. Oloworaran stated there is now a “zero tolerance for non-compliance” as PenCom takes a stricter approach to enforcing the 2014 Pension Reform Act.
“Effective immediately, PenCom has launched an uncompromising compliance drive to ensure the Pension Reform Act is complied with by every operator,” the DG said.
The directive also applies to banks, investment counterparts, parent companies, and shareholders of licensed pension fund administrators and custodians.
She emphasised that all entities associated with pension funds must enforce pension clearance certificate requirements among their operators throughout the ecosystem and submit compliance attestations.
“All Pension Fund Administrators and Custodians have been directed to ensure every vendor, service provider, and counterparty has a valid Pension Clearance Certificate (PCC) that evidences that they have been up to date and compliant with pension contribution.
“By November 30 this year, any entity without a PCC will be blacklisted and cut off from pension business with all PenCom regulated entities.” She added.
Oloworaran said that PenCom is dedicated to reshaping the pension industry to create a more resilient and inclusive system contributing to sustainable economic development.
In May, PenCom launched a new system for pension contribution remittances that aims to enhance transparency and efficiency. The commission established June 1 as the deadline for employers to adopt this new system.
