The National Pension Commission gave clearance certificates to 10,085 organisations for complying with pension and insurance covers for their employers in the second quarter of 2022.
With the clearance, the organisations can do business with the Federal Government.
The pension industry regulator stated in its second quarter report on, ‘Issuance of pension clearance certificates’ that “The commission received 12,760 applications from private sector organisations for the issuance of Pension Clearance Certificates.
“Out of this number, PCCs were issued to 10,085 organisations, while 2,675 applications were being processed. The records showed that the 4,025 organisations had remitted a total sum of N43.78bn into the Retirement Savings Accounts of their employees, totalling 141,701.”
The commission, in a circular to the general public, said contractors, consultants or suppliers seeking to do business with the government must fully comply with the provisions of the Pension Reform Act 2014.
As a result, the regulatory agency said the commission had issued annual Pension Clearance Certificates to eligible organisations.
“MDAs are reminded to ensure that only Pension Clearance Certificates issued by the commission are accepted as evidence of compliance with the provisions of the PRA 2014,” it stated.
The commission said the firms must provide evidence of remittance of monthly pension contributions for all employees.
It said that they must provide evidence of group life insurance policy for employees, specifying the number of lives and sum assumed.
In the directive, the commission stated that in accordance with the provisions of Section 4(5) of the 2014 and Section 5.5 of the guidelines for life insurance policy for employees, employers of labour covered by the PRA 2014 were required to submit copies of the insurance certificates with the schedule of benefits to the commission.
