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Reps order non-remittance of pensions probe

Photo: ncsl
Photo: ncsl

The House of Representatives has ordered an immediate investigation into employers’ non-remittance of employees’ deductions to the Pension Fund Administrators (PFAs), as provided for under the reformed contributory pension scheme.

Its Committee on Pension Matters, which was yesterday, mandated through a resolution to carry out the investigation and within six weeks to report its findings is expected to obtain a comprehensive report on the reformed pension scheme since inception.

Member, Joseph Edionywele, had in a motion on the threat to the contributory pension scheme, which was unanimously adopted by the House, had lamented that since the introduction of the new scheme over a decade ago, with its initial transparency, probity and accountability, it has gradually been abused due to non compliance with the Pension Reform Act.

According to Edionywele, the non-remittance by organisations will not only jeopardize the smooth and successful operation of the scheme, but lead to the suffering of pensioners.