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PenCom to Enforce Pension Compliance Through Vendor and Investment Restrictions
The Business NG
|The BusinessNG
In a major step to boost compliance and expand the coverage of the Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) has directed all Licensed Pension Fund Operators (LPFOs)-including Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to stop engaging with vendors or service providers that fail to remit pension contributions for their employees.
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Under the new directive, LPFOs must only enter into or renew service-level or technical agreements with companies that present a valid Pension Clearance Certificate (PCC) issued by PenCom. The directive is part of intensified regulatory efforts to ensure strict enforcement of Section 2 of the Pension Reform Act (PRA) 2014, which mandates all employers in both public and private sectors-including Federal, State, and Local Governments to participate in the CPS and remit pension contributions no later than seven working days after salary payments.
This story is from the The BusinessNG edition of The Business NG.
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