NATIONAL PENSION
COMMISSION
This
is to remind all employees in the Public Service of the Federation, Federal
Capital Territory and States that have implemented the Contributory Pension
Scheme as well as private sector that it is their right under Section 4(5) of
the PRA 2014 to have Life Insurance Policy taken on their behalf by their
employers for an insured amount of not less than three (3) times their annual
total emolument.
Please,
note that all pension contributions deducted from employees’ salaries and/or
contributed by employers on their behalf must be remitted to the Pension Fund
Custodian (PFC) by the Employer not later than seven (7) working days from the
date of payment of employees’ salaries.
Employees
are therefore required to immediately report to the Commission where the
employer fails to:
·
Remit the deducted pension contribution into
the Retirement Savings Accounts of employees through the PFC.
·
Incept the minimum required Life Insurance
Policy in their favour.
·
Submit the evidence of compliance with life
insurance policy to the Commission.
For
further enquiries, please contact:
The
Director-General
National
Pension Commission
Plot
174, Adetokunbo Ademola Crescent, Wuse II
PMB
5170, Wuse,
Abuja,
Nigeria
SIGNED
MANAGEMENT
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