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Whilst we wait a response by the pension regulator PenCom, A report by the Association of Pension Fund Administrators (PenOp)…has made two important submissions;
1. FGN has not remitted contributions since September 2015
2. FGN has not increased its contribution from 7.5% to 10%… (this is the employer contribution to making monthly contrbutions 18% in total)
This has financial implications.
Under the new Contributory Pension Scheme (CPC), the final pension payable is based on contributions receved by the Pension Fund Adminstrators (PFA) from the employer and investment returns made by the PFA which manages those contributions.
Where contributions are not received, the PFAs cannot invest to make a return…thus a “gap” will open.
Its importation to take a look at your pension statement from your PFA and confirm when last you got a credit from your employer.
Its also important you ask your PFA about an Additional Voluntary Contribution (AVC) into your Retirement Savings Account (RSA) Account. …the laws allow you make extra payments into your RSA…tax free…
Its important you save every month into your RSA to ensure that saving can be invested by your PFA for your future
Take action.
http://punchng.com/fg-stops-remittance-workers-pension-ded…/
