PenCom collaborates with CBN, SEC on pension compliance

By ABDUL-KHALIQ OLALEKAN

The National Pension Commission (PenCom) is partnering  with the Central Bank of Nigeria (CBN) Bureau for Public Procurement (BPP)Securities and Exchange Commission (SEC)  National Bureau for Statistics (NBS), among others to ensure pension laws are obeyed and enforced.

It was learnt, over the weekend, that the commission had also collaborated with relevant agencies and professional bodies to ensure compliance with the Pension Reform Act (PRA) 2014 especially among private sector organisations.

The collaboration with CBN, it was learnt, was to ensure all deposit money banks, primary mortgage institutions, microfinance banks, discount houses and other institutions under the purview of the CBN complied with the PRA 2014.

The BPP partnership has assisted the commission to ensure that all organisations soliciting for businesses with the Federal Government Ministry Department and Agency (MDAs0, complied with the provisions of the PRA 2014 as required by Section 16(6) (b) of the Public Procurement Act 2007.

PenCom and NBS had earlier constituted a Technical Committee for developing a data base of eligible employers which would assist the commission in its compliance efforts. The NBS is to assist PenCom to enumerate all private sector employers in the country with a view to identifying all organisations that must comply with the PRA 2014.

The commission, it was learnt, is also making efforts to collaborate with the Federal Inland Revenue Service (FIRS),  and the Internal Revenue Service Departments at the state level to access their database on employers.