The National Pension Commission (PenCom) has revealed that 10,541 organizations that fully comply with the pension reform act have been issued the Pension Clearance Certificate (PCC). The Commission revealed this in its quarterly report.
According to the report, “the Commission received 11,200 applications from private sector organizations for the issuance of Pension Clearance Certificates (PCCs). Out of this number, PCCs were issued to 10,541 organizations, while 659 applications were in the approval process as at 31 March 2022. The records showed that the 10,541 organizations had remitted a total sum of N59,39 Billion into the Retirement
Savings Accounts (RSAs) of their employees, totaling 45,170” it said.
The Public Procurement Act requires the PCC to be submitted as evidence of compliance with the PRA 2014 by all suppliers, contractors, or consultants, soliciting for any contract or business from Federal Government Ministries, Departments, and Agencies (MDAS). However, it should be noted that under the PRA 2014, compliance is not mandatory for organizations that employ less than three persons, but their employees may join the CPS voluntarily, through the Micro Pension Plan (MPP).
The Commission also revealed in its report that the total pension assets stood at ₦13.88 trillion as at the end of Q1 2022 with total RSA registration of 9,621,979.
The Commission in the report revealed that “the industry Net Asset Value (NAV) at reporting date increased by 3.38% (₦453.76 billion) to ₦13.88 trillion compared to a NAV of ₦13.42 trillion as at 31 December 2021. The growth in Q1:2022 was higher than the growth of ₦423.65 billion (3.26%) recorded in Q4:2021. The growth was mainly due to contributions received and market valuation of FGN bonds as well as quoted equities.”