For complying with the provisions of the Pension Reform Act (PRA) 2014, the National Pension Commission (PenCom) has issued Compliance Certificate to 207 organizations in 2022.
The certificate which is always issued in arrears will be valid for 12 months starting from January 5 (issued date) to 31 December 2022.
According to PRA 2014, the Pension Compliance Certificate is required for suppliers, contractors, or consultants seeking contracts or business from any federal government ministry to provide evidence of remittance of employee contributions.
PenCom stated in its compliance standards for employee life insurance policies and the submission of insurance certificates given to employers that companies without insurance coverage for their employees would no longer be able to perform government business.
Organizations with less than three employees, as defined by the PRA 2014, are not required to comply, and so are not awarded the Pension Compliance Certificate.
Has your organization complied with the provisions of the PRA 2014 which includes among others remittances of your pension contributions, maintaining a life insurance policy for employees, and so on? Find out here.
To know what the Compliance Certificate is all about, read up here in our publication.