The National Pension Commission (PenCom) has commenced a reconciliation exercise on the payment of the 2.5% shortfall in employer pension contributions.This shortfall arose from the increase in the minimum employer contribution rate from 7.5% to 10% under the Pension Reform Act (PRA) 2014.
To this end, PenCom has requested that employees of all Federal Government Treasury-funded Ministries, Departments and Agencies (MDAs) who are yet to receive the remittance of the 2.5% shortfall into their Retirement Savings Accounts (RSAs) visit their respective Pension Fund Administrators (PFAs) for the collation and processing of their records.
All affected employees should present one payslip each from the following periods to their PFA: 2014 – 2015, 2016 – 2018 and 2019 – 2021. The payslips will enable the PFAs to verify, collate, and forward the relevant information to the Commission for computation and subsequent remittance of the outstanding 2.5% shortfall.
For further enquiries, please contact the Pensions Unit, Human Resource Management Directorate (HRMD), 2nd Floor, Senate House, UNILAG .
