The National Pension Commission (PenCom) has said those in pension enrolment under the various Pension Fund Administrators (PFAs) have roles to play in the success of the Contributory Pension Scheme (CPS) this year.
The commission in a publication on its website, itemised six key roles and responsibilities of pension contributors while urging them to ensure regular data update with their various PFAs.
According to the statement, a contributor is expected to ensure that he or she receives quarterly statements of the Retirement Savings Account (RSAs) from the PFA and they can also report the non-remittance or incomplete remittance of their monthly pension contributions to PenCom for onward action.
“Periodic review of the RSA statement is important for the contributors so that they can check the performance of their fund. This is because their fund is put into various investments and it out to bring in some yields which grow the fund”
“ A contributor should ensure that he does not open more than one RSA as this could cause conflict in the long run especially on reconciling remittances and is a breach of the pension contribution objectives.
“Pension contributors should verify that their employer is making complete monthly remittance to their RSA. This responsibility is not limited to the employee alone but it is also that of the employer to check that routinely to ensure compliance.
The contributor should also verify that the employer has subscribed to a Group Life Insurance policy for that contributor and ensure that the premium is being paid annually consistent with relevant laws,” the report stated.