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Tue, Sep 5, 2023 8:15 PM

PenCom Urges Employers to Stop Using Touts and Agents for Pension Clearance Certificates

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PenCom Urges Employers to Stop Using Touts and Agents for Pension Clearance Certificates
The National Pension Commission (PenCom) has urged employers and companies to refrain from using touts and agents when applying for pension clearance certificates. This practice is not only illegal but also goes against the provisions of the Pension Reform Act 2014. Employers are advised to directly contact PenCom for all matters related to the application process, which is free of charge and easy to navigate.

The National Pension Commission (PenCom) has recently issued a statement urging employers and companies to cease the use of touts and agents when applying for pension clearance certificates. According to PenCom, this practice is not only illegal but also contrary to the provisions of section 104 (b) and (c) of the Pension Reform Act 2014.

Mr Abdulqadir Dahiru, the Head of Corporate Communications at PenCom, stated that the issuance of pension clearance certificates is free of charge and the application process is both easy and transparent. Therefore, employers are strongly advised to deal directly with PenCom for any inquiries or assistance related to the application process.

In order to obtain a pension clearance certificate, employers are required to submit an application along with several mandatory documents. These documents include a certified list of employees as of the end of the last fiscal year, certified rates of monthly pension contributions for both employers and employees, evidence of remittance of monthly pension contributions for the past three fiscal years, evidence of remittance of outstanding pension contributions and penalties, evidence of transfer of pension funds and assets, and evidence of a current Group Life Insurance Policy for the organization's staff.

Dahiru also emphasized that it takes approximately seven working days for the commission to process applications that are submitted with complete documentation. Currently, certificates of compliance can be obtained at the offices where the applications were submitted. However, PenCom is currently in the process of automating the application process to enhance efficiency and convenience for the stakeholders.

In order to assist applicants, PenCom provides an online tracking system where applicants can check the status of their applications and view the updated list of organizations that have been issued clearance certificates. This allows for transparency and ensures that businesses can easily monitor the progress of their application.

By urging employers and companies to refrain from using touts and agents, PenCom aims to promote a more streamlined and efficient application process for pension clearance certificates. This not only aligns with the law but also helps organizations avoid unnecessary complications and potential legal issues.

In conclusion, employers and companies are strongly advised to follow the proper channels and deal directly with PenCom for all matters relating to the application and issuance of pension clearance certificates. By doing so, they can ensure a smooth and hassle-free process while complying with the Pension Reform Act 2014.

Source of content: OOO News 2023-09-05 News

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