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Reps probe FG, states, firms over unremitted pension deductions
The House of Representatives has launched investigations into the deductions from salaries to the pension fund administrators by firms, federal and states agencies.
The House Committee on Pensions said it had received many petitions bordering on unremitted deductions and non-payment of pensions to retirees.
Chairman of the committee, Mr Bamidele Salam, said in an interview with our correspondent they had scheduled an investigative hearing for March, while those accused had been summoned.
Salam said, “We have received a lot of complaints from workers, of their money being deducted by employers, both the public and private sectors, who have refused to remit such money to the Pension Fund Administrators. That is a clear case of violation of the Pension Reform Act 2014. We have also received complaints against the PFAs of receiving the money and not investing it properly and not accounting for the money collected and invested. “We have also received complaints of PFAs not paying pensioners promptly, including the lump sum and the monthly pension they are supposed to receive.
“We have a litany of complaints from the public and the private sectors, from Federal Government and workers of the five states that have signed up for the contributory pension scheme.
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“We have set aside three days of investigation and bring up recommendations on what should be done.”
Salam cited the case of Osun State, where retirees have allegedly not been paid for about four years.
The legislator said, “I personally have cases of pensioners who retired between 2016 and 2019 in my state, Osun, who have not received a dime. They are enrolled on the contributory pension scheme and have money in their retirement savings accounts but for some reasons they have not been able to receive anything from their PFAs.
“This is one of the issues we are going to look at. How do you expect a man who retired from public service not to earn anything for up to six years? And some of them retired with health challenges and personal issues.
“We also want to know the details of all the investments that are being made by the PFAs and the Pension Fund Custodians to be sure that they are actually investing the money in places that will bring fair returns to the contributors and to ensure that they are given accurate reports and accounts to the regulatory agencies.”
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