Having remitted pension contributions for their employees in 2022, Sanlam Life Insurance NigeriaLimited; Unitrust Insurance Company Limited and NSIA Insurance Limited have been granted permission by National Pension Commission (PenCom) to execute federal government businesses.
These three outstanding firms were among 593 companies issued Certificate of Compliance by PenCom as at January 27, 2023 to enable them transact business with the federal government.
PenCom stated this in a document entitled: Schedule of Employers Issued with Certificate of Compliance with Provisions of the Pension Reform Act (PRA) 2014 as at January 27, 2023, published on its website.
According to PenCom Sanlam Life Insurance Nigeria Limited, contributed and remitted N127.08 million for 168 employees; Unitrust Insurance Company Limited, N75.86 million for 117 employees and NSIA Insurance Limited, N72.67 million for 134 employees.
PenCom noted that Jaiz Bank Plc, with 821 employees, contributed N556.21 million; Setraco (Nigeria) Limited, with 2981 employees, contributed and remitted N524.13 million, while FSDH Merchant Bank Limited, with 184 employees contributed and remitted N236.33 million and Triacta (Nigeria) Limited, with 749 employees, contributed and remitted N117.14 million.
PenCom Certificate of Compliance (PCC) is usually issued by PenCom to employers of labour mandated to participate in the Contributory Pension Scheme (CPS) having complied with the provisions of the PRA 2014 on pension administration of its employees.
In accordance with the provision of Pension Reformation Act, PRA 2014, the PCC is a prerequisite for providing evidence of remittance of employee’s contribution for suppliers, contractors or consultants who are soliciting for contracts or business from any federal government ministries.
In its compliance guidelines for life insurance policy for employees and the submission of insurancecertificates issued to employers, PenCom said companies with no insurance covers for their workerswould no longer be allowed to do any government business.
In lieu of this, PenCom requires organisations wishing to obtain the annual Pension Clearance Certificate to forward their application to the commission along with the following documents: Certified list of employees as at the end of the last fiscal year by an authorised official of the organisation.
