Pencom Directs Employers to Submit Employees’ Insurance Certificate
The National Pension Commission has directed all employers of labor covered by the Pension Reform Act 2014 to submit copies of their Insurance Certificates with the schedule of benefits to the commission before March 31. The directive was conveyed in a statement signed by Mr. Peter Aghahowa, Head of Corporate Communication of the commission.
Aghahowa said that the directive was in accordance with the provisions of Section 4(5) of the PRA 2014 and Section 5.5 of the Guidelines for Life Insurance Policy for Employees. The NPC spokesperson reminded all employees in the Federal Government Service, Federal Capital Territory, and States that have implemented the Contributory Pension Scheme as well as the private sector of their rights to have a Life Insurance policy.
Aghahowa, however, advised employees to report to the commission where their employers failed to procure the minimum required Life Insurance Policy in their favor. He said employers were expected to submit the evidence of compliance with Life Insurance Policy to the commission and place the certificate in a conspicuous place within the organization. He added that employers are expected to remit the deducted pension contributions to the employees’ Retirement Savings Accounts.