PenCom issues compliance certificates to Premium Times, Jaiz Takaful, others

By Zainab Iwayemi

A total of 93 companies have been issued with certificates of compliance in line with the provisions of 2014 Pension Reform Act (PRA). This is below the 20,936 organisations that were issued with compliance certificates by the industry regulator in the preceding year 2020, a recent report by PenCom has shown.

In the report accessed by Business A.M. from the PenCom website on Tuesday, organisations such as Premium Times Services Limited, Jaiz Takaful Insurance Plc with N18.63 million and N12.66 million, respectively, emerged at the top of the list in terms of total contributions remitted to the regulatory body in 2020.

Other companies, including Spectrum Engineering Limited, Rockbridge Construction Limited and Manny Insurance Brokers Limited are amongst other organisations which made contributions to the commission in the last year and also received the compliance certificates from PenCom.

The report further shows that Datum Construction Ltd with a total of 76 beneficiaries of the pension scheme tops the list of companies with the highest registered employees for the year under review, while Net Global System and Technical Services Limited and Jaiz Takaful Insurance Plc, followed with 47 and 36 employees respectively, among other firms.

The compliance certificate as issued by the industry regulator requires receiver to meet up with certain conditions, including to certify list of employees of the organisation, certify rate of monthly pension contribution on the part of the employer (minimum of 10%) and employee (minimum of 8%), present evidence of remittance of monthly pensions, as well as current group life insurance policy for staff specifying the number of lives and sum assured.