1,866 employers receive pension compliance certificates

About 1,866 employers have received pension compliance certificates in 2025 from the National Pension Commission.

According to the latest schedule released by the regulator, dated January 22, 2025, PenCom started to issue certificates on January 2, which will expire on the 31st of December, 2025.

According to the Commission, the employers have between three and 1,976 employees. Some of the firms with the highest number of employees include Stanbic IBTC Bank Plc, with 1976 employees, and paid N1.83bn. Presco Plc, with 1346 employees, paid N340.59m, and Providus Bank Limited, which has 1075 employees and paid N759.74m.

PenCom commenced the issuance of PCC to organisations in 2012 in line with the Pension Reform Act, 2014 (PRA, 2014), which mandates all organisations with at least three employees to participate in the CPS.

The PCC is evidence of compliance with the PRA 2014 and serves as a prerequisite for all suppliers, contractors, or consultants soliciting any contract or business from the federal government’s ministries, departments, and agencies. Accordingly, PenCom issues PCCs to organisations that apply and have fully complied with the requirements.

To qualify for a PCC, the employer must ensure that its employees open retirement savings accounts (RSAs) with any pension fund administrator of their choice.

Employers must also remit the employer and employee monthly pension contributions to the pension fund custodians no later than seven working days from the payment date of salaries.

Furthermore, employers with pension schemes that existed before the CPS must transfer pension funds and assets in their custody to licensed pension operators. Finally, employers must provide their staff with a group life insurance policy covering at least three times the annual total emoluments of the employees.

In December, the PenCom Director-General, Omolola Oloworaran, revealed that over 38,000 PCCs were issued to organisations in 2024. This was higher than the 30,293 organisations that were issued PCCs in 2023.