Trustfund Pensions tasks employers on prompt remittance of deducted fund

Trustfund Pensions tasks employers on prompt remittance of deducted fund

ON October 11, 2017 3:15 AM / IN Labour,
News / BY Ugoh Solomon Chinonso
By Victor Ahiuma-Young
TRUSTFUND Pensions, TFP, Plc, has pleaded with employers in the country to remit deducted pension fund promptly as required by the law to ensure that the aims of pension reforms are not defeated.
Speaking to Journalists in Lagos during 2017 Employers’ Forum/Interactive Session, organized by TFP, its Chief Compliance Officer, Rachael Obi, lamented that remittances were not encouraging as expected, saying the provision of the law that deducted fund should be remitted seven days after payment of salary had not yet been achieved.

A cross section of participants at 2017 Trustfund Pensions’ Employers’ Forum/Interactive Session in Lagos.
According to her: “Remittance is not encouraging as aspected. The law says the deducted fund should be remitted seven days after payment of salaries. But that is not achieved yet. However, that is the aim. On our part, as a PFA, we aim at rendering world class service to our clients especially the contributors at the point of settlement to our Retired Saving Account RSA holders, not just at the point of remittances.”
On the employers’ forum, she explained that since TFP started the forum, it had been very encouraging and most of the challenges noticed had been reduced drastically, explaining that the firm had a huge amount of money remitted without accurate matching schedule.
But all those challenges had been addressed as the forum had been able to bring employers to terms with what to do and how to do it seamlessly .
Earlier, she explained that the forum was “to facilitate our continuous improvement on services rendered to our esteemed customers. Keep employers abreast with contemporary developments in the pension industry and how they impact on the employers as well as their employees on whose behalf remittances are made.
To reiterate the need for the adherence to some sections of the Pension Reforms Act, 2014, which seem deliberately infringed upon by the employers, and feel the pulse of our customers by the way of feedback.
“This year’s forum will witness a presentation by a representative of Nigeria Inter Bank Settlement System, NIBSS, who would be explaining in detail the use of electronic Pension Contribution Collection System , EPCCOS, as a “stress free,”mode of making remittances from the comfort of your offices or homes. As the need for electronic payment cannot be over emphasied considering the opportunity it offers for prompt reconciliation.
“Zenith Pension Custodian will equally be presenting a paper on how to remit funds appropriately in view of challenges encountered in obtaining accurate schedules required to credit RSA holder’s account, which more often than not result in enormous amount of uncredited contributions, as a result of wrong PIN , PIN mismatch, name mismatch etc.
Besides , most employers are unaware that beyond dropping schedule at the bank (with the teller) , section 3 subsection 1.1 of PenCom’s regulation for the operation Custodians, demands that employers should also deliver another copy of the same schedule to the Pension fund managers.”