Blame PENCOM For Workers' Woes—IBTC


Stanbic IBTC Pension Managers, a Pension Fund Administrator (PFA), has blamed the National Pensions Commission (PENCOM) for the non-remittance of contributions to the accounts of some workers.

The News Agency of Nigeria (NAN) reports that workers’ accounts with some Pensions Funds Administrators (PFA) are not being credited as required.

Some workers are complaining that their contributions have not been credited to their retirement savings accounts since the new contributory pension scheme started in 2004.

Others alleged that their accounts were in arrears of up to six months.

An official of IBTC Stanbic Pension Managers, who pleaded anonymity, confirmed to NAN in Lagos that the office had been inundated with series of complaints of non-remittance of workers’ pension contributions.

He said that the problem was not from his company but PENCOM which, he said, was not remitting contributions to the PFAs.

The official said that the problem would only be solved if PENCOM started remitting the workers’ contributions regularly.

“On our part, we always send names and data of our customers, who have complaints to PENCOM.

“But, there is nothing we can do until they forward these contributions to us and when this is done, we ensure we credit our customers’ retirement savings accounts,” the official said.

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A cross section of affected contributors advised Stanbic-IBTC managers to intensify efforts at ensuring that PENCOM fulfilled its obligations to the contributors.

Mr. Dare Olawusi, a contributor, said that his PFA had not credited his account in the last three years while his colleagues’ accounts in other PFAs were being credited regularly.

Mr. Joseph Ojeifor, another contributor, said that he was getting his contributions where he was working before, but “since l joined my new working place, my contributions are not remitted to my account.

“Even, my contributions where l was working before were not brought forward,’’ he said.

Mrs. Fola Oyebo, a civil servant, said that the contributions credited to her account were not at the same level with those of her colleagues.

She said that there were anomalies in the amounts being credited to her and that the money credited to her colleagues was higher than her own.

Oyebo urged the PFAs to protect their customers’ interests, saying that Stanbic IBTC should have followed up the problem with PENCOM.

Mr. Ojo Williams, another contributor, who claimed to be working in a private organisation, said that he was not happy with the way Stanbic IBTC was handling the matter.

Williams said that his organisation had written several letters to the pension fund managers, which they did not act on.

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