The National Pension Commission (PenCom) says it certified a total of 2,146 companies to bid for Federal Government contracts this year after they provided evidence of compliance with provisions of the Pension Reform Act 2004.Nigeria’s National Mirror newspaper said in a report on Friday that the noted that the development was good as only 1,163 employers were issued the compliance certificate by PenCom in 2013, while 852 and 559 firms were issued the certificates in 2011 and 2012 respectively.
The report said that PenCom had been publishing the list of companies issued certificates of compliance with the Pension Act in compliance with Section 16 (6) (d) of the Public Procurement Act 2007 since 2011.
Although compliance certificates are issued only to organisations seeking to bid for Federal Government contracts, PenCom says it believes that if efforts are made to ensure compliance with this provision of the law, more employers would definitely be obeying the pension law in the country.
It explained that compliance with the Pension Act, at minimum; include ensuring that all employees open Retirement Savings Accounts (RSAs), with the Pension Fund Administrator of their choice; remitting both employer and employee pension contributions to the appropriate Pension Fund Custodian not later than seven days from the date of payment of salaries.
“In accordance with this requirement that all organisations wishing to bid for any contract with the Federal Government MDAs must provide evidence of implementing the Contributory Pension Scheme, PenCom added, saying it has constantly been updating the list of organisations that have been issued compliance certificates,;; the report added.
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