Speaking in Abuja at an employers’ forum, Head, Compliance, Trustfund pensions, Christopher Fakanlu said the rising cases of uncredited accounts is worrisome.
“So, if the contribution of an employee is made without an adequate schedule on who and who the contribution is for and the account the money should be credited to, the PFAs will not be able to credit the contribution. He stated: “We have brought the employers here so that we can jointly address the problem for us to be able to process the money when we receive it and continue to create value for the owners of the fund on a daily basis.”
He emphasised that employees suffer late remittance or lack of it saying, it was because there will not be money to invest on his or her behalf. So, when there is no credit, it means the fund is seated in an account called ‘contribution reconciliation account’ which is not invested, thereby depriving employees’ sizable income.
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