The National Pension Commission has insisted that the parent companies, subsidiaries and institutional shareholders in a licensed pension fund operator must hold a valid pension clearance certificate.
This was disclosed in a fresh circular from the Commission on Friday, where it clarified that the investors of a PFO were not exempted from its earlier circular barring PFOs from engaging vendors without valid PCCs.
As of May 15, PenCom had issued PCCs to 21,978 employers of labour in Nigeria, cutting across different sectors of the economy.
The PCC certifies that an organisation is fulfilling its pension clearance certificate obligations to its employees, and it enables them to apply for government contracts.
The circular signed by the Head of the Surveillance Department, A.M. Saleem, PenCom, read, “The Parent Companies, Subsidiaries, Holding Companies and Institutional Shareholders of Licensed Pension Fund Operators shall possess valid Pension Clearance Certificates and ensure that every vendor and service provider engaged by them complies with the requirement of the PCC as a precondition for entering into any Service Level or Technical Agreement.”
