Increasing failures by employers to remit pension funds deducted from employees is attracting serious concerns from the pension funds management sector.

One of the 19 Pensions Funds Administrators, Trustfund Pensions, at a press conference in Abuja, yesterday, called for more stringent sanctions against employers who default in remitting funds deducted from employers to appropriate Pensions Funds Custodians.

Managing Director of the firm, Uche Ihechere, who presided over the press conference, announced that his firm has achieved a total Assets Under Management (AUM) figure of N1 trillion.

“Within 10 months of the launching of our new strategy, we are pleased to announce that our total Assets Under Management (AUM) have reached the operationally significant figure of N1 trillion,” Ihechere said.

Lamenting the rising cases of non-remittances of pensions by employers after deducting it from employees, Ihechere urged employees to always report such cases so that appropriate sanctions could be meted out to the defaulters.

“The law requires that after deductions have been made by any employer, steps be taken to remit the funds to Pensions Funds Custodians within the stipulated time limit.

“Contributory pensions are by law and once an employer deducts, the law says you must remit.

“Currently remittance is 18 per cent. This is made up of the 10 per cent to be paid by the employees and eight per cent to be paid by the employer. So, after deductions by the employer, it is mandatory that he remits the total of 18 per cent,” he explained.

Ihechere said the achievement of the N1 trillion total assets arose from his firm’s commitment to excellence, unwavering dedication to customers and relentless pursuit of their financial prosperity.

“Reaching this AUM milestone is a testament to our unwavering dedication to delivering outstanding performance and our relentless pursuit of post-retirement wellness for our customers. It reflects not only the efficacy of our robust investment strategies but also the trust and confidence that our customers have reposed in us over the years,” he added.