The National Pensions Regulatory Authority (NPRA) has urged all employees to report employers who fail to pay their Pension contributions.

According to the Chief Executive of the Authority, Hayford Atta Krufi the directive to pay these contributions have been sanctioned by law.

“The provisions of Act 766 of 2008, mandating employers to register and contribute to the Basic Scheme (SSNIT),” he said.

Therefore, any establishment not heeding to that procedure should be ready for persecution.

"At least now, any establishment that is not paying pension contribution as the law mandates them to do, NPRA is coming after you,” he warned.

This comes in the wake of NPRA processing to prosecute 15 employers for failing to settle the Tier 2 pension contribution of its workers after the authority issued final demand notices to 60 defaulting employers as a final reminder to make good their indebtedness or be prosecuted.

According to the NPRA, it has so far recovered ¢6.2 million from defaulting firms since it issued legal action to them July last year, a move it described as encouraging.

Speaking in an interview on PM Express, Mr Krufi advised the citizens to help in the policing of the pension industry as NPRA is doing, to look out for defaulters.

“You out there, if you have any belief or suspicion that my employer is not paying the pension contribution, just walk into the NPRA and then you will the result,” he said.

The NPRA boss revealed that a number of the prosecution the Authority is undertaking came as a result of whistleblowing.

Meanwhile, the NPRA has completed the development of a new 5-year strategic plan to guide its operations from 2022 to 2026.

It will be themed: “A Visible NPRA, Increasing Coverage and Growing Pension Assets for National Development”.

The strategic plan will be focused on five key thematic areas. They are sustaining the credibility of the authority, ensuring market discipline, ensuring market transparency, increasing pension coverage and ensuring the sustainability of the basic social security.

The CEO said these key results areas are expected to help the authority to achieve the overall goal of the 5-year plan of increasing 40% pensions coverage and ¢50 billion assets under management of private pensions and ensuring the sustainability of the Basic National Security Scheme by the end of 2026 for national development.