Errors
Some of the common errors prevalent in the contributions process are:
- Fictitious NRC & Social Security Numbers (SSNs)
- No full names
- Wrong contribution Period
- Use of Incorrect Ceiling
- Wrong Assessments
- Manual submissions
- Remittance of contributions for persons above age 55
- Missing member/beneficiaries data
Impact of Errors
Among many others, the following are the obvious impact of the errors mentioned earlier on:
- Multiple Social Security Numbers
- Posting of contributions to wrong employees’ accounts
- Underpayments and Penalties
- Reconciliation problems
- Delays in processing and claim settlement
Advised Solution
What you should do from here
Use the following checklist to avoid errors mentioned above
- Confirm that NRC numbers in your payroll system/wages book are correct.
- Check whether ALL your staff have Social Security Numbers by requesting a list of Members Report from NAPSA.
- Request for an Employer Statement so that you can establish whether all your Monthly Returns have been captured.
- Provide Monthly Returns for any unprocessed months.
- Request individual Member Statement for your Staff (for employers) or for yourself (as an individual).
Any employer who defaults on the remittance of contributions or does not abide by the provisions of the NPS Act commits an offence and can be prosecuted in the Courts of Law.