By Jemimah Wellington, JKNewsMedia Reporter
THE NATIONAL Pension Commission (PenCom) has mandated that all employers adopt its newly launched pension contribution remittance system by June 1, 2025.
This initiative aims to streamline the pension remittance process, ensuring the timely and accurate crediting of employees’ Retirement Savings Accounts (RSAs).
Unveiled on Thursday, the pension contribution remittance system is designed to address persistent issues related to uncredited contributions and verification delays.
Developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp), the platform integrates Payment Solution Service Providers (PSSPs) to improve efficiency, accuracy, and transparency in pension fund management.
PenCom highlighted that employers have historically faced challenges such as errors in contribution schedules and verification delays, leading to uncredited contributions that jeopardise employees’ retirement savings.
The new system automates the validation of Pension Fund Administrators (PFAs) and RSA holders’ Personal Identification Numbers (PINs) against PenCom’s database, minimising these errors and ensuring prompt processing.
The commission has called on employers and contributors to adhere strictly to the new framework to prevent further accumulation of unallocated pension funds.
It noted that incomplete or incorrect employer documentation has been a key factor in past remittance failures, underscoring the need for accuracy in submitted records.
To enhance operational efficiency, the system incorporates features that automatically detect and correct discrepancies in uploaded remittance schedules before processing.
Additionally, it verifies employee details with PenCom’s database in real time, significantly reducing administrative delays.
Employers can now choose from multiple PenCom-approved PSSPs based on their service preferences, accessibility, and transaction speed.
The approved platforms include:
▪️PAYPEN by Netline Limited
▪️PENCENTRAL by Chamsaccess Limited
▪️PENSPHERE (formerly PAYTHRU) by Pethahiah Rehoboth Int’l Limited
▪️PENREMIT by Cyberspace Limited
▪️PENSOL by Uniswitch Technology Limited
▪️ENCO by Gemspay Solutions Limited
▪️AWABAH by Awabah Remit Services Limited
▪️PCOSS by Nigeria Inter-bank Settlement Systems Plc
▪️INTERSWITCH by Interswitch Group
These platforms support various online payment options, allowing employers to make immediate contributions directly into employees’ RSAs without additional costs.
PenCom assured employers that the adoption of this system would encourage compliance and enhance pension remittance efficiency across the board.
With the June 1 deadline approaching, employers must transition to the new system promptly to avoid potential compliance issues.
PenCom has urged all stakeholders to take necessary steps to familiarise themselves with the platform and ensure seamless integration into their payroll processes.
The commission reaffirmed its commitment to ensuring that Nigeria’s pension administration system remains robust, transparent, and beneficial to all employees under the Contributory Pension Scheme (CPS).
