The National Pension Commission (PenCom) has set June 1 as the deadline for employers to fully implement a new pension remittance process. On Thursday, PenCom announced the launch of the Pension Contribution Remittance System, a platform designed to streamline and enhance the remittance of pension contributions into employees’ Retirement Savings Accounts (RSAs).
According to a statement from PenCom’s management in Abuja, the newly launched Pension Contribution Remittance System will enhance efficiency, accuracy, and transparency by integrating approved Payment Solution Service Providers (PSSPs). The commission noted that persistent challenges, such as errors in contribution schedules and delays in verification, have resulted in uncredited pension contributions—posing risks to employees’ retirement savings.
To mitigate these issues, the new system will validate PFAs and Retirement Savings Account (RSA) holders’ Personal Identification Numbers (PINs) against PenCom’s database before processing contributions. This automatic verification is expected to eliminate errors that previously delayed fund allocation.
A key concern has been incomplete documentation from employers, which prevented PFAs from properly crediting employees’ RSAs. The new platform is designed with features that reduce discrepancies between reported contributions and actual payments. Employers will also benefit from multiple approved PSSPs, allowing them to choose providers based on service efficiency, speed, and accessibility.
The approved PSSPs include:
- PAYPEN (Netline Limited)
- PENCENTRAL (Chamsaccess Limited)
- PENSPHERE (formerly PAYTHRU by Pethahiah Rehoboth Int’l Limited)
- PENREMIT (Cyberspace Limited)
- PENSOL (Uniswitch Technology Limited)
- ENCO (Gemspay Solutions Limited)
- AWABAH (Awabah Remit Services Limited)
- PCOSS (Nigeria Inter-bank Settlement Systems Plc)
- INTERSWITCH (Interswitch Group)
These platforms support various online payment options, enabling employers to remit contributions promptly. PenCom reassured employers that adopting the new system would not incur additional costs, encouraging compliance while improving pension remittance efficiency.
The commission urged all employers to adhere to the new framework to prevent further accumulation of uncredited funds and ensure seamless pension contribution processing.
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