PenCom Sets June 1 Deadline for Employers to Adopt New Pension Remittance System
The National Pension Commission (PenCom) has mandated employers to fully implement a new pension remittance system by June 1.
Announcing the launch of the pension contribution remittance platform, PenCom stated that the system aims to streamline contributions into employees’ Retirement Savings Accounts (RSAs). Developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp), the initiative seeks to resolve issues related to uncredited pension funds and verification delays.
The new system integrates approved Payment Solution Service Providers (PSSPs) to enhance efficiency and accuracy. It includes automatic validation of PFAs and RSA holders’ PINs against PenCom’s database to prevent errors in contribution schedules.
PenCom emphasized that incomplete employer documentation has been a major cause of uncredited contributions, and the new system is designed to eliminate such discrepancies. Employers can choose from multiple PSSPs, including PAYPEN, PENCENTRAL, PENSPHERE, PENREMIT, and others, to facilitate seamless online payments.
The commission assured that the adoption of this system would not incur extra costs, encouraging compliance and improving pension remittance efficiency.
