PenCom Sets June 1 Deadline for New Remittance System

The National Pension Commission (PenCom) has set June 1 as the deadline for employers to fully adopt its newly launched pension contribution remittance system.

In a statement issued in Abuja on Thursday, PenCom announced that the platform is designed to streamline and enhance the efficiency of remitting pension contributions into employees’ retirement savings accounts (RSAs).

Developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp), the initiative aims to address persistent challenges, including uncredited pension contributions and delays in verification processes by Pension Fund Administrators (PFAs).

The Pension Contribution Remittance System pic.twitter.com/33W8Ygwe5p

— National Pension Commission (PenCom) (@PenComNig) March 27, 2025

PenCom emphasised that the new system will improve transparency, accountability, and compliance in Nigeria’s pension industry, ensuring timely and accurate remittances for employees nationwide.

The commission said that the system incorporates approved Payment Solution Service Providers (PSSPs) to improve efficiency, accuracy, and transparency.

The commission said that the introduction of this system was necessary due to persistent challenges faced by employers, including errors in contribution schedules and delays in verification.

These issues, it said, resulted in uncredited pension contributions, which pose a risk to employees’ retirement savings.

The commission called on employers and contributors to strictly comply with the new remittance framework to prevent further accumulation of funds that are yet to be allocated to employees’ RSAs.

It said the inability of PFAs to credit employees’ accounts due to incorrect or incomplete information has been a major concern, and urgent action is required to rectify the situation.

According to the commission, with the deployment of PSSPs, the remittance process would now involve an automatic validation of PFAs and RSA holders’ identification numbers (PINs) against PenCom’s database.

It said that the measure is expected to eliminate errors that have previously led to delays in crediting pension contributions.

PenCom observed that a major cause of uncredited contributions in the past was incomplete documentation from employers, which prevented PFAs from processing the funds correctly.

The commission said the new system is designed with several key features to ensure smooth operation. It incorporates mechanisms that prevent errors in uploaded remittance schedules, reducing discrepancies between reported contributions and actual payments.

The platform also verifies employee details with PenCom’s database before transactions are processed, significantly cutting down on administrative delays.

Employers now have access to multiple approved PSSPs, allowing them to select providers based on their service preferences, speed, and accessibility.

The approved PSSPs include PAYPEN by Netline Limited, PENCENTRAL by Chamsaccess Limited, PENSPHERE (formerly PAYTHRU) by Pethahiah Rehoboth Int’l Limited, PENREMIT by Cyberspace Limited,

Others are PENSOL by Uniswitch Technology Limited, ENCO by Gemspay Solutions Limited, AWABAH by Awabah Remit Services Limited, PCOSS by Nigeria Inter-bank Settlement Systems Plc, and INTERSWITCH by Interswitch Group.

According to the commission, these platforms support various online payment options, enabling employers to make immediate contributions to their employees’ RSAs.

PenCom assured employers that using the new system would not attract any additional costs; this approach is expected to encourage greater compliance while improving the efficiency of pension remittances.

NAN