PenCom issues June 1 deadline for employers to adopt new pension remittance system

The National Pension Commission (PenCom) has introduced a new pension contribution remittance system to enhance transparency and efficiency.

In a statement on Thursday, PenCom said the system was developed in collaboration with approved payment solution service providers (PSSPs).

The commission also set a deadline for all employers to migrate to the platform by June 1, 2025.

“This initiative aims to streamline the process of remitting pension contributions into employees’ retirement savings accounts (RSAs) by enhancing accuracy, efficiency, and transparency,” the statement reads.

PenCom said the key features of the remittance system include preventing errors, seamless validation, convenient access, and ease of payment.

“The system ensures that pension remittance schedules uploaded by employers are accurate, minimising discrepancies in contributions,” the commision said.

PenCom also explained that the system would ensure seamless validation, as employees’ personal identification numbers (PINs) and pension fund administrators (PFAs) are verified with PenCom before remittances are processed.

The commission also said the platform offers convenient access, noting that employers can choose from multiple PSSPs to facilitate their pension contribution remittances.

Additionally, it said the PSSPs’ remittance platforms have various gateways for instant online payments, stressing that the service is free and comes at no cost to employers.

PenCom said to ensure timely and accurate remittance of pension contributions for their employees, employers are required to promptly adopt any of the approved payment solution service providers, as the new remittance process has already commenced.

The approved providers, according to the agency, are PayPen by Netline Limited, PenCentral by Chamsaccess Limited, PenSphere (formerly PayThru) by Pethahiah Rehoboth Int’I Limited, and PenRemit by Cyberspace Limited.

Others include PenSol by Uniswitch Technology Limited, PenCo by Gerspay Solutons Limited, Awabah by Awabah Remit Services Limited, and EPCOSS by Nigeria Inter-bank Settlement Systems Plc.