By NIyi JACOBS
The National Pension Commission (PenCom) has introduced a new Pension Contribution Remittance System to address the persistent issue of uncredited pension contributions. The platform, developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp), will ensure seamless remittance of pension contributions into employees’ Retirement Savings Accounts (RSAs) while eliminating errors and delays.
Uncredited contributions have long been a concern, often caused by incomplete documentation from employers, making it difficult for Pension Fund Administrators (PFAs) to process payments correctly. To resolve this, PenCom has mandated that, from June 1, 2025, all pension contributions must be processed through approved Payment Solution Service Providers (PSSPs). These providers will verify employee details, including Personal Identification Numbers (PINs) and PFAs, with PenCom’s database before remittances are finalized.
Employers are required to select a PSSP, register on the platform, upload their remittance schedules, and ensure all employee information is correct. Once validated, payments can be made instantly, reducing administrative delays. The system comes at no cost to employers, making compliance easier while ensuring timely and accurate crediting of employees’ RSAs.
Pence has assured that the system will enhance efficiency, transparency, and accountability in pension remittances, reinforcing confidence in the Contributory Pension Scheme
