The National Pension Commission (PenCom), on Thursday, launched a new digital platform aimed at automating pension contribution remittances and addressing persistent gaps in the crediting of employees’ Retirement Savings Accounts (RSAs).
The commission said in a statement that the Pension Contribution Remittance System (PCRS), developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp), would enhance transparency, reduce errors and improve compliance within the Contributory Pension Scheme (CPS).
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The new process requires all pension contributions to be routed through approved Payment Solution Service Providers (PSSPs), who will validate employee information before funds are credited.
PenCom said the move was prompted by the growing volume of uncredited pension contributions in the accounts of Pension Fund Administrators (PFAs), often due to incorrect or incomplete employer documentation. These discrepancies, it warned, could jeopardise employees’ retirement benefits if left unresolved.
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The new system integrates directly with PenCom’s database, allowing only compliant remittances with matching RSA Personal Identification Numbers (PINs) and PFA codes to be processed. It also introduces real-time error-checking protocols, reducing the need for back-and-forth correspondence between employers and pension operators.
Employers are expected to register with one of the nine currently approved PSSPs and upload contribution schedules on their chosen platform.
Once validated, contributions can be paid instantly via various online channels. PenCom said that the platform comes at no additional cost to employers.
To guide the transition, the commission has issued a step-by-step manual for employers outlining registration, data submission, and payment confirmation procedures. It has also set 1 June as the deadline for full compliance.
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“From this date, all employers are required to adopt the new process and ensure that their pension contributions are remitted through the PSSPs approved by PenCom,” the statement said.
Established under the Pension Reform Act, the CPS mandates monthly pension contributions from both employers and employees into RSAs managed by licensed PFAs.
However, implementation has often been hampered by inaccurate remittance schedules and delays in fund transfers—issues the new system is designed to correct.
PenCom said it remains open to approving additional PSSPs that meet the required standards and urged all employers to migrate promptly to preserve the integrity of workers’ pension contributions.
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