The National Pension Commission, PenCom, has set June 1, 2025, as deadline for employers to fully adopt a new pension remittance process.
PenCom announced the launch of the pension contribution remittance system, a platform designed to optimise the process of remitting pension contributions into employees’ Retirement Savings Accounts.
According to a statement from the management, in Abuja, the new initiative is to streamline the process of remitting pension contributions into employees’ RSAs.
The initiative, it said, was developed in collaboration with the Pension Operators’ Association of Nigeria, PenOp, aims to resolve long-standing issues related to uncredited pension contributions and verification delays in the accounts of Pension Fund Administrators, PFAs.
PenCom said the system incorporates approved Payment Solution Service Providers in order to improve efficiency, accuracy, and transparency.
The commission noted that the introduction of the 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 therefore 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 stressed that 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, the deployment of PSSPs, the remittance process would now involve an automatic validation of PFAs and RSA holders’ Personal 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.
According to PenCom the platform also verifies employee details with PenCom’s database before transactions are processed, significantly cutting down on administrative delays.
