The National Pension Commission (PenCom) has announced June 1, 2025, as the deadline for employers to fully transition to its new pension remittance system aimed at improving efficiency, accuracy, and transparency in pension contributions.
The commission, in a statement issued in Abuja, said the initiative was developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp) to address longstanding issues such as uncredited pension contributions and delays in verification by Pension Fund Administrators (PFAs). The new system allows employers to upload pension schedules and make payments online at no additional cost, replacing manual remittance processes.
To facilitate the transition, PenCom has approved nine Payment Solution Service Providers (PSSPs) to process pension remittances. These include Paypen by Netline Limited, Pencentral by Chamsaccess Limited, Pensphere (formerly Paythru) by Pethahiah Rehoboth Int’l Limited, Penremit by Cyberspace Limited, Pensol by Uniswitch Technology Limited, Penco by Gemspay Solutions Limited, Awabah by Awabah Remit Services Limited, Epcoss by Nigeria Inter-bank Settlement Systems Plc, and Interswitch by Interswitch Group.
PenCom explained that employers must select a PSSP from the approved list and register on their chosen provider’s platform. They are required to upload accurate pension schedules, including employee details and Retirement Savings Account (RSA) Personal Identification Numbers (PINs), before payments can be processed. The system automatically verifies PINs and PFAs against PenCom’s database to eliminate errors that previously delayed contributions.
The commission stressed that the initiative is necessary to tackle persistent challenges in the pension system, including inaccurate documentation from employers, which often led to uncredited contributions. It warned that failure to comply with the new framework could result in further accumulation of unallocated pension funds, posing risks to employees’ retirement savings.
With the introduction of PSSPs, PenCom expects a more seamless remittance process, ensuring that employees’ pension contributions are credited promptly and accurately. It urged employers to transition to the new system before the June 2025 deadline to avoid disruptions in pension payments.
