New Pension Remittance Platform: PenCom Sets June 1 Deadline For Full Compliance

The National Pension Commission (PenCom) has set June 1, 2025, as the deadline for employers to fully adopt a  new pension remittance process launched Thursday.

PenCom  announced the launching of the pension contribution remittance system, a platform designed to optimise the process of remitting pension contributions into employees’ Retirement Savings Accounts (RSAs).

PenCom said the system was developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp).

From June 1, 2025, all pension contributions must be channeled through approved Payment Solution Service Providers (PSSPs), which will validate Pension Fund Administrators (PFAs) and Personal Identification Numbers (PINs) to eliminate errors.

The pension agency said it has deployed approved payment solution service providers to enhance accuracy, efficiency, and transparency in pension contributions.

The introduction of the remittance system is said to be a response to the challenges frequently encountered by employers, including errors in contribution schedules and verification delays.

PenCom said it identified a challenge of uncredited pension contributions, primarily due to incomplete documentation from employers, which resulted in Pension Fund Administrators (PFAs) being unable to credit the RSAs of affected employees.

In a recent statement, PenCom expressed concerns about the growing pile of uncredited pension contributions in PFAs’ accounts.

The commission called for strict compliance from employers and contributors to address this matter promptly. The inability of PFAs to credit employees’ RSAs could potentially affect their retirement plans. As a result, it is critical to act quickly to correct the situation.

“By completely automating pension remittance processes, PenCom and PenOp have taken significant steps towards creating a more robust Contributory Pension Scheme (CPS) for employers and employees, solving the challenge of uncredited pension contributions in the accounts of PFAs.

“By this development, all employers are to channel all pension contributions through the approved PSSPs, who then validate the PFAs and Personal Identification Numbers (PINs) of the RSA holders with PenCom’s database to eliminate errors, which led to uncredited pension contributions,” the commission stated.

“PenCom remains open to approving additional PSSPs that meet specified criteria in the future. This move demonstrates PenCom’s commitment to continuously improving the CPS and ensuring accessibility for employers across Nigeria.

“As the Pension Contribution Remittance System rolls out, PenCom is optimistic that it will lead to a more transparent, efficient, and error-free process for pension contributions. Employers are encouraged to adopt these changes promptly to ensure compliance and preserve the integrity of their employees’ pension contributions,” the commission stated.