PenCom Sets June 1 Deadline for Full Compliance with New Pension Remittance System
The National Pension Commission (PenCom) has announced June 1, 2025, as the deadline for employers to fully adopt its newly launched pension remittance system.
The new Pension Contribution Remittance System was unveiled on Thursday to streamline and optimize the remittance of pension contributions into employees’ Retirement Savings Accounts (RSAs).
Developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp), the platform will require all pension contributions to be processed through approved Payment Solution Service Providers (PSSPs). These providers will validate Pension Fund Administrators (PFAs) and Personal Identification Numbers (PINs) to eliminate errors and ensure seamless pension remittances.
PenCom explained that the new system is a response to recurring challenges faced by employers, including errors in contribution schedules and delays in verification. The commission also raised concerns over uncredited pension contributions due to incomplete documentation from employers, which has prevented PFAs from properly crediting employees’ RSAs.
In a recent statement, PenCom stressed the urgency of compliance, warning that the inability to credit employees’ pension accounts could significantly impact their retirement plans.
“By fully automating the pension remittance process, PenCom and PenOp have taken a major step toward strengthening the Contributory Pension Scheme (CPS), ensuring accuracy, efficiency, and transparency in pension contributions,” the commission stated.
The commission also reassured stakeholders that it remains open to approving additional PSSPs that meet specified regulatory standards.
As the Pension Contribution Remittance System takes effect, PenCom urges all employers to comply promptly to maintain the integrity of pension contributions and improve Nigeria’s pension system.
