PENCOM LAUNCHES AUTOMATED PENSION REMITTANCE SYSTEM, APPROVES 9 PAYMENT PROVIDERS
GREATRIBUNTVNEWS-National Pension Commission (PenCom) has unveiled its new Pension Contribution Remittance System, a digital platform designed to optimize pension remittances into employees’ Retirement Savings Accounts (RSAs) .
This move aims to address common challenges faced by employers, including errors in contribution schedules and verification delays.
The new system requires employers to channel pension contributions through approved Payment Solution Service Providers (PSSPs), who will validate employee information and PFAs with PenCom’s database to eliminate errors .
Nine PSSPs have been authorized to facilitate seamless pension payments, including:
– *Paypen* by Netline Limited
– *Pencentral* by Chamsaccess Limited
– *Pensphere* 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
– *Interswitch* by Interswitch Group
Employers can select any of these providers to facilitate their pension remittance processes, ensuring faster and more efficient transactions .
The new system is expected to streamline pension administration, making it easier for businesses to meet their pension obligations while ensuring employees’ funds are properly allocated .
