The National Pension Commission, PenCom, has introduced a new automated platform aimed at improving the accuracy, efficiency, and transparency of pension contributions into employees’ Retirement Savings Accounts.
Developed in collaboration with the Pension Operators’ Association of Nigeria, PenOp, the system is designed to address longstanding challenges, including uncredited contributions and verification delays.
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Under the new arrangement, all pension remittances must be made through approved Payment Solution Service Providers, PSSPs, which will validate employees’ identification details against PenCom’s database before processing payments. The move is intended to ensure pension contributions are accurately credited and reduce administrative hurdles.
PenCom has stressed the need for strict compliance, saying full automation will help eliminate errors in contribution schedules and enhance the reliability of the Contributory Pension Scheme.
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