The online Pension Contribution Remittance System
The online Pension Contribution Remittance System (PCRS)
The National Pension Commission announced the introduction of a new online Pension Contribution Remittance System, developed in collaboration with approved Payment Solution Service Providers (PSSPs). The initiative aims to streamline the process of remitting pension contributions into employees’ Retirement Savings Accounts (RSAs) by enhancing efficiency and transparency.
Key Features of the Pension Contribution Remittance System:
- Error Prevention: The system ensures that pension remittance schedules uploaded by employers are accurate, minimising discrepancies in contributions.
- Seamless Validation: Employee Personal Identification Numbers (PINs) and Pension Fund Administrators (PFAs) are verified with PenCom before remittances are processed.
- Convenient Access: Employers can choose from multiple Payment Solution Service Providers to facilitate their pension contribution remittances.
- Ease of Payment: The PSSPs Remittance Platforms have various gateways for instant online payments.
- It is FREE! and comes at no cost to the Employer.
Step-by-Step Guide for Employers:
- Select a Payment Solution Service Provider (PSSP): Approved Providers are listed below:
| Payment Solution Service Providers (PSSP) | Website |
|---|---|
| PAYPEN by Netline Limited | https://paypen.ng/ |
| PENCENTRAL by Chamsaccess Limited | https://pensioncentral.ng |
| PENSPHERE (formerly PAYTHRU) by Pethahiah Rehoboth Int’l Limited | https://pensphere.ng |
| PENREMIT by Cyberspace Limited | https://penremit.ng |
| PENSOL by Uniswitch Technology Limited | https://pensionspayments.com |
| PENCO by Gemspay Solutions Limited | https://gemspaysolution.com |
| AWABAH by Awabah Remit Services Limited | https://www.penpay.com.ng/ |
| EPCOSS by Nigeria Inter-bank Settlement systems Plc | https://epccos.nibssplc.com.ng/EPCCOS/login |
| INTERSWITCH by Interswitch group | https://www.interswitchgroup.com/Pensions |
2. Register on the Selected Platform:
- Visit the website of your chosen PSSP.
- Create an employer profile and provide the necessary details.
3. Upload Employee Remittance Schedule:
- Prepare the pension remittance schedule, ensuring accuracy in employee details such as name and RSA Personal Identification Number (PIN).
- Upload the schedule onto the platform for validation.
4. Validate Employee Information:
- The system will automatically verify employees' PINs and PFAs with PenCom before proceeding with remittance.
- Any discrepancies must be corrected before submission.
5. Make Payment and Confirm Remittance:
- Initiate payment through the platform via the available payment options.
- Obtain confirmation of successful remittance and retain records for compliance purposes.
To ensure timely and accurate remittance of pension contributions for employees, employers are required to promptly adopt any of the approved Payment Solution Service Providers (PSSPs) as the new remittance process has already commenced. Effective from 01 June 2025, pension remittances can only be made through the approved PSSPs.