The National Pension Commission (PenCom) has taken a significant
step towards modernising Nigeria's pension system with the
launch of the Pension Contribution Remittance System (PCRS). This
innovative platform replaces the manual process of remitting
pension contributions by allowing employers to upload their
employees' pension schedules and make payments online.
The PCRS aims to eliminate paperwork, reduce errors, increase
transparency in pension remittances, and resolve long-standing
issues related to uncredited pension contributions and verification
delays. To achieve this, the PenCom has approved nine (9) Payment
Solution Service Providers (PSSPs) to facilitate seamless pension
payments for employers. These PSSPs will validate employees'
Personal Identification Numbers (PINs) and Pension Fund
Administrators (PFAs) with PenCom's database, before processing
payments.
