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.
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