The National Pension Commission (PenCom) has approved Remita and eTranzact as Payment Solution Service Providers (PSSPs) for pension contribution remittances, expanding the list of authorised platforms to 11.
PSSPs are firms licensed to facilitate the transfer of pension contributions from employers into employees’ Retirement Savings Accounts (RSAs).
The approval is part of PenCom’s Pension Contribution Remittance System, launched earlier this year to improve efficiency, accuracy, and transparency in pension payments nationwide.
Approved Providers
Other licensed PSSPs include Paypen, Pencentral, Pensphere, Penremit, Pensol, Penco, Awabah, Epcoss (NIBSS), and Interswitch.
Employers Must Comply
PenCom reiterated that all employers are required to adopt any of the approved platforms to comply with the new remittance process.
“To ensure timely and accurate pension remittances, employers must promptly adopt any approved PSSP as the new system takes effect in June 2025,” the commission said.
What You Should Know
Last month, PenCom issued an addendum easing capital requirement reforms for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs). Key changes include allowing the Statutory Reserve Fund (SRF) to count as shareholders’ funds and adjustments to asset calculations for surcharge purposes, moves expected to ease capital pressure on mid-sized and smaller operators.
