The Nationwide Pension Fee (PenCom) has introduced the addition of Remita and eTranzact to its checklist of permitted Fee Answer Service Suppliers (PSSPs) for the remittance of pension contributions.
With the inclusion of the 2 corporations, the full variety of permitted PSSPs now stands at 11, in response to the fee.
Fee Answer Service Suppliers are firms authorised to facilitate the remittance of pension contributions from employers into staff’ Retirement Financial savings Accounts (RSAs).
The initiative operates underneath the Pension Contribution Remittance System, launched earlier this 12 months by PenCom to streamline pension funds. The platform was designed to boost accuracy, effectivity, and transparency within the pension remittance course of.
Current permitted suppliers
The fee listed the opposite permitted PSSPs as:
- Paypen by Netline Restricted
- Pencentral by Chamsaccess Restricted
- Pensphere by Pethahiah Rehoboth Int’l Restricted
- Penremit by Our on-line world Restricted
- Pensol by Uniswitch Expertise Restricted
- Penco by Gemspay Options Restricted
- Awabah by Awabah Remit Companies Restricted
- Epcoss by Nigeria Inter-bank Settlement Programs Plc
- Interswitch by Interswitch Group
Employers mandated to undertake new system
PenCom emphasised that employers should undertake one of many permitted suppliers to make sure compliance with the brand new remittance course of.
“To be able to guarantee well timed and correct remittance of pension contribution for his or her staff, all employers are required to promptly undertake any of the permitted PSSPs as the brand new remittance course of commences in June 2025,” the fee acknowledged.
What it’s best to know
Final month, PenCom issued a new addendum clarifying and easing a few of the capital requirement reforms it launched in September 2025 for Pension Fund Directors (PFAs) and Pension Fund Custodians (PFCs).
- The replace marks a notable coverage shift, particularly with the inclusion of the Statutory Reserve Fund (SRF) as a part of shareholders’ funds and modifications in how belongings underneath administration (AUM) are computed for surcharge functions, each of which might cut back capital strain on PFAs.
- One of many key amendments within the November 12 addendum is the choice to permit PFAs to incorporate their Statutory Reserve Fund (SRF) when calculating shareholders’ funds for capital adequacy functions.
- This is applicable throughout all PFA classes A, B, and C and straight addresses a serious level of rivalry within the unique September 26, 2025, round, which had excluded SRF from qualifying as capital.
This reversal is predicted to ease capital-raising strain, notably for mid-tier and smaller PFAs, a lot of whom had warned that the exclusion of SRF would go away them with restricted buffers regardless of having wholesome reserve balances.
By recognising SRFfunds which are already retained earnings mandated by regulation—as a part of capital, PenCom is successfully softening the preliminary capital shock and giving room for operators to raised align their inner sources with regulatory expectations.
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