See more as PenCom makes changes in retirement benefits

• PenCom has granted Pension Funds Administrators afloat authorization to process and o.k. status benefits
• The caller rules destruct the request for anterior support from PenCom erstwhile workers request to entree status benefits
• Also, 8 Payment Service Providers (PSPs) person been approved to facilitate seamless pension disbursements

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The National Pension Commission (PenCom) has introduced reforms to the medication of status benefits nether the Contributory Pension Scheme (CPS).

In a circular released, PenCom grants Pension Fund Administrators (PFAs) greater autonomy successful processing payments.

Workers tin present person entree to their status benefits Photo credit: James Marshall
Source: Getty Images

Additionally, PenCom has named 8 approved Payment Service Providers (PSPs) to facilitate seamless disbursement of pension benefits crossed Nigeria.

Under the caller regulations, which instrumentality effect from June 1, 2025, PFAs volition nary longer necessitate anterior support from PenCom earlier processing assorted payment applications.

This alteration is expected to marque payments seamless and heighten work transportation for retirees and contributors.

Key changes successful status benefits administration

• PFAs volition independently process and o.k. applications for status benefits, including programmed withdrawals, annuities, and voluntary contributions.
• Benefit applications indispensable beryllium processed wrong 2 moving days aft the completion of required documentation.
• Pension Fund Custodians (PFCs) indispensable recognition beneficiaries' accounts wrong 24 hours of receiving outgo instructions from PFAs.
• PenCom volition inactive o.k. depleted RSA requests and decease benefits successful enactment with the Pension Reform Act (PRA) 2014.

PenCom approves caller PSSPs

The National Pension Commission (PenCom) has besides approved 9 Payment Solution Service Providers (PSSPs), including Interswitch, Awabah, and Pencentral, to streamline pension publication remittances successful Nigeria.

As portion of its modulation to an online Pension Contribution Remittance System (PCRS), PenCom is phasing retired manual remittance processes.

According to an update connected its website, the caller strategy volition alteration employers to upload pension schedules and marque payments online.

PenCom assured that the work is escaped of complaint for employers and is aimed astatine improving transparency, efficiency, and accountability successful pension administration.

Approved outgo providers

To marque it easier for businesses to fulfill their pension obligations portion ensuring employees’ contributions are accurately allocated, the committee has authorized 9 PSSPs under the caller system:

• Paypen by Netline Limited
• Pencentral by Chamsaccess Limited
• Pensphere (formerly Paythru) by Pethahiah Rehoboth Int’l Limited
• Penremit by Cyberspace Limited
• Pensol by Uniswitch Technology Limited
• Penco by Gemspay Solutions Limited
• Awabah by Awabah Remit Services Limited
• Epcoss by Nigeria Inter-bank Settlement Systems Plc
• Interswitch by Interswitch Group

PenCom lists caller requirements for status savings accounts

Earlier, Legit.ng reported that PenCom has present mandated the inclusion of the proviso of Bank Verification Numbers (BVN) for status savings accounts.

The acquisition is directed astatine redeeming accounts of workers of some the authorities and backstage companies.

There is besides a caller acquisition connected the documentation requirements for status savings relationship registration.

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Source: Legit.ng