PenOp to begin electronic collection of remittance schedules by January 2015

From left: Chairman Subcommittee on EPCCOS and Managing Director/Chief Executive Officer, UBA Pension Fund Custodian, Bayo Yusuf;  PenOp Executive Secretary, Susan Oranye; Head Manager Business Process Outsourcing/ Portal Management Nigerian Inter- Bank Settlement System (NIBSS), Samuel Oluyemi and Portal Manager NIBSS, Prosper Ofualagba, at the ongoing two- day retreat for National Association of Pension and insurance Journalists organised by PenOp today in Lagos.

Chuks Udo Okonta

·         Eliminates employers’ burden of multiple schedule generation

Officers of the Pension Fund Operators Association of Nigeria (PenOp) today said they will begin the collection of pension schedules from employers by January 2015, through a platform known as Electronic Pension Contribution Collection System (EPCCOS), which is presently being tested with 500 selected organisations that have embraced the Contributory Pension Scheme (CPS).

The Chairman Subcommittee on EPCCOS and Managing Director/Chief Executive Officer, UBA Pension Fund Custodian, Bayo Yusuf, disclosed this during a two-day retreat for National Association of Pension and insurance Journalists organised by PenOp in Lagos.

He noted that the platform is free and will enable employers to comply with the scheme without any difficulty.

He said the initiative is an industry platform developed to drive seamless pension contribution remittances and schedules collection, adding that the system will bring about seamless remittances; minimize reconciliation issues; timely crediting of employee’s RSA and Straight Through Processing (STP).

He said with the system, employers have to upload contribution schedules prior to payment; and that the platform will generates unique reference number and amount payable based on schedule uploaded; the platform will also validate employer code and PIN digits for correctness and make payment using any of the employer’s e-banking facilities.

Yusuf said PFCs, are to download schedule uploaded by employers; validate payment with schedule uploaded; generate reports and ensure usage of Platform by employers.

On the roles of PFAs, in the new system, he said they are to download schedule uploaded by employers; validate payment with schedule uploaded; generate reports and ensure usage of Platform by employers.

He said the National Pension Commission (PenCom) is to download schedule

uploaded by employers; generate reports and regulate and ensure standards are
followed.

He noted that the Nigerian Inter-Bank Settlement System (NIBSS), which is the platform developer and host, would ensure complaint management and security of data.

Yusuf maintained that the platform will eliminate employers’ burden of multiple schedule generation; ensures timely crediting of employees Retirement Savings Account (RSA); minimal contribution reconciliation issues and a self-service platform

He said the portal can be accessed through https://apps.nibss-plc.com.ng/EPCCOS

PenOp Executive Secretary, Susan Oranye, the initiative is one of the several steps the operators have evolved to strengthen the scheme, adding that the Pension Reform Act 2014 has really expanded the frontier of the scheme, hence the operators will continue to work assiduously to meet set objectives.