NIBSS, PENOP partner on electronic pension contribution collection system
THE Nigeria Inter-Bank Settlement System Plc (NIBSS) and the Pension Fund Operators Association of Nigeria (PenOp) have partnered to launch the Electronic Pension Contribution Collection System (EPCCOS).
According to NIBSS, EPCCOS it is an electronic information a repository that provides a uniform method of coordinating pension remittance process and information for the employer, Pension Fund Administrator and Custodian.
The Managing Director/Chief Executive Officer (NIBSS), Ade Shonubi, with the introduction of EPCCO by the PenOp , it is now easy for the employers to remit pension contributions one behalf of their employees.
“What we have done in collaboration with PenOp is to come up with a system, which automates the process so that both the schedules and payments can be tied together so that it would not be that when payment has been made questions will still be asked about who the payment was made for? How can we reconcile the payment, how do we make sure that the pension is going to your account”, he stated.
EPCCOS is intended to eliminate employer’s burden of multiple schedule generation, ensure timely crediting of employees Retirement Savings Account (RSA), minimal contribution reconciliation issues and a self-service platform.
According to the Chairman, Subcommittee on EPCCOS and Managing Director, UBA Pension Fund Custodian, Bayo Yusuf, the platform is free and it will enable employers to comply with the contributory pension scheme without any difficulty.
Also speaking at the launch in Lagos, is the representative of the Chairman of PenOp, Usman Suliman, we realise that for this platform to be seamless, we need to use technology to make it very compliment for the employers to be able to remit with proper schedule so that their account of their beneficiaries will immediately be credited. ‘’
What we hope for is to be able to provide enough publicity and to educate the employers so that they will know about the important and how easy it is, because is a user friendly and very easy to use with no cost”, he stated.
Yusuf, over the years compliant has been a problem. However, the operators under the banner of tenure has been doing a lot in terms of publicity, getting into the media and trying to spread the knowledge and acceptance of the scheme.
He noted we have seen that over the year’s complaint level has been improving and having run the scheme for 10 years without any issue of a single case of fraud or mismanagement, employers and employees are now having more confidence in us.
We have seen the full level of compliant and we will continue as operators under the banner of PenOp as much as possible to bring the knowledge and advantages of this scheme to general public.
The Executive Director Technology and operations, the Inter-Bank Settlement System (NIBSS), Niyi Ajao, the platform developer and host, is saddled with the responsibility of ensuring compliant management and security of data.
EPCCOS also described the system as a contribution system which tracks employees’ monthly pension remittance schedule produced by employers for Pension Fund Administrators (PFAs) and records matching payments to the Custodian accounts of the employees’ PFAs uniquely.
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