The National Pension Commission (PenCom) has said that its digital Pension Industry Shared Services (PISS) initiative has reached advanced stage of implementation.
Director General of PenCom, Omolola Oloworaran, who disclosed this in Lagos during 2024 PenCom conference for Journalists said this initiative will digitize pension contributions and remittances, ensuring seamless processing of contributions and resolving discrepancies caused by incomplete remittance details.
She said as part of measure to further enhance contributors’ experiences, the commission has introduced a revised programme withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage.
She stated that the Commission has achieved a major milestone with the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October.
This initiative according to her replaces the previous manual process, enabling companies to seamlessly apply for and receive PCCs online.
She, however, said that since its deployment, the Commission has issued over 38,000 PCCs, significantly enhancing ease of doing business and ensuring compliance.
She said with transformation in Technology, we have over 10.5 million contributors and total oversee pension assets stood in access of N21.9 trillion as at October, demonstrating the strength of our contributory pension system.
On the other part she said despite the growth of the sector it still faced with a lot of challenges, noting that inflation for instance has continues to erode the purchasing power of pensioners, and the Commission is actively seeking innovative solutions to address this issue.
