New pension collection system to come up January

The Pension Fund Operators Association of Nigeria, PenOp, says it is set to launch its Electronic Pension Contribution Collection system, EPCOS, from 1st of January 2015 which is aimed at making remittances to the Contributory Pension Scheme, CPS, seamless.
Accordingly the platform will enable employers in the contributory pension scheme monitor their contribution as well as make it possible for defaulters to be sanctioned according to the Pension Reform Act 2014.
Managing Director of UBA Pensions Custodian, Mr. Bayo Yusuf stated this at a two day workshop organized for Insurance correspondents in Lagos.
According to Yusuf the EPCOS is a platform that will make compliance to the Contributory Pension Scheme, CPS, easy and seamless for employers in the country.
He said that the EPCOS which is hosted by the Nigerian Interbank settlement System, NIBSS, does not require an employer to have e-banking before connecting to the platform.
According to him, employers will not pay any money to log on to the platform because it is absolutely free and PenOp came up with the initiative to encourage employers to comply to the CPS.
Yusuf said that the process is as easy as opening a yahoo account and it is not a complicated process.
Recall that the Pension Reform Act 2014 made it mandatory for employers of three and and above employees to open Retirement Savings Accounts, RSAs, for their employees.
Although a lot of employers see pension remittances as a drain on their pockets, PenOp says that the EPCOS is an initiative to make it easy for employers to comply to the CPS.