PenCom approves PFA agents for data recapture exercise

The National Pension Commission (PenCom) has approved the request of Pension Fund Administrators (PFAs) to engage agents and enter into partnership for shared services to fast-track on going Data Recapturing Exercise(DRE) in the industry.

The exercise is to ensure that all pension contributors and retirees have their data capture to ensure proper identification and also to enable them utilise transfer window when it is eventually open.

In this vein, the agents in partnership with National Identity Management Commission (NIMC) will be going round to organisations across the country to carry out data recapture exercise for contributors and retirees.

PenCom had introduced the Data Recapture Exercise (DRE) in August 2019 in order to obtain complete, accurate and current data of all RSA holders (both active and retired), so directed PFAs to obtain the relevant information required for the DRE from RSA holders.

The Commission is desirous to ensure that all RSA holders are able to exercise their rights of transferring their RSAs from one PFA to another, in anticipation of the formal launch of the RSA Transfer System during the last quarter of 2020.

According to the Commission, the completion of the DRE is a prerequisite for processing any RSA transfer request by RSA holders who registered before 1 July 2019.

“In order to fast-track the DRE, the Commission approved a proposal of the Pension Operators’ Association of Nigeria (PenOp) for an industry Shared Service Initiative (SSI). Consequently, PenOp has engaged agents to conduct the DRE on behalf of all PFAs. This arrangement will enhance efficiency in carrying out the exercise as it would allow an agent to recapture all RSA holders in the same organization on behalf of all PFAs.”

“In partnership with the National Identity Management Commission (NIMC), the selected agents will have the ability to carry out NIN registrations seamlessly. The Commission hereby appeals to all active RSA holders and retirees to cooperate with the agents that would be visiting their organisations to carry out the DRE. Meanwhile, the Commission remains committed to providing necessary support to the pension industry to ensure the success of the DRE.”