Pension Savings: PenCom mandates workers to start physical data capture

The National Pension Commission (PenCom) has commenced the recapturing of retirement savings account holders’ data exercise by Pension Fund Administrators.

The commission in a statement Thursday said the exercise is for both active contributors and retirees whose data have not been recaptured.

The commision had introduced the Data Recapture Exercise (DRE) in August 2019 to facilitate complete, accurate and current data collection of all RSA holders, both active and retired.

The DRE is majorly for contributors that registered before July 2019. This implies that retirement savings contributions that were registered before July 2019 do not have sufficient information.

It said the DRE is in compliance with the directive of the Federal Government that all data generating organizations should harmonise their databases with the National Identity Management Commission (NIMC).

“It is also consistent with the need to have a credible database of all RSA holders in Nigeria,” it said.

“Consequently, all active contributors are hereby advised to visit their PFAs and provide the following documents to complete the data recapture Staff Identity Card or national identity card.

“For retirees, who are either on programmed withdrawal or annuity, they are expected to present national Driver’s License or permanent Voter’s Card, international Passport (mandatory for non-Nigerians), enrollment Slip issued by NIMC, letter of Retirement issued by the employer to the retiree.

“All RSA holders, who have had a name change (either their surnames or first names or both after registration), they should present Marriage Certificate (only applicable in the case of marriage), newspaper publication for change of name, sworn affidavit, confirmation letter for change of name from employer (if still in employment).”

All PFAs have equally been directed by PenCom to issue acknowledgement slips to RSA holders who submit complete documents for their data recapture, the commission said. It added that all RSA holders will be notified of the status of their data recapture (successful or not successful) within five working days of submission of documents.

The commission had earlier approved the engagement of two agents, Payone Solution Systems Limited and Afritech Multi Concept Limited, to carry out the DRE. The agents are authorized to establish data recapture centers.

RSA holders are allowed to have their data recaptured at such centers by the agents if they are unable to visit the offices of their PFAs, the commission said Thursday.

The National Pension Commission (PenCom) has commenced the recapturing of retirement savings account holders’ data exercise by Pension Fund Administrators.

The commission in a statement Thursday said the exercise is for both active contributors and retirees whose data have not been recaptured.

The commision had introduced the Data Recapture Exercise (DRE) in August 2019 to facilitate complete, accurate and current data collection of all RSA holders, both active and retired.

The DRE is majorly for contributors that registered before July 2019. This implies that retirement savings contributions that were registered before July 2019 do not have sufficient information.

It said the DRE is in compliance with the directive of the Federal Government that all data generating organizations should harmonise their databases with the National Identity Management Commission (NIMC).

“It is also consistent with the need to have a credible database of all RSA holders in Nigeria,” it said.

“Consequently, all active contributors are hereby advised to visit their PFAs and provide the following documents to complete the data recapture Staff Identity Card or national identity card.

“For retirees, who are either on programmed withdrawal or annuity, they are expected to present national Driver’s License or permanent Voter’s Card, international Passport (mandatory for non-Nigerians), enrollment Slip issued by NIMC, letter of Retirement issued by the employer to the retiree.

“All RSA holders, who have had a name change (either their surnames or first names or both after registration), they should present Marriage Certificate (only applicable in the case of marriage), newspaper publication for change of name, sworn affidavit, confirmation letter for change of name from employer (if still in employment).”

All PFAs have equally been directed by PenCom to issue acknowledgement slips to RSA holders who submit complete documents for their data recapture, the commission said. It added that all RSA holders will be notified of the status of their data recapture (successful or not successful) within five working days of submission of documents.

The commission had earlier approved the engagement of two agents, Payone Solution Systems Limited and Afritech Multi Concept Limited, to carry out the DRE. The agents are authorized to establish data recapture centers.

RSA holders are allowed to have their data recaptured at such centers by the agents if they are unable to visit the offices of their PFAs, the commission said Thursday.