The Pension Fund Operators Association of Nigeria (PenOp) held a media parlay on July 31st, 2019, at their Secretariat in Lekki phase 1, Lagos. During the Q & A session, they stressed the urgency of employed Nigerians with Retirement Savings Accounts (RSA) to complete their data recapture with their Pension Fund Administrators (PFA).
Why the need for data recapture?
Prior to the media parlay, PFAs around the country had been sending SMS notices to RSA holders asking them to visit their offices for the data recapture. This was on the order of the National Pension Commission (PENCOM). The SMS messages confused many Nigerians who had already completed the process before. When asked about it, PenOp's Head of Communication, Mr. Wale Odutola (MD, ARM Pensions) said the recapture exercise was meant to resolve the issue of RSA holders with multiple pin numbers.
How multiple RSA pin numbers can impact you
RSA pin numbers are supposed to be a unique identifier with one for every account holder. There is a risk of you losing out on your pension payments due to the existence of multiple pin numbers among the estimated 9 million RSA holders in the formal sector in Nigeria. Loopholes in the prior data capture exercise likely led to this situation.
Solution: Combining NIN and BVN
It's been decided that a combination of the National Identification Number (NIN) and Bank Verification Number (BVN) be used in the recapture exercise. This double layer of authentication is meant to close the prior data loopholes.
Pictured from left to right: Wale Odutola - Head, Branding & Communications (MD, ARM Pensions), Bayo Yusuf - Treasurer (MD, UBA Pension Fund Custodians), Ronke Adedeji - President (MD, Leadway Pensure PFA), Dapo Akisanya - Head, Technical Committee (MD, Axamansard PFA), Akeeb Akinola - Vice President (MD, Shell CPFA).
Visit your PFA to complete the recapture exercise. If you don't have a NIN, PFAs are also assisting with registration. You can also visit the National Identity Management Commission (NIMC) at www.nimc.gov.ng