Are you planning to travel out of the country any time soon? Or are you an RSA holder who has been finding it difficult to do the Data Recapture Exercise with your PFA? Then this note is for you.
Caveat: This piece is intended for those who had opened an RSA before July 2019 and has not been recaptured in the Data Recapture Exercise.
Under the new PenCom regulations and guidelines, no RSA holder will be able to process any form of retirement benefits (temporary or permanent) without having done the Data Recapture Exercise aka DRE.
The DRE is based upon an Enhanced Contributors Registration System (ECRS) that also integrates with the NIMC database, thereby providing a robust and authentic user database for the pension industry.
All new RSA holders who registered from July 2019 have already been enrolled using the ECRS therefore the DRE is not for them.
Why it might be Difficult to Do the DRE from Abroad?
As with most other aspect of the Nigerian public sector, doing the DRE entirely online should not ordinarily be a problem.
However, it is better to avoid any such thing that could delay the processing of your benefits payment, therefore it is advised that you do the DRE before relocating.
This will enable you to:
1. Provide all the necessary documents and information needed, especially when your physical presence is required.
2. Also secure any missing documents that you could get while still around as supposed to when you are already out of the country e.g. Payslip, letter of employment or retirement, etc.
What are the new developments in the DRE space?
Recently, the National Pension Commission (PenCom) has been at the forefront of advocating for DRE to be done by RSA holders.
PenCom has also mandated all PFAs to take the exercise even more seriously as RSA holders have been complaining lately of PFAs inability or very slow response to DRE.
To aid the process, however, PenCom, has appointed 2 DRE agents to help scale the the exercise at a much faster rate. These agents are Payone Solution Systems Limited and Afritech Multi-Concept Limited.
The agents will register all RSA holders from all PFAs so that RSA holders who are unable to visit their PFA can do the recapture with these agents at their various outlets.
While this is a very welcome development, we want to urge PenCom to add more agents to the list as only 2 agents will not be sufficient.
In addition, we also want to implore the PFAs to put in more efforts towards achieving a near 100% DRE benchmark by the end of 2022. This is achievable.