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Dangers of having Multiple RSA PINs for a Contributor

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What is the RSA PIN?

The RSA Personal Identification Number is a unique and lifetime personalized alpha-numeric identifier issued to a contributor under the Contributory Pension Scheme (CPS) by the National Pension Commission (PenCom). The PIN starts with PEN and is followed by 12 digits e.g. PENXXXXXXXXXXXX

A contributor is required to have just one RSA Personal Identification Number (PIN). This unique identifier serves as your identity reference in the databases of your PFA and PenCom. Once issued to you, no other person can be issued with the same number.

Therefore, whenever you are engaging with your PFA, this is the number that you should give to them to enable them to pull your data and resolve whatever issue it is that you are trying to resolve.
 
Why you should avoid having Multiple RSA PINs

It is important that you ensure that you do not open an RSA with more than one PFA so that you will not be issued with multiple RSA PINs which is likely to cause problems for you now and in the future.

Perhaps, due to ignorance, some pension contributors open Retirement Savings Accounts with more than one PFA. Erroneously, they are even assigned different PINs! Unfortunately, this is not supposed to be but it happens occasionally. Once this happens, different problems have been created already. Some of these include:

* Possible remittance of pension contributions into different RSAs with different PFAs.

* Reconciliation problem created for the PFAs and the RSA Contributor especially at the point of payment of retirement benefits.

* Delay in payment of retirement benefits especially when the issue is not resolved on time.

* Pension contributions not growing at the same rate because they are resident in different RSAs with different PFAs.

What is the way out?

The way out is simple. A pension contributor should only register with one PFA. This is what is required.

However, where an individual currently has double PINs, there is still a way out.

If you have different RSA PINs with more than one PFA, the general rule is that the PFA that registers and issued you your first RSA PIN is your authentic PFA and such PIN would be your true PIN

However, with the introduction of the Enhanced Contributor Registration System (ECRS) in 2019, the rule has changed. Any PFA that first recaptures your data in the DRE (Data Recapture Exercise) with the RSA PIN you have with them, automatically is your authentic PFA and such PIN is your true PIN.

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The RSA contributor is then required to direct the other PFA(s) to transfer his/her RSA balances with them to the authentic PFA.
 
Going forward, with the Enhanced Contributor Registration System (ECRS) introduced by PenCom, the ugly incidence of having multiple PINs would no more be possible – and this is what the Data Recapture exercise is also about. 
 
Therefore, it is in your best interest to notify your PFA of any other PIN residing with another PFA to transfer whatever contributions you have in their custody to them. They will have to get the approval to do this from the pension regulator by forwarding your request to them.
 
Resolving this early will ensure that all the issues that have been noted above are avoided. This will ensure that all your contributions are consolidated and credited into your true RSA PIN. It will also prevent any reconciliation problems that might ensue in the future when claiming retirement benefits.

In addition, you should also notify your employer and update their records with your true PIN and PFA to prevent them from sending pension contributions into the wrong RSA PIN.


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