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PenCom Approves Pension Industry Shared Service Initiative

The National Pension Commission (PenCom) has approved a proposal of the Pension Fund Operators’ Association of Nigeria (PenOp) for an Industry Shared Service Initiative (SSI).

Consequently, PenOp has engaged agents to conduct the Data Recapture Exercise (DRE) on behalf of all the Pension Fund Administrators (PFAs).

This arrangement, the commission said, will enhance efficiency in carrying out the exercise as it would allow an agent to recapture all Retirement Savings Account (RSA) holders in the same organisation on behalf of all PFAs.

In partnership with the National Identity Management Commission (NIMC), PenCom said, 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,” it pointed out.

PenCom had earlier 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).

Accordingly, PFAs were directed by the commission to obtain the relevant information required for the DRE from RSA holders and the process is on-going. One of the information required for the exercise is the National Identity Number (NIN).

“The commission is desirous of ensuring 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. The Commission therefore wishes to notify all RSA holders that the completion of the DRE is a prerequisite for processing any RSA transfer request by RSA holders who registered before 1 July 2019,” it pointed out.

Source: Leadership

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