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Understanding The RSA Personal Identification Number (PIN)

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 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 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 contributor especially at the point of payment of retirement benefits.

* Possible 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 who registers and issued you the first PIN before the other(s) automatically is your true PFA and such PIN is your true PIN.
 
Going forward, with the Enhanced Contributor Registration System (ECRS) introduced by PenCom, the ugly incidence of having multible PINs would no more be possible – and this is what the Data Recapture exercise is also about. Interestingly, it you have updated your data via the Data Recapture exercise with any of your PFA, it is likely that such PFA would eventually become your true PFA.
 
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 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 sending pension contributions into the wrong RSA PIN.

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