•Enforcement starts Feb 1
By Henry Uche
The National Pension Commission (PenCom) has issued a new directive mandating the provision of the Bank Verification Number (BVN) for Retirement Savings Account (RSA) registration and data recapture, effective February 1, 2025.
The directive was contained in a circular dated January 9, 2025, and signed by A.M. Saleem, Head of the Surveillance Department.
The circular requires all Pension Fund Administrators (PFAs) to ensure the mandatory inclusion of the 11-digit BVN during RSA registration and data recapture processes. This measure applies to both new RSA registrations and the update of existing records.
Key requirements of the directive include “ BVN Validation: PFAs must ensure that the BVN provided for RSA Registration and Data Recapture is 11 digits.
“RSA Registration: BVN must be provided for all new RSA Registrations. PFAs must indicate that the BVN Field on their RSA Registration Forms is Mandatory.
“Data Recapture: PFAs must obtain the BVN of RSA holders at the point of their Data Recapture. Consequently, PFAs must indicate the BVN Field on their Data Recapture Forms is Mandatory.
“Existing Records of RSA Registration and Data Recapture on the Enhanced Contributor Registration System (ECRS): Provision will be made by the Commission for PFAs to update the BVN records of existing RSA holders already on the ECRS, where they have not been provided, prior to the implementation of this Circular
“This Circular supersedes the provisions of Sections 2.2.1 (15) and 5.3.6 (16) of the Revised Guideline on Retirement Savings Account Registration (2024),”
PenCom has urged PFAs to comply promptly with these new requirements and directed all inquiries related to the circular to the National Databank Management Department.
In a related development, Pencom stepped forward and revised the RSA Registration Documents to ease the RSA registration process. This was following numerous complaints from Pension Fund Administrators (PFAs) regarding challenges in obtaining Letters of Employment from new employees.
In a document addressed to all Licensed Pension Fund Administrators subject: Circular On The Revised Documentation For Retirement Savings Account (RSA) Registration, the Commission said in line with the amendments to the documentation requirements from RSA holders for the Data Recapture Exercise, it has also revised the requirements from employees for RSA registration to reflect the changes.
It added that the revised documentation requirements are only applicable to the Formal Sector Employees. It noted that, “Documentation requirements specified in Section 4.1 2 of the Revised Guideline on Retirement Savings Account Registration of 2024 have been amended as follows: PFAs shall also obtain the following documents for the registration of formal sector employees:
“Letter of Employment or Letter of Appointment (in the case of employees of the Private Sector and Public Sector SeffFunded Agencies) or Staff identity Card, Letter of First Appointment or Attestation Letter (in the case of employees of the Public Sector Treasury-Funded Agencies and Police Personnel, respectively. or Staff Identity Card Page 1 of 2 Confidential.”
Pencom added, “Any of the following means of identification where a Letter of Employment is provided in 4.1.2 (i) and 4.1.2 (ii) above: Staff Identity Card; or National Driver’s License: or b) Permanent Voter’s Card (PVC); or c) International Passport. However, where a Staff identity Card is provided in Sections 4.1.2 (i) or 4.1.2 (ii) above, Section 4.1.2 (iii) of this Circular becomes inapplicable.
“National Identity Card or Enrolment Slip issued by the National Identity Management Commission (NIMC), indicating the National Identification Number (NIN). Other additional documentation as may be deemed necessary by the PFA.
“Other additional documentation as may be specified by the Commission from time to ome. This Circular supersedes the provisions of Sections 4.1.2 of the Revised Guideline on Retirement Savings Account Registration.
“This Circular takes immediate effect. All enquiries regarding this Circular should be directed to the National Databank Management Department” it directed.
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