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Planning for retirement is a lifelong commitment, and maintaining accurate pension records is an essential part of that journey. To ensure that Retirement Savings Account (RSA) holders have complete, accurate, and up-to-date records, the National Pension Commission (PenCom) introduced the Data Recapture Exercise (DRE) for contributors who opened their RSAs before the Enhanced Contributor Registration System (ECRS) was introduced on 1 July 2019.
The Data Recapture Exercise enables eligible contributors to verify and update their biodata such as names, phone numbers, email addresses, dates of birth, employment records, and next-of-kin details. It also incorporates biometric capture and validation with the National Identity Management Commission (NIMC) database through the National Identification Number (NIN), providing a more secure and reliable identity verification process. The exercise also aligns with the Federal Government’s directive for all data-generating agencies to synchronize their records with the NIMC database using the NIN as the unique identifier.
Completing the DRE is more than a regulatory requirement; it is an important step towards safeguarding your retirement benefits and ensuring a smoother pension experience. Key benefits include:
Accurate and validated records help eliminate avoidable delays during the processing of retirement benefits, allowing contributors to access their entitlements promptly and with greater ease.
The exercise ensures that contributor information is complete, consistent, and standardized across the pension industry, thereby enhancing the quality and reliability of pension records.
The integration of NIN verification with biometric validation helps reduce cases of identity duplication or theft, impersonation, and other forms of fraud, providing greater security for contributors’ pension accounts.
Keeping contact information up to date enables Pension Fund Administrators to send important notifications, account statements, service updates, and regulatory communications without interruption.
Reliable contributor data strengthens the overall integrity of the pension industry, enabling better regulatory oversight and improved service delivery
Who Should Complete the Exercise?
The Data Recapture Exercise is mandatory for RSA holders who opened their Retirement Savings Accounts before 1 July 2019 and have not previously completed the exercise.
Eligible contributors can complete the Data Recapture Exercise conveniently online by following the simple steps below. Alternatively, they may visit any VG Pensions office closest to them to complete the process.
Need Help Completing Your Data Recapture?
At VG Pensions, we remain committed to delivering efficient, secure, and customer-focused pension services. Completing your Data Recapture Exercise today helps ensure that your Retirement Savings Account remains accurate, protected, and ready whenever you need to access your pension benefits.
If you require any assistance, our Customer Experience Team is always ready to help. You can reach us on 0201-4638050, visit www.vgpensions.com, or send your enquiries to [email protected]. We are committed to providing the guidance and support you need to complete the Data Recapture Exercise seamlessly. Take a few minutes today to update your records.
