The National Pension Commission had introduced the Enhanced Contributor Registration System (ECRS) to achieve harmonized information of all Retirement Savings Account (RSA) holders under the Contributory Pension Scheme (CPS).
The new system is an electronic platform for the submission of requests by Pension Fund Administrators (PFAs) for the registration of contributors and issuance of Personal Identification Numbers (PINs).
Consequently, the Commission mandated PFAs to transit from the use of the existing Contributor Registration System (CRS) to the ECRS which it says provides a more dynamic and friendly user Interface and fully addresses the issues identified with the CRS.
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Benefits Of Deploying ECRS
The new registration according to the commission will enable;
i) Registration of Micro Pension Plan Participants and Cross Border individuals living in Nigeria wishing to participate in the CPS).
ii) Electronic submission of employer code requests by PFAs or employers and the full automation of the process of issuing employer codes
iii) Maintenance of a robust contributor database updates and edit contributors information by the PFAs.
The PenCom, however, noted that the deployment of the ECRS is a major step towards the introduction of the transfer window, which will enable contributors change to the PFAs of their choice, in line with Section 13 of the Pension Reform Act (PRA) 2014.