PenCom Mandates PFAs To Deploy New Registration System

The National Pension Commission (PenCom) has mandated all Pension Fund Administrator (PFAs) to transit from the use of the existing Contributor Registration System, CRS, to an Enhanced Contributor Registration System (ECRS).

The new system which went live on June 24, 2019, is in line with the commission’s efforts towards achieving harmonized information of all Retirement Savings Account (RSA) holders under the Contributory Pension Scheme (CPS).

According to a circular on its website by the head, surveillance department, Ehimeme Ohioma to all PFAs, PenCom noted that one of the benefits of the newly deployed system is to reconcile information of some pension contributors that may have registered with more than one pension fund administrator (PFAs).

“Having successfully completed the pilot test, we wish to inform all operators that ECRS is now ready for full deployment,” the letter read.

The circular further stated that new system which involves both active and retired RSA holders consist of six major functions: contributor registration to generate unique pin, recapture for existing contributors.

Other functions include bio-data update; update of signature and picture, where applicable; temporary pin for employer initiated registration and Retirement Savings Account (RSA) verification service.

PenCom however, advised RSA holders to approach their PFAs to provide their Bank Verification Numbers (BVNs), NIN as well as other needed biodata.