PenCom Mandates Workers, Retirees To Provide NIN, BVN To PFAs

The National Pension Commission has directed all Pension Fund Administrators (PFAs) to update the records of all retirement savings account (RSA).

This directive was contained in a notice by the PenCom, which added that the RSA’s must undergo a recapture exercise to link their bank verification number (BVN) and national identification number (NIN) to their accounts.

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 According to the pension regulator, the new development is in line with the Federal Government mandate to improve the National Identity System in Nigeria.

 “The federal government of Nigeria has made it mandatory that every Nigerian must have a National Identification Number (NIN).

“To achieve this, all data generating organisations have been directed to harmonize their database with the National Identity Management Commission (NIMC), whose mandate it is to implement the National Identity System in Nigeria.

“To enable the Pension Industry comply, the National Pension Commission has directed all Pension fund administrators to update the records of their clients,” the notice read.

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Recall that the PenCom had mandated all PFAs to transit from the use of the existing Contributor Registration System, CRS, to an Enhanced Contributor Registration System (ECRS).

Following this mandate, the commission advised RSA holders to approach their PFAs to provide their Bank Verification Numbers (BVNs), NIN as well as other needed biodata to enable them access their contributions

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