Use Of National Identity Number For RSAs Now Mandatory – Pencom

The National Pension Commission (PenCom) has said that it is mandatory for all Retirement Savings Account (RSA) holders to provide their National Identity Number (NIN) and Bank Verification Number (BVN) to the commission’s fund administrators.

PenCom, in a circular signed by the management, said the new development involves both active and retired RSA holders and conforms with the policy of the federal government of Nigeria.

“To enable the pension industry comply, the National Pension Commission has directed all Pension Fund Administrators (PFAs) to update the records of their clients,” PenCom stated.

The circular read, “The federal government has made it mandatory that every Nigerian must have their National Identification Number (NIN).

“To achieve this, all date generating organization have been directed to harmonise their database with the National Identity Management Commission, MIMC, whose mandate is to implement the National Identity System in Nigeria.

“To enable the PenCom industry comply, the National Pension Commission has directed all Pension Fund Administrator, PFAs, to update the records of their clients.

“Consequently, all account Retirement Savings Account Holders, both active and retired, are however advised to approach their PFAs to provide their NINs and Bank Verification Number, as well as other mandatory Biodata information.”