The Nationwide Pension Fee (PenCom) has issued a directive mandating the supply of Bank Verification Numbers (BVN) for all Retirement Financial savings Account (RSA) registrations and information recapture processes.
Based on a round dated January 9, 2025, and launched on Thursday, this directive is geared toward enhancing the safety and integrity of the pension business database. The regulation will come into impact on February 1, 2025.
The Head of the Surveillance Division, A.M. Saleem, signed the round.
The round learn, “The Nationwide Pension Fee (PenCom) hereby directs that every one Pension Fund Directors (PFAs) should require the necessary provision of the Bank Verification Quantity (BVN) from people/RSA holders in processing their requests for RSA Registration or Information Recapture, as relevant.
“This directive goals to reinforce the safety and integrity of the pension business database.”
Key necessities of the directive
Based on the round, all licensed Pension Fund Directors (PFAs) are required to make sure strict compliance with the next:
- BVN validation: PFAs should validate that the BVN supplied for RSA registrations and information recapture processes comprises the proper 11 digits.
- RSA registration: All new RSA registrations should embrace the BVN of the person. PFAs are additional directed to point that the BVN subject on RSA registration kinds is necessary for profitable processing.
- Information recapture: Current RSA holders should present their BVN throughout the information recapture course of. PFAs are required to replace their kinds to obviously point out the necessary BVN subject.
Provision for current data
For people whose BVN particulars aren’t at present accessible on the Enhanced Contributor Registration System (ECRS), PenCom has assured that provisions shall be made for PFAs to replace these data previous to the implementation of the round.
This measure goals to make sure a easy transition to the brand new necessities.
The round explicitly states that it supersedes sure provisions of the Revised Guideline on Retirement Financial savings Account Registration (2024), particularly Sections 2.2.1 (15) and 5.3.6 (16). This transfer highlights PenCom’s dedication to modernising its processes and bolstering safety throughout the pension system.
This initiative is a part of PenCom’s broader effort to enhance the safety and integrity of the pension business database. By mandating the inclusion of BVNs, the Fee goals to cut back the dangers related to identification fraud, streamline RSA administration, and guarantee higher alignment with Nigeria’s monetary system laws.
Revised documentation necessities for RSA registration
In a distinct round additionally signed by A.M Saleem, Head of the Surveillance Division, PenCom has revised its documentation necessities for Retirement Financial savings Account (RSA) registration to simplify the method for formal sector staff.
This modification, outlined in a round dated January 8, 2025, addresses challenges confronted by Pension Fund Directors (PFAs) in acquiring Letters of Employment from new staff.
The up to date necessities align with amendments launched throughout the Information Recapture Train and are geared toward easing the burden on RSA holders and directors. PenCom emphasised that these revised tips take quick impact, superseding the provisions of Part 4.1.2 of the Revised Guideline on Retirement Financial savings Account Registration of 2024.
Underneath the brand new tips, staff within the non-public sector and public sector self-funded companies should present both a Letter of Employment, a Letter of Appointment, or a Workers Identification Card.
For public sector treasury-funded companies and police personnel, a Letter of First Appointment, an Attestation Letter, or a Workers Identification Card is required.
In circumstances the place a Letter of Employment or Appointment is supplied, various technique of identification, similar to a Workers Identification Card, Nationwide Driver’s License, Everlasting Voter’s Card (PVC), or Worldwide Passport, could also be used.
Nevertheless, if a Workers Identification Card is supplied as a part of the first documentation, the necessity for extra identification is waived.
Extra necessities embrace a Nationwide Identification Card or Enrolment Slip issued by the Nationwide Identification Administration Fee (NIMC), indicating the worker’s Nationwide Identification Quantity (NIN).
PenCom has additionally given PFAs the discretion to request different documentation as vital and indicated that additional necessities could also be specified by the Fee sooner or later.
These measures purpose to reinforce flexibility and handle the sensible challenges staff and PFAs encounter throughout the registration course of.
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