PenCom Mandates Data Recapture for RSA Holders to Access Retirement Savings Accounts

Taiwo Ajayi
2 Min Read

The National Pension Commission (PenCom) has issued a directive urging Retirement Savings Account (RSA) holders enrolled in the Contributory Pension Scheme (CPS) on or before July 1, 2019, to participate in the current Data Recapture Exercise (DRE).

This exercise, conducted by Pension Fund Administrators (PFAs), aims to enhance the database of registered pension contributors and retirees.

In 2023, PFAs recaptured 218,953 RSA holders, emphasizing the importance of maintaining accurate and comprehensive data. RSA holders who opened accounts after July 1, 2019, are exempt from recapture.

The Enhanced Contributor Registration System (ECRS), introduced in July 2019, replaces the old Contributor Registration System (CRS) and integrates seamlessly with the National Identity Management Commission’s (NIMC) database. The ECRS addresses previous challenges by capturing biometrics during RSA registrations.

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Mandatory participation in the recapture applies to active employees and retirees who opened their RSAs on or before July 1, 2019. RSA holders with multiple Personal Identification Numbers (PINs) must present all during recapture. Changes in name or Next of Kin (NOK) require completion of the process.

Non-participation has implications, affecting RSA holders’ ability to update records, transfer RSAs, and access retirement benefits or other services from PFAs. Recapture is essential for seamless access to pension services.

Requirements for recapture include possessing a National Identification Number (NIN), presenting valid identification, and, for retirees, providing a Letter of Retirement from the employer.

PFAs issue acknowledgment slips upon complete documentation submission, with status notifications sent within five working days.

PenCom emphasizes the commitment to regulating and supervising the pension industry, ensuring the timely payment of retirement benefits. Eligible RSA holders are urged to promptly approach PFAs for recapture.

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