PenCom Makes BVN Mandatory for RSA Holders Starting February
The National Pension Commission (PenCom) has announced that starting February 1, all Retirement Savings Account (RSA) holders must provide their Bank Verification Numbers (BVN) for registration and data recapture processes. This measure aims to bolster the security and integrity of the pension industry database.
In a circular signed by A.M. Saleem, Head of the Surveillance Department at PenCom, the commission outlined the mandatory requirements for Pension Fund Administrators (PFAs). The directive states:
- BVN Requirement: All PFAs must ensure that RSA registration and data recapture forms include a mandatory field for the 11-digit BVN.
- New RSA Registrations: The BVN must be provided for all new registrations.
- Existing RSA Holders: PFAs must collect and update BVN records for existing RSA holders through the Enhanced Contributor Registration System (ECRS).
The circular emphasized that these steps are essential for improving the accuracy and security of pension records.
In addition to the BVN directive, PenCom has introduced new guidelines to address challenges faced by PFAs in obtaining employment letters from new employees. The revised guideline now allows formal sector employees to register for RSAs using staff identity cards if they cannot provide a Letter of Employment, Letter of First Appointment, or Attestation Letter.
This development is expected to streamline processes for both new and existing RSA holders, ensuring a more efficient and secure pension system.
