PenOp urges Nigerians to complete Pension data recapture

What happened

Far left: PenOp Executive Secretary Susan Oranye with members

The Pension Fund Operators Association of Nigeria (PenOp) held a media parlay on July 31st, 2019, at their Secretariat in Lekki phase 1, Lagos. During the Q & A session, they stressed the urgency of employed Nigerians with Retirement Savings Accounts (RSA) to complete their data recapture with their Pension Fund Administrators (PFA).

Why the need for data recapture?

Prior to the media parlay, PFAs around the country had been sending SMS notices to RSA holders asking them to visit their offices for the data recapture. This was on the order of the National Pension Commission (PENCOM). The SMS messages confused many Nigerians who had already completed the process before. When asked about it, PenOp's Head of Communication, Mr. Wale Odutola (MD, ARM Pensions) said the recapture exercise was meant to resolve the issue of RSA holders with multiple pin numbers.

How multiple RSA pin numbers can impact you

RSA pin numbers are supposed to be a unique identifier with one for every account holder. There is a risk of you losing out on your pension payments due to the existence of multiple pin numbers among the estimated 9 million RSA holders in the formal sector in Nigeria. Loopholes in the prior data capture exercise likely led to this situation.

Solution: Combining NIN and BVN

It's been decided that a combination of the National Identification Number (NIN) and Bank Verification Number (BVN) be used in the recapture exercise. This double layer of authentication is meant to close the prior data loopholes.

Pictured from left to right: Wale Odutola - Head, Branding & Communications (MD, ARM Pensions), Bayo Yusuf - Treasurer (MD, UBA Pension Fund Custodians), Ronke Adedeji - President (MD, Leadway Pensure PFA), Dapo Akisanya - Head, Technical Committee (MD, Axamansard PFA), Akeeb Akinola - Vice President (MD, Shell CPFA).

Next steps

Visit your PFA to complete the recapture exercise. If you don't have a NIN, PFAs are also assisting with registration. You can also visit the National Identity Management Commission (NIMC) at www.nimc.gov.ng

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Sonko’s reaction as daughter Sandra Mbuvi goes international

Sonko’s reaction as daughter Sandra Mbuvi goes international

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Eliud Kipchoge's special Sh20,000 earphones he can't live without

Eliud Kipchoge's special Sh20,000 earphones he can't live without

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

Vera imports Baby Diapers from US, Help rebuild Boniface Mwangi's house & other stories on #PulseUhondoMtaani

Vera imports Baby Diapers from US, Help rebuild Boniface Mwangi's house & other stories on #PulseUhondoMtaani

Sh79,000 per month jobs for Kenyans without degrees

Sh79,000 per month jobs for Kenyans without degrees

Davido and Chioma spotted together for the first time since rumoured breakup

Davido and Chioma spotted together for the first time since rumoured breakup

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

Diana Marua in jubilation as she celebrates new milestone [Photo]

Diana Marua in jubilation as she celebrates new milestone [Photo]