National Pension Commission Press Release: Notice to Retirement Savings Account (RSA) Holders on the Mandatory Data Recapture Exercise

Posted on: Tue 20-10-2020

The National Pension Commission (the Commission) introduced the Data Recapture Exercise (DRE) in August 2019 in order to obtain complete, accurate and current data of all RSA holders (both active and retired). Accordingly, Pension Fund Administrators (PFAs) were directed by the Commission to obtain the relevant information required for the DRE from RSA holders and the process is on-going. One of the information required for the exercise is the National Identity Number (NIN). 

The Commission is desirous to ensure that all RSA holders are able to exercise their rights of transferring their RSAs from one PFA to another, in anticipation of the formal launch of the RSA Transfer System during the last quarter of 2020. The Commission therefore wishes to notify all RSA holders that the completion of the DRE is a prerequisite for processing any RSA transfer request by RSA holders who registered before 1 July 2019.

In order to fast-track the DRE, the Commission approved a proposal of the Pension Operators' Association of Nigeria (PenOp) for an industry Shared Service Initiative (SSI). Consequently, PenOp has engaged agents to conduct the DRE on behalf of all PFAs. This arrangement will enhance efficiency in carrying out the exercise as it would allow an agent to recapture all RSA holders in the same organization on behalf of all PFAs. In partnership with the National Identity Management Commission (NIMC), the selected agents will have the ability to carry out NIN registrations seamlessly. 

The Commission hereby appeals to all active RSA holders and retirees to cooperate with the agents that would be visiting their organisations to carry out the DRE. Meanwhile, the Commission remains committed to providing necessary support to the pension industry to ensure the success of the DRE.