The Pension Fund Administrators (PFAs) have commenced data recapturing of 8.5 million pension contributors under the Contributory Pension Scheme (CPS) across the country. The aim of the exercise, according to findings, is to update the existing data of contributors, while also addressing a situation whereby a pension contributor has multiple Personal Identification Numbers (PINs).
The ongoing exercise, pension fund operators said, will allow PFAs reconcile the new information collected with the previous one to enhance the credibility of the new pension scheme. Speaking at the Pension Fund Operators Association of Nigeria (PenOp) quarterly media briefing in Lagos last week, the president, PenOp, Mrs. Ronke Adedeji, said the ongoing data recapturing exercise is compulsory for all Retirement Savings Account (RSA) holders, urging contributors not to wait for their PFAs to notify them, but rather, willingly approach their pension administrators for the recapturing exercise.
According to Adedeji, who is also the managing director/CEO, Leadway Pensure Limited, “ People should go and update their data and should not wait for PFAs to come to them before they subject themselves to this exercise. The process has started, PFAs have invested so much into the project and operators are progressively approaching their customers to recapture their data.”
She stated that for now, there is no deadline, since the exercise is just starting but that in future, there could be a deadline, depending on the response of Pension contributors toward this exercise. She also said that the data recapturing exercise is in the interest of contributors as well as the pension industry, noting that, operators are eager to capture pension accountholders as much as possible.
She added that individual PFA is already reaching out to their respective clients, with the motive to capture everybody under the Contributory Pension Scheme (CPS). Similarly, the Vice President, PenOp, Mr. Akeeb Akinola, said operators have decided to use two approaches to the exercise.
Akinola, who is also the managing director/CEO, Shell Nigeria Closed PFA, noted that one of the approach is to get updated data of some contributors through their Bank Verification Number (BVN),while operators focus more on clients whose data cannot be generated through BVN.