PFAs intensify data recapturing to enhance pension system

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Pension Fund Administrators (PFAs) have intensified efforts towards data recapturing with the view to achieving harmonized information of all Retirement Savings Account(RSA) holders under the Contributory Pension Scheme(CPS).

The exercise according to Pension Fund Operators Association of Nigeria (PenOp) will enable PFAs reconcile the previous information they have about their contributors to enhance credibility of the system.

Ronke Adedeji, president of PenOp who disclosed the development said PFAs are reaching out to individual contributors to update their records, while also they are falling back on Bank Verification Numbers (BVN) for those who already have data with banks.

Adedeji stated that 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.

“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.”

Adedeji noted that because of the difficulty in rescheduling people , the time involved and the resources needed to do all that, PFAs are falling back on BVN available with the banks, while those without bank accounts will be reached individually.

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 account holders as much as possible.

“It is going …