.jpg)
1 week ago
33 ARTICLE AD
The National Pension Commission has mandated the provision of Bank Verification Numbers for all retirement savings account registrations and data recapture processes.
This directive, signed on January 9, 2025, but released on Thursday, will come into effect on February 1, 2025.
In a circular addressed to all licensed pension fund administrators and signed by PenCom’s Head of the Surveillance Department, A.M. Saleem, the commission directed that BVN must be mandated for processing new RSA registrations and recapturing data of existing RSA holders.
The circular read, “The National Pension Commission hereby directs that all Pension Fund Administrators must require the mandatory provision of the Bank Verification Number from individuals/RSA holders in processing their requests for RSA Registration or Data Recapture, as applicable.
“This directive aims to enhance the security and integrity of the pension industry database.”
Pension Fund Administrators are required to validate that all BVNs provided contain the correct 11 digits and must update their registration and data recapture forms to include a mandatory BVN field.
For existing RSA holders without BVNs on the Enhanced Contributor Registration System, PenCom stated that provisions would be made to update the records prior to the implementation of the directive.
The circular supersedes sections 2.2.1 (15) and 5.3.6 (16) of the Revised Guideline on Retirement Savings Account Registration (2024).
PenCom noted that the initiative aimed to enhance the security and integrity of the pension database and streamline account management while aligning with national financial regulations.
In a different circular issued earlier, PenCom revised its documentation requirements for RSA registration to simplify the process for formal sector employees.
This change, outlined in a circular dated January 8, 2025, addresses challenges faced by Pension Fund Administrators in obtaining Letters of Employment from new employees.
Under the new guidelines, employees in the private sector and public sector self-funded agencies must provide either a Letter of Employment, a Letter of Appointment, or a Staff Identity Card.
For public sector treasury-funded agencies and police personnel, a Letter of First Appointment, an Attestation Letter, or a Staff Identity Card is required. In cases where a Letter of Employment or Appointment is provided, alternative forms of identification, such as a Staff Identity Card, National Driver’s Licence, Permanent Voter’s Card, or International Passport, may be used.
However, if a Staff Identity Card is provided as part of the primary documentation, the need for additional identification is waived.
Additional requirements include a National Identity Card or Enrolment Slip issued by the National Identity Management Commission, indicating the employee’s National Identification Number.
