5.1 million retirement accounts’ documentation incomplete – PenCom

The National Pension Commission has said 5.1 million retirement savings accounts with Pension Fund Administrators had incomplete documentation as of the end of 2020 financial period.

Our correspondent gathered that the incomplete document could prevent the RSA holders from having access to their pension benefits.

PenCom, in its 2020 annual report, said, “A review of the monthly reports of the pension operators revealed that 5.1 million RSAs had incomplete documentation as at Q4 2020.

“Nonetheless, the engagement of agents to conduct data recapture on behalf of all the PFAs was expected to address the issue and validate all relevant documents under the profile of individual RSA holders.”

The commission said only 9,215,788 workers had RSAs as of the end of 2020.

PenCom and the Pension Funds Operators Association of Nigeria had continued to enlighten workers on the need to do data recapturing under the Contributory Pension Scheme so as to have accurate data with their PFAs.

The commission said contributors should update their information with their PFAs, notify the operators of any change that could have occurred in their details since the time they joined the scheme.

Some of the issues were that some contributors had irregular names, change of address and multiple PFAs, among others.

PenOp said it was important for the contributors to avail the PFAs of their National Identification Number, which it is now a mandatory requirement to access pension benefits.

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