The National Pension Commission (PenCom) has directed all retirement savings account (RSA) holders must undergo a recapture exercise to link their bank verification number (BVN) and national identification number (NIN) to their accounts.
In a notice seen by TheCable, PenCom said the directive is as a result of the federal government’s drive to implement the national identity management system.
“The federal government of Nigeria has made it mandatory that every Nigerian must have a National Identification Number (NIN).
“To achieve this, all data generating organisations have been directed to harmonize their database with the National Identity Management Commission (NIMC), whose mandate it is to implement the National Identity System in Nigeria.
“To enable the Pension Industry comply, the National Pension Commission has directed all Pension fund administrators to update the records of their clients.
“Consequently, all retirement savings account holders, both active and retired are hereby advised to approach their PFAs to provide their NINs and Bank Verification Numbers, as well as other mandatory biodate information.”
TheCable had earlier reported that the Pension Fund Operators Association of Nigeria (PenOP) had said contributors will be unable to access their contributions if they do not undergo the recapture process.