The National Pension Commission has mandated the provision of Bank Verification Numbers for all Retirement Savings Account registration and data recapture processes effective February 1.
A circular signed by the PenCom Head, Surveillance Department, A.M. Saleem, stated that the move would enhance the security and integrity of the pension industry database.
The circular reads, “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.
“Key Requirements: PFAs must ensure that the BVN provided for RSA Registration and Data Recapture is 11 digits. BVN must be provided for all new RSA registrations. PFAs must indicate that the BVN field on their RSA registration forms is mandatory. PFAs must obtain the BVN of RSA holders at the point of their data recapture. Consequently, PFAs must indicate the BVN field on their Data Recapture Forms is mandatory.”
It added that on the Enhanced Contributor Registration System, PFAs will be allowed to update the BVN records of existing RSA holders already on the ECRS.
Also, PenCom has issued fresh guidelines to address PFA complaints regarding the challenges of obtaining letters of employment from new employees.
Amending Section 4.1.2 of the Revised Guideline on RSA Registration of 2024, the regulators now allow registration of formal sector employees with staff identity cards in the absence of their Letter of Employment, Letter of First Appointment, or Attestation Letter.
By Oluwakemi Abimbola @ThePUNCH
