PenCom To Launch RSA Transfer Windows In Last Quarter of 2020.

The National Pension Commission (PenCom) has appealed to all active RSA holders and retirees to cooperate with agents that would be visiting their organisations to carry out the Data Recapture Exercise (DRE), in anticipation of the formal launch of the RSA Transfer System during the last quarter of 2020.

According to a statement from the Commission, Data Recapture Exercise (DRE) was introduced in August 2019 in order to obtain complete, accurate and current data of all RSA holders (both active and retired), to enable  all RSA holders to exercise their rights of transferring their RSAs from one PFA to another.

The statement also said that Pension Fund Administrators (PFAs) were directed by the Commission to obtain the relevant information required for the DRE from RSA holders and the process is on-going. One of the information required for the exercise is the National Identity Number (NIN).

“The Commission is desirous to ensure that all RSA holders are able to exercise their rights of transferring their RSAs from one PFA to another, in anticipation of the formal launch of the RSA Transfer System during the last quarter of 2020. The Commission therefore wishes to notify all RSA holders that the completion of the DRE is a prerequisite for processing any RSA transfer request by RSA holders who registered before 1 July 2019”, the statement said.

In order to fast-track the DRE, the Commission approved a proposal of the Pension Operators’ Association of Nigeria (PenOp) for an industry Shared Service Initiative (SSI). Consequently, PenOp has engaged agents to conduct the DRE on behalf of all PFAs. This arrangement will enhance efficiency in carrying out the exercise as it would allow an agent to recapture all RSA holders in the same organization on behalf of all PFAs. In partnership with the National Identity Management Commission (NIMC), the selected agents will have the ability to carry out NIN registrations seamlessly.

The Commission remains committed to providing necessary support to the pension industry to ensure the success of the DRE.

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