The National Pension Commission (PenCom) has issued a new directive mandating the provision of the Bank Verification Number (BVN) for Retirement Savings Account (RSA) registration and data recapture.
The directive, outlined in a circular dated January 9, 2025, and signed by A.M. Saleem, Head of the Surveillance Department, is set to take effect from February 1, 2025.
The circular requires all Pension Fund Administrators (PFAs) to ensure the mandatory inclusion of the 11-digit BVN during RSA registration and data recapture processes. This measure applies to both new RSA registrations and the update of existing records.
Key requirements of the directive include “ BVN Validation: PFAs must ensure that the BVN provided for RSA Registration and Data Recapture is 11 digits.
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“RSA Registration: BVN must be provided for all new RSA Registrations. PFAs must indicate that the BVN Field on their RSA Registration Forms is Mandatory.
“Data Recapture: 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.
“Existing Records of RSA Registration and Data Recapture on the Enhanced Contributor Registration System (ECRS): Provision will be made by the Commission for PFAs to update the BVN records of existing RSA holders already on the ECRS, where they have not been provided, prior to the implementation of this Circular
“This Circular supersedes the provisions of Sections 2.2.1 (15) and 5.3.6 (16) of the Revised Guideline on Retirement Savings Account Registration (2024),”
PenCom has urged PFAs to comply promptly with these new requirements and directed all inquiries related to the circular to the National Databank Management Department.
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