Director-General, PenCom, Mrs. Aisha Dahir-Umar
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Chuks Udo Okonta
The National Pension Commission (PenCom) has implored pension contributors that are yet to recapture their data with their Pension Fund Administrators (PFAs) to urgently do so to enable them maximize fully benefits in the Contributory Pension Scheme (CPS).
The appeal arose from a revelation which showed that out of 9.27 million pension contributors, 5.1 million Retirement Savings Accounts (RSAs) had incomplete documentation as at Q4 2020.
The spokesman of PenCom. Peter Aghahowa, who expressed worry on the development, implored contributors to go and do their data recapture, stressing that it is a prerequisite for Retirement Savings Account (RSA) Transfer System and access to retirement.
According to data obtained from PenCom, a review of the monthly reports of the pension operators revealed that 5.1 million RSAs had incomplete documentation as at Q4 2020. It noted that nonetheless, the engagement of Agents to conduct data recapture on behalf of all the PFAs is expected to address this issue and validate all relevant documents under the profile of individual RSA holders.
“Another notable outcome of the monthly reports review was the un-credited pension contributions domiciled in the Contribution Reconciliation Accounts (CRAs) and the Transitional Contributory Funds (TCFs) of the Pension Operators. The Commission however, mandated the Pension Operators to ensure resolution of all outstanding un-credited contributions and file progress reports at regular intervals,” PenCom said.
The pension sector regulator noted that the monthly reports indicated that a total of 3.5 million RSAs had remained unfunded as at the end of Q4 2020, adding that a majority of these unfunded accounts belong to employees of State Governments and private sector organizations.
On status of commitments from 2019 routine examinations, it maintained that as at Q4 2020, a total of 625 commitments had been complied with by the Operators out of the 749 remedial actions recommended by the Commission to address identified inadequacies in their operations arising from the 2019 routine examinations.