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Chuks Udo Okonta
Those awaiting the commencement of the pension transfer window to switch from their Pension Fund Administrator (PFA) to another have to wait awhile as efforts to entrench a seamless process is still in the making.
Inspen gathered that the National Pension Commission (PenCom); pension operators and vendors engaged to put in place a robust electronic device to drive the process are assiduously working to ensure that avoidable pitfalls such as multiple registrations are eliminated to enable the initiative meet set objectives.
The President Pension Fund Operators Association of Nigeria (PenOp) Eguarekhide Longe, in an interview said all issues concerning the transfer window is being dealt with, stressing that the parties are taking their time to ensure things are done perfectly.
“I guess I need to describe what need to happen. There should be a pension software that can take the biometric information that need to be captured. A robust system that captures the registration and can continue to update the records as we go along.
“What PenCom saw was that the contributory registration system was not robust enough to deal with the biometric information that has to be captured and so, they decided to migrate to a more robust system which is the pension administration software,” he said.
He noted that there were a lot of issues with the current information that is on the national data bank in PenCom, adding that there were a lot of multiple registrations which need to be cleaned out.
He said there are duplications in the present biometric information, and that such would be tenable in the envisaged system.
“We do not want people transferring accounts that do not belong to them. We need to be sure of who is transferring what. And that is the clean up exercise that need to be done and with this new system that we are acquiring and the assigning of responsibilities to all the parties, I cannot say for certain when all of these will end, but there is active work in progress which need to be done so that we did not race into implementation when we can take our time and do it well once and for all,” he posited.