The National Pension Commission (PenCom) has mandated the inclusion of Bank Verification Numbers (BVN) for all Retirement Savings Account (RSA) registrations and data recapture processes, effective February 1.
The Head of PenCom’s Surveillance Department, A.M. Saleem, disclosed in a circular that the move aims to enhance the security and reliability of the pension industry’s 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 when 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 during their data recapture process.
- Consequently, PFAs must indicate that the BVN field on their Data Recapture Forms is mandatory.”
It further disclosed that PFAs will be allowed to update the BVN records of existing RSA holders already on the Enhanced Contributor Registration System (ECRS).
Also, PenCom has issued fresh guidelines to address PFA complaints regarding challenges in obtaining letters of employment from new employees.
Amending Section 4.1.2 of the Revised Guideline on RSA Registration 2024, the regulators now permit the registration of formal sector employees using staff identity cards in the absence of their Letter of Employment, Letter of First Appointment, or Attestation Letter.