PenCom Mandates BVN for RSA Registration from February

The National Pension Commission (PenCom) has issued a directive requiring all Retirement Savings Account (RSA) registrations and data recapture processes to include Bank Verification Numbers (BVN) from February 1.

This was outlined in a circular signed by the Head of the Surveillance Department, A.M. Saleem, emphasizing that the initiative aims to bolster the security and integrity of the pension industry’s database.

According to the circular, “The National Pension Commission hereby directs that all pension fund administrators (PFAs) must require the mandatory provision of the Bank Verification Number from individuals/RSA holders in processing their requests for RSA registration or data recapture, as applicable.”

Key Requirements for PFAs:

•The BVN must be an 11-digit number.

•BVN is mandatory for all new RSA registrations.

•RSA registration forms must include a mandatory BVN field.

•Data recapture forms for existing RSA holders must also include a mandatory BVN field.

PenCom noted that the Enhanced Contributor Registration System (ECRS) will allow PFAs to update the BVN records of existing RSA holders who are already on the platform.

To address challenges faced by PFAs in obtaining employment letters from new employees, PenCom has amended Section 4.1.2 of the Revised Guideline on RSA Registration of 2024.

Formal sector employees can now register with their staff identity cards in the absence of traditional documents like Letters of Employment, First Appointment, or Attestation Letters.

These measures are expected to enhance compliance, simplify RSA registration, and improve the overall efficiency of the pension system.

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