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.
A circular signed by A.M. Saleem, Head of the PenCom Surveillance Department, outlined that this new requirement aims to enhance the security and integrity of the pension industry’s database.
The circular reads: “The National Pension Commission hereby directs all Pension Fund Administrators (PFAs) to require the mandatory provision of the Bank Verification Number (BVN) from individuals/RSA holders when processing RSA registration or data recapture requests, as applicable.”
Key requirements include:
- PFAs must ensure that the BVN provided for RSA registration and data recapture is 11 digits.
- BVNs must be provided for all new RSA registrations, with the BVN field marked as mandatory on RSA registration forms.
- PFAs must collect the BVN of RSA holders during data recapture and ensure the BVN field is mandatory on Data Recapture Forms.
Additionally, under the Enhanced Contributor Registration System (ECRS), PFAs will be allowed to update the BVN records of existing RSA holders already in the system.
In another development, PenCom has issued updated guidelines to address PFA concerns regarding challenges in obtaining employment letters from new employees. Amendments to Section 4.1.2 of the Revised Guidelines on RSA Registration of 2024 now permit the registration of formal sector employees using staff identity cards in place of the Letter of Employment, Letter of First Appointment, or Attestation Letter.
