The ongoing data recapturing exercise of nine million pension contributors was meant to ensure that information gathered on each Retirement Savings Account(RSA) holder have the expected quality.
Pension Fund operators, under the auspices of the Pension Fund Operators Association of Nigeria (PenOp), however, called on contributors to embrace this initiative as Pension Fund Administrators (PFAs) have invested so much in the exercise.
Speaking during a media parley organised at the PenOp’s secretariat in Lekki Phase-One, Lagos, to give update on the activities and performance of the pension industry, Its President, Mrs Aderonke Adedeji, said, the ongoing exercise will allow PFAs reconcile the new information collected with the previous one to enhance the credibility of the new pension scheme.
The aim of the exercise, according to her, is to update the existing data of contributors, while also addressing a situation whereby a pension contributor has multiple Personal Identification Numbers (PINs).
She added that the exercise will also protect pension clients against cybercrime as well as other fraudulent intents and activities.
Since last year, she said, the National Pension Commission (PenCom) has been upbeat about Data recapturing of pension clients while streamlining registration of prospective contributors in a move to have accurate database of contributors.
Disclosing that the ongoing data recapturing exercise is compulsory for all Retirement Savings Account (RSA) holders, she urged contributors not to wait for their PFAs to notify them, but rather, willingly approach their pension administrators for the recapturing exercise.
“People should go and update their data and should not wait for PFAs to come to them before they subject themselves to this exercise. The process has started, PFAs have invested so much into the project and operators are progressively approaching their customers to recapture their data,” she pointed out.
Adedeji, who is also the Managing Director/CEO, Leadway Pensure Limited, stated that, for now, there is no deadline, since the exercise is just starting but that, in future, there could be a deadline, depending on the response of Pension contributors toward this exercise.
Stating that verification exercise is aim at ensure quality data of contributors, she added that, this is in tandem with modern ICT trends to synchronise data base for national groups.
The exercise, she said, requires RSA holders to provide their respective NIM numbers to their PFAs and answer some questions that were not provided earlier, by the account holders.
On the recently launched Micro Pension Scheme, she said, the pace of registration for micro pension by the informal sector is slow compared to the Contributory Pension Scheme (CPS), adding that, the nature of micro pension scheme and its voluntary nature means the pace of growth would be slower to CPS that has been made compulsory by law.
Corroborating her stance, the Managing Director/CEO, ARM Pension Managers, Mr. Wale Odutola, said, though, operators envisaged this initial hitch, he pointed out that, as the time progresses and more people are aware of its immense benefits through increased awareness, the number of contributors will continue to grow on a regular basis.
Pension operators, he stressed, had already invested heavily in micro pension scheme, by getting the needed I.T infrastructure, as well as manpower to mobilise new pension contributors through the grassroots, noting that, the approach of marketing and persuading Nigerians to join the scheme differs from other schemes.