The National Pension Commission (PenCom) has announced that effective February 1, 2025, the provision of Bank Verification Numbers (BVN) will be mandatory for all Retirement Savings Account (RSA) registrations and data recapture processes. This directive, outlined in a circular signed by PenCom’s Head of Surveillance Department, A.M. Saleem, aims to enhance the security and integrity of the pension industry’s database.
The circular stated:
“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
• The BVN provided for RSA registration and data recapture must consist of 11 digits.
• BVN is mandatory for all new RSA registrations.
• PFAs must indicate that the BVN field is compulsory on RSA registration and data recapture forms.
• PFAs must obtain the BVN of RSA holders during data recapture processes.
The circular also stated that the Enhanced Contributor Registration System (ECRS) would allow PFAs to update BVN records for existing RSA holders already on the system.
New Guidelines for Formal Sector Employees
In addition to the BVN mandate, PenCom has introduced fresh guidelines to address challenges faced by PFAs in obtaining letters of employment from new employees. Under the amended Section 4.1.2 of the 2024 Revised Guideline on RSA Registration, formal sector employees can now register with staff identity cards in cases where Letters of Employment, Letters of First Appointment, or Attestation Letters are unavailable.
This development is expected to streamline RSA registration and data management processes, ensuring a more secure and efficient pension system in Nigeria. PFAs are urged to comply with these directives to align with the updated regulatory requirements.
