PenCom mandates BVN for retirement savings account holders.

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The National Pension Commission (PenCom) has announced that Bank Verification Numbers (BVN) will be mandatory for all Retirement Savings Account (RSA) registration and data recapture processes, effective February 1. This move aims to enhance the security and integrity of the pension industry database.

According to a circular signed by PenCom’s Head of Surveillance Department, A.M. Saleem, “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 in processing their requests for RSA registration or data recapture, as applicable.”

*Key Requirements for PFAs:*

– _BVN Format_: Ensure BVN provided is 11 digits

– _New RSA Registrations_: BVN must be provided for all new registrations

– _Mandatory BVN Field_: Indicate BVN field as mandatory on RSA registration forms

– _Data Recapture_: Obtain BVN of RSA holders during data recapture

– _ECRS Updates_: Allow updates to BVN records of existing RSA holders on the Enhanced Contributor Registration System

Additionally, PenCom has issued new guidelines to address challenges faced by pension fund administrators (PFAs) in obtaining letters of employment from new employees. 

Amending Section 4.1.2 of the Revised Guideline on RSA Registration of 2024, the regulators now permit registration of formal sector employees using staff identity cards, in the absence of their Letter of Employment, Letter of First Appointment, or Attestation Letter.

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