The National Pension Commission (PenCom) has announced a new requirement for Retirement Savings Account (RSA) holders, mandating the submission of Bank Verification Numbers (BVN) for registration and data recapture processes starting February 1, 2025.
This policy shift, aimed at bolstering the security and accuracy of pension records, was outlined in a circular signed by A.M. Saleem, Head of PenCom’s Surveillance Department.
The circular emphasized the importance of BVN compliance, stating, “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: PFAs must ensure that the BVN provided for RSA Registration and Data Recapture is 11 digits. BVN must be provided for all new RSA registrations. PFAs must indicate that the BVN field on their RSA registration forms is mandatory. PFAs must obtain the BVN of RSA holders at the point of their data recapture. Consequently, PFAs must indicate the BVN field on their Data Recapture Forms is mandatory.”
In addition to the BVN mandate, PenCom has introduced revised guidelines to ease challenges faced by PFAs in obtaining letters of employment from new contributors. The updated rules now permit formal sector employees to register their RSAs using staff identity cards in the absence of employment letters or related documentation.
The amendments, outlined in Section 4.1.2 of the Revised Guideline on RSA Registration of 2024, aim to streamline processes and address complaints from PFAs.
