The National Pension Commission (PenCom) has announced that Bank Verification Numbers (BVN) will be mandatory for all Retirement Savings Account (RSA) registrations and data recapture processes starting February 1, 2025.
In a circular dated January 9, 2025, signed by A.M. Saleem, Head of the Surveillance Department, PenCom emphasized the need to enhance the security and integrity of the pension database. All Pension Fund Administrators (PFAs) must validate BVNs for new RSA registrations and data updates. Existing RSA holders must provide their BVNs during data recapture, and updated forms will indicate BVN as a required field.
Provisions will be made for PFAs to update records for RSA holders whose BVNs are not currently available in the Enhanced Contributor Registration System (ECRS). The directive also overrides specific sections of the Revised RSA Registration Guidelines (2024).
Additionally, PenCom has revised documentation requirements for RSA registration. Employees in the formal sector must provide a Letter of Employment, Appointment, or a Staff Identity Card. Public sector employees may also present an Attestation Letter or a Letter of First Appointment. Staff Identity Cards will waive the need for additional documentation.
These changes aim to simplify RSA registration, enhance flexibility, and address challenges faced by PFAs and employees. The revised guidelines take immediate effect.
PenCom’s measures are part of ongoing efforts to modernize the pension system, strengthen security, and align with financial regulations.
