National Pension Commission (PenCom) and Pension Fund Administrators (PFAs) have sealed an arrangement with the National Identity Management Commission (NIMC) to fast-track the process of generating National Identity Number (NIN) for Retirement Savings Account (RSA) Holders.
The arrangement is expected to allow Pension Fund Administrators (PFAs) collect the necessary data from pension contributors on behalf of NIMC, transfer the data to PenCom, who will submit the collected data to NIMC, thereby, making it easier for the Identity management Commission to generate NIN for pension contributors.
Since the inception of this arrangement, some Retirement Savings Account holders have benefited from it as the NIN registration process is now faster and easier for RSA holders.
If you are yet to register for the National Identity Number (NIN) you are advised to contact your Pension Fund Administrator (PFA) to know if you can register for the National Identity Number (NIN) at any of their offices.
The National Identity Number is now mandatory for all Retirement Savings Account holders and it is a key requirement in the ongoing data recapturing exercise of contributors. Any RSA holder who does not update his records with his PFA will have difficulties accessing the balance in his Retirement Savings Account.
Speaking on the arrangement, the head, Corporate Communications, PenCom, Mr Peter Aghahowa, said, the arrangement became necessary following complaints from RSA holders on the challenge of getting their National Identity Number (NIN), which was slowing the ongoing data recapturing exercise in the pension Industry.
He said the regulator makes NIN a major requirement for pension contributors as it would guide against multiple identity that characterised the previous data collected in the pension industry. The arrangement would hasten up the process of data recapturing exercise which would be instrumental to the commencement of the long awaited pension transfer window tentatively by June 2020.