Pension News

PenCom Suspends Data Recapture Exercise of RSA Holders by Agents

The National Pension Commission (PenCom) has issued a Press Release on the suspension of Data Recapture Exercise (DRE) of Retirement Savings Account (RSA) holders by Agents, read below the full press release from PenCom.


RSA holders and the general public would recall that the National Pension Commission (the Commission) introduced the Data Recapture Exercise (DRE) in August 2019. The DRE is in line with the directive of the Federal Government of Nigeria that all data-generating agencies should harmonise their databases with the National Identity Management Commission (NIMC). The exercise also aims to ensure accurate, up-to-date data of all RSA holders (active and retired).

To expedite the DRE, the Commission approved an industry proposal by the Pension Operators Association of Nigeria (PenOp) for an industry Shared Services Initiative (SSI), under which PenOp engaged two agents (Payone Solutions Limited and Afritec Multi Concept Limited) to conduct the DRE on behalf of all PFAs.

RSA holders and the general public are requested to note that the contract between PenOp and the agents will expire on 30 May 2023. Consequently, Payone Solutions Limited and Afritec Multi Concept Limited will effective from 31 May 2023, no longer be authorised to conduct the DRE of RSA holders.

The above notwithstanding, all RSA holders (active and retired) who joined the Contributory Pension Scheme on or before 1 July 2019 and are yet to be recaptured are advised to visit the nearest branch of their PFA in order to undergo the data recapture exercise.

RSA holders and the general public are hereby assured that the Commission remains committed to ensuring that retirement benefits are paid as and when due.

Also Read our review of the Agents when they were appointed HERE

Read all our Data Recapture Exercise (DRE) news HERE

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