The National Pension Commission (PenCom) mandated retirement savings account (RSA) holders who joined the contributory pension scheme (CPS) on or before July 1, 2019, to undergo the data recapture exercise
The DRE became expedient because of the need to obtain RSA holders’ current, complete, and accurate data. Also, the DRE complies with the federal government’s directive that all data-generating organisations should harmonise their databases with the National Identity Management Commission .
The implications of not participating in the DRE are numerous and capable of stalling access to the RSA. For instance, only RSA holders who have completed their data recapture can transfer their RSAs from their current PFA to another PFA. Contributors who are yet to be recaptured cannot access retirement benefits when they retire.
It is imperative to state that PenCom has directed all PFAs to issue acknowledgement slips to RSA holders who submit complete documents for their data recapture. The RSA holders are notified via text messages of the status of their data recapture within five working days of the submission of documents.
Finally, RSA holders who have changed either their surnames or first names or both after registration should present the following to their PFA to be recaptured: Marriage Certificate ; Newspaper publication for the change of name; and sworn affidavit and confirmation letter for change of name from employer .
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