At least, 5.1 million out of 9.27 million pension contributors in the Retirement Savings
Accounts (RSAs) had incomplete documentation with their Pension Fund Administrators (PFAs) as of Q4 of 2020.
According to data obtained from the National Pension Commission (PenCom), a review of the monthly reports of the pension operator 5.1 million RSAs have no form of documentation as of the last quarter of 2020.
Hence, PenCom is calling on contributors that are yet to recapture their data to do so to enable them to benefit from the Contributory Pension Scheme (CPS).
The spokesman of the commission, Peter Aghahowa, expressed worry at the development and implored contributors to do their data recapture. He stressed that it is a prerequisite for (RSA) Transfer System and access to retirement.
Aghahowa stressed that nonetheless, the engagement of agents to conduct data recapture on behalf of all the PFAs is expected to address this issue and validate all relevant documents.
“Another notable outcome of the review of the monthly reports was the un-credited pension contributions domiciled in the Contribution
Reconciliation Accounts (CRAs) and the Transitional Contributory Funds (TCFs) of the Pension Operators. The Commission, however, mandated the pension operators to ensure resolution of all outstanding un-credited contributions and file progress reports at regular intervals,” PenCom said.
The commission added that the monthly reports indicated that a total of 3.5 million RSAs had remained unfunded as of the end of Q4 2020, adding that the majority of the unfunded accounts belong to employees of state governments and private sector organisations.