PenCom Mandates BVN for Pension Registrations Starting February 2025

PenCom Mandates BVN for Pension Registrations Starting February 2025

The National Pension Commission (PenCom) has issued a new directive requiring all Pension Fund Administrators (PFAs) to mandate the Bank Verification Number (BVN) for Retirement Savings Account (RSA) registrations and data recapture. The directive, effective February 1, 2025, aims to enhance the security and integrity of Nigeria’s pension industry.

Key Points:

1. Mandatory BVN for New RSA Registrations:
   From February 1, 2025, all new RSA registrations must include the applicant’s 11-digit BVN. PFAs must validate the BVN and mark the BVN field as mandatory on registration forms.
2. BVN for Data Recapture:
   Existing RSA holders must provide their BVN during data recapture. The BVN field on recapture forms will now be mandatory.
3. Updates to Existing Records:
   PenCom will allow PFAs to update BVN records for existing RSA holders on the Enhanced Contributor Registration System (ECRS) where BVNs were not previously provided.
4. Superseding Previous Guidelines:
   The new circular replaces Sections 2.2.1 (15) and 5.3.6 (16) of the 2024 Revised Guideline on RSA Registration.

Why It Matters:

The BVN requirement is part of PenCom’s efforts to reduce fraud, eliminate duplicate accounts, and ensure accurate tracking of pension contributions. It will also streamline the identification and verification process for RSA holders.

What’s Next:

RSA holders should prepare to provide their BVN during data recapture or new registrations. PFAs are expected to guide their clients through the process.

Source: PenCom

Disclaimer: This article is for informational purposes only. For specific guidance, consult your PFA or a financial adviser.