The National Pension Commission (PenCom) has announced that starting February 1, the provision of Bank Verification Numbers (BVN) will be mandatory for all Retirement Savings Account (RSA) registrations and data recapture processes.
This directive was outlined in a circular signed by the Head of the Surveillance Department, A.M. Saleem. The measure aims to strengthen the security and integrity of the pension industry database.
The circular stated:
“PenCom directs all pension fund administrators (PFAs) to ensure the mandatory provision of BVN from RSA holders during RSA registration or data recapture. The BVN must be:
11 digits long.
Provided for all new RSA registrations.
Indicated as a mandatory field on RSA registration and Data Recapture Forms.”
PenCom also emphasized that PFAs must obtain the BVN of existing RSA holders during the data recapture process. The Enhanced Contributor Registration System (ECRS) will now allow PFAs to update the BVN details of RSA holders already on the system.
In addition to this, PenCom has introduced new guidelines to address challenges PFAs face in obtaining letters of employment from new employees. Under Section 4.1.2 of the Revised Guideline on RSA Registration (2024), formal sector employees without letters of employment, letters of first appointment, or attestation letters can now register using their staff identity cards.
This move is expected to simplify the registration process and ensure greater compliance with the pension system requirements.
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