Why Every RSA Holder Must do Data Recapture Exercise

November 11, 2022 PensionNigeria

The National Pension Commission (PenCom) has released a publication on the significance of Data Recapture Exercise (DRE). The DRE was initiated in 2019 in compliance with Section 23(e) of the PRA 2014 to update the data of Retirement Savings Accounts (RSA) holders who opened their RSA before 1st of July 2019.

Retirement Savings Account (RSA) holders were registered using the Contributors Registration System (CRS) Application when the Contributory Pension Scheme was launched in 2004. The inability to change contributor information and enrol physically incapacitated contributors were a few issues that the CRS application developed over time. To address the shortcomings of the CRS and update contributor data, the Commission developed the Enhanced Contributors Registration System (ECRS). Consequently, all RSA holders who enrolled before the ECRS went live on 1 July 2019 must complete the DRE to migrate their information from the CRS to the ECRS.

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The Objectives of DRE

The need for DRE was given further impetus by the directive of the Federal Government that all data-generating agencies should align their data with the National Identity Management Commission’s (NIMC). Accordingly, synchronizing and aligning RSA holders’ data with the NIMC’s database using the National Identity Number (NIN) as a unique identifier is one of the primary goals of the DRE.

The DRE also aims to accomplish the following:

To guarantee that all Pension Fund Administrators (PFAs) follow the Commission’s rules and requirements for enrolling contributors and moving their data from the CRS database to the ECRS.
Ensuring that the Commission keeps up-to-date records on every RSA holder in Nigeria.
Find and eliminate duplicate RSA registrations from the CRS Database.

Eligibility for the DRE

Every RSA holder who enrolled before 1st of July 2019 must participate in the DRE. Whether the RSA holder is a retiree or an active contributor, they must update their data through the DRE. The procedure is simple.

To participate, an RSA holder should present the following identification and documents to their PFA:

National Driver’s License, Permanent Voter’s Card, Staff Identity Card, or International Passport (mandatory for non-Nigerians).
NIMC’s enrollment confirmation slip.
Birth certificate or affidavit of age declaration.
A letter of retirement from the employer in the case of retirees.
Marriage Certificate (only applicable in the case of marriage)
A newspaper publication (for change of name)

To expedite the procedure, the Commission authorized a Share Service Initiative (SSI) proposed by the Pension Fund Operators Association of Nigeria (penOp). Two agents, PAY-ONE Solution Limited and Afritech Multi Concept Limited, were designated and assigned to organizations under the SSI to conduct the DRE. The two agents have the approval of NIMC to operate as NIN registration agents.

In addition, to ensure the confidentiality of information, the Commission implemented a robust data security architecture.

The Commission monitors and regulates the activities of the agents by ensuring that:

The agents’ DRE processes are in tune with validation rules stipulated in the commission-working guide for registering the contributors.
The agents Provide a complaints resolution channel, dre.complaints@pencom.gov.ng, to enable the Commission quickly track and resolve complaints from RSA holders.
PFAs issue acknowledgement slips to RSA holders after successfully submitting their request for recapturing along with the corresponding documents (where necessary).
PFAs provide feedback to RSA holders within five working days.

Benefits of DRE

In light of the foregoing, it is crucial to highlight that the DRE enables the RSA holders to enjoy the following benefits in addition to fulfilling the Commission’s responsibility to maintain a clean database and complying with Federal Government policy to meet NIMC standards:

Enables RSA holders’ to update their information and migrate to the Enhanced Contributors Registration System (ECRS).
Enables RSA holders to update their records relating to a name change resulting from a marriage, a job change, or even the Next of Kin (NOK).
Enables eligible RSA holders to participate in the enrollment and verification exercise.
Enables retired RSA holders to process their retirement benefits.
Enables eligible RSA holders to use 25% of their RSA balance for a residential mortgage.
Enables RSA holders that lose their job to apply for 25% of their RSA balance after four months without securing new employment.
Enables RSA holders to transfer their RSA from one PFA to another once a year.
Enables an eligible retiree under the program withdrawal option to get pension enhancement.
RSA holders that are yet to participate in the DRE are enjoined to approach their PFAs and participate immediately so as to benefit from the services provided by the pension industry.

If you have any enquiry or require further information regarding the Data Recapture Exercise, kindly get in touch with National Pension Commission on the following phone numbers: 094603930, and 07066924512 or by email: dre.complaints@pencom.gov.ng.

PensionNigeria advises every Retirement Savings Account (RSA) holder to schedule a time to visit their Pension Fund Administrator (PFA) and complete the Data Recapture exercise (DRE), technically, you will be unable to withdraw from your RSA, transfer your RSA, get enhanced pension or enjoy any other benefit associated with your RSA, until you complete the DRE.

Check out other Publications by National Pension Commission (PenCom) HERE

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