5.1 million RSAs have Incomplete Documentation
National Pension Commission (PenCom) has disclosed that 5.1 million Retirement Savings Accounts (RSAs) had incomplete documentation as at the 4th quarter of 2020. This was discovered in the review of the monthly reports of pension operators carried out by PenCom.
The total number of RSAs as at 31 December 2020 was 9,215,788 which shows that about 55% of all RSAs have incomplete documentation. This figure is too high and that’s why PenCom is doing the data recapture exercise.
PenCom noted that 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 under the profile of individual RSA holders.
Check below for PensionNigeria breakdown of all the important aspects of the PenCom 4th Quarter 2020 Report
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DONT MISS PenCom Q42020 Quarterly Report Series
Analysis of Pension Operating Environment Q4 2020
How PenCom monitored the Pension Industry in Q4 2020
5.1 million RSAs have Incomplete Documentation
3.5 million Unfunded RSAs, effects and way forward
Appointments to Pension Operators’ Boards in Q4 2020
PenCom issued 1,877 organizations Compliance Certificates in Q42020
19 Employers paid N170 million Penalty for late Remittance of Pension Contribution
Update on NSITF & Refund of Pension Contribution to Military & SSS
Status of Implementation of CPS in States as at December 2020
Biggest PFAs by RSA Registrations December 2020
Update on the RSA Transfer System (RTS), 2,799 RSA holders Change PFAs
Pension Operators paid N90.99 billion Retirement Benefits Q4/2020
Also Check out
Performance of all PFAs in Nigeria for Full Year 2020
Performance of all PFAs in Nigeria for Full Year 2019
Performance of all PFAs in Nigeria for Full Year 2018
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