Data Recapturing is a Must for Retirement Savings Account holders —PenOp

Pension Fund Operators association during a press briefing in Lagos said that the ongoing data recapturing exercise under the Contributory Pension Scheme will enable Pension Fund Administrators have accurate data of all Retirement Savings Account holders.

PenOp noted that it was cogent for the contributors to update their information with their PFAs in order to notify the operators of any change that could have occurred in their details since the time they joined the scheme.

Some of the irregularities the operator observed were that some contributors had irregular names, change of address and multiple PFAs among others.

They also said that it was important for the contributors to avail the PFAs of their National Identification Number, which is now a mandatory requirement to access pension benefits.

PenOp President, Mrs Aderonke Adedeji, urged Retirement Savings Account holders to ensure they update their data with their Pension Fund Administrators.

According to her, it would help to prevent situations where contributors retired with multiple pension numbers, which would require reconciling before he/she could take his/her pensions.

Adedeji, who is also the managing director of Leadway Pensure, said it would also help to prevent incidents of cybercrime, which many organisations were guiding against in the financial system.

She also noted that PFAs are being proactive by approaching many employers to get this done.