The National Pension Commission has enforced the use of Bank Verification Numbers for all Retirement Savings Account registration and data recovery activities beginning February 1.
According to a circular signed by A.M. Saleem, PenCom’s Head of the Surveillance Department, the measure will improve the security and integrity of the pension sector database.
The circular states, “The National Pension Commission now instructs that all pension fund administrators need the required transmission of the Bank Verification Number from individuals/RSA holders when processing their requests for RSA registration or data recapture, as appropriate.
“Key Requirements: PFAs must guarantee that the BVN given for RSA Registration and Data Recapture has 11 digits. BVN must be given for all new RSA registrations. PFAs must specify that the BVN field on their RSA registration forms is mandatory. PFAs must obtain the BVN of RSA holders at the point of their data recapture. Consequently, PFAs must indicate the BVN field on their Data Recapture Forms is mandatory.”
It further said that on the Enhanced Contributor Registration System, PFAs will be able to update the BVN data of current RSA holders on the ECRS.
PenCom has also established new rules to address PFA issues about acquiring letters of employment from new workers.
The authorities have amended Section 4.1.2 of the Revised Guideline on RSA Registration of 2024 to enable registration of formal sector employees with staff identity cards in the absence of a letter of employment, letter of first appointment, or attestation letter.
