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PenCom yet to do data cleanup for RSAs transfer – AIICO Pension boss

The National Pension Commission (PenCom) is yet to effect the cleanup of contributors’ biometrics to enable Retirement Savings Account (RSA) holders transfer their accounts from…

The National Pension Commission (PenCom) is yet to effect the cleanup of contributors’ biometrics to enable Retirement Savings Account (RSA) holders transfer their accounts from one Pension Fund Administrator (PFA) to another.
Speaking exclusively to Daily Trust at the sideline of two forums held in Abuja recently for Pension Desk Officers (PDOs) and retirees, the Managing Director and Chief Executive Officer of AIICO Pension Managers Limited, Eguarekhide Longe, said PenCom has not given PFAs to nod to open up the transfer window.
“What PenCom has done is to organise the procedure but the industry has not captured authentic biometric information such that will make the process seamless but all of that is being worked on,” he said.
Transfer window “has nothing to do with the PFAs. It has to do with the regulator. It hasn’t given the flag off for people to transfer,” he said.
Longe, who said his PFA put together the forums to draw the attention of PDOs and retirees on pertinent issues in the industry, also said PenCom has put up guidelines in readiness for the flag off of the transfer window.
“But the data cleanup requirements that need to be undertaken, that has nothing to do with PFAs as such. We are going to work with the regulator to effect that data cleanup because that data cleanup must happen before we allow transfers happen,” he said.
He explained that the data cleanup was necessary considering that “names can be similar” and PFAs may not be “completely sure who is initiating the request.”
 

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