PENSIONERS and other Retirement Savings Account, RSA, holders under the Contributory Pension Scheme, CPS, who are not satisfied with the services of the Pension Fund Administrators, PFAs, will soon have the chance to move to another PFA as the National Pension Commission, PenCom, has taken another step towards opening the window for RSA holders to change PFA.
This, the commission did by designing, developing and deploying an Enhanced Contributor Registration System, ECRS.
The ECRS is an electronic platform for the submission of requests by Pension Fund Administrators, PFAs, for the registration of contributors and issuance of Personal Identification Numbers, PIN.
Making the ECRS public in a statement, the commission said following this feat, the Commission said it had “transited from the use at the existing Contributor Registration System, CRS, to the ECRS. The ECRS provides a more dynamic and friendly user interface and fully addresses the issues identified with the CRS. The ECRS has also been integrated with the National Identity Management Commission, NIMC, for authentication of the uniqueness of individuals seeking to register under the Contributory Pension Scheme.
“The deployment of the ECRS will greatly enhance the Integrity of contributors’ data and also provide a platform for the following; registration of Micro Pension Plan Participants and Cross Border individuals (ie. participants living abroad and foreigner living in Nigeria wishing to participate in the CPS), electronic submission of employer code requests by Pension Fund Administrators, PFAs, or employers and the full automation of the process at issuing employer codes, and updates and edits of information on the National Databank maintained by the National Pension Commission by the PFAs.
“Accordingly, contributors are advised to visit their PFA to provide their National identification Number and other information that may be required by the PFAs. The deployment of the ECRS is a major step towards the introduction of the transfer window which will enable contributors change to the PFAs of their choice in line with Section 13 of the Pension Reform Act, PRA, 2014.”
The Commission assured stakeholders that it “will continue to come up with positive innovations and policies that will not only address the yearnings of the contributors but also enhance the regulation and supervision of the pension industry.”