The Pension Fund Operators Association of Nigeria, PenOp, has implored pension contributors under the Contributory Pension Scheme (CPS) to avail themselves of the ongoing data recapturing exercise by going to their various Pension Fund Administrators, PFAs, to update their data.
According to PenOp, the action will enable them fully maximize the benefits in the system.
The President of PenOp, Mrs. Ronke Adedeji, who disclosed this at a media parley in Lagos, noted that the aim of the exercise is to update the existing data of contributors, while also addressing the challenge of multiple Personal Identification Numbers (PINs).
Adedeji, who is also Managing Director of Leadway Pensure PFA, said, “The ongoing data recapturing exercise will allow PFAs reconcile the new information collected with the previous ones to enhance the credibility of the CPS. The exercise will also protect pension clients against cybercrime as well as other fraudulent intents and activities.”
Disclosing that the ongoing data recapturing exercise is compulsory for all Retirement Savings Account (RSA) holders, she urged contributors not to wait for their PFAs to notify them, but rather, willingly approach their pension administrators for the recapturing exercise.
“People should go and update their data and should not wait for PFAs to come to them before they subject themselves to this exercise. The process has started, PFAs have invested so much into the project and operators are progressively approaching their customers to recapture their data,” she said.
Also speaking, Head, Branding Committee, PenOp, Mr. Wale Odutola, who is also the Managing Director of ARM Pensions Limited, said that the recapturing exercise is to ensure quality data of contributors, which is in tandem with modern ICT trends to synchronise data base for national groups.