What's Happening?
The National Pension Commission (PenCom) is set to introduce a self-service online platform, known as the Data Recapture Self-Service Platform (PENCAP), on February 1. This initiative, developed in collaboration
with Pension Fund Administrators (PFAs), aims to allow Retirement Savings Account (RSA) holders to update their personal records remotely. The platform targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before July 1, 2019, and have not yet completed the data recapture process. The move is part of PenCom's efforts to enhance data integrity and improve service delivery through digitalization. The platform will enable contributors to recapture their data securely and conveniently, addressing issues of data inconsistencies that have historically posed challenges during verification and benefit processing.
Why It's Important?
The launch of PENCAP is significant as it represents a major step towards modernizing pension administration in Nigeria. By facilitating remote data recapture, the platform is expected to improve the quality and reliability of contributor records, leading to faster benefit processing and smoother verification exercises. This initiative aligns with the Federal Government's directive for data harmonization with the National Identity Management Commission (NIMC), using the National Identification Number (NIN) as a unique identifier. The platform's introduction is likely to increase public confidence in the CPS by ensuring seamless access to retirement benefits and enhancing transparency and accountability within the pension industry.
What's Next?
With the rollout of PENCAP, PenCom anticipates a significant increase in the number of RSA holders participating in the data recapture process due to the convenience of the self-service option. The completion of this exercise is crucial for RSA holders to participate in the Retiree Enrolment and Verification Exercise and access key pension transactions. These include processing retirement benefits, utilizing RSA balances for residential mortgages, and transferring RSAs between PFAs. RSA holders who do not complete the data recapture may face restrictions in accessing these services. PenCom continues to encourage eligible RSA holders to engage with the platform to ensure their records are up-to-date.
