Transfer window: PFAs plan biometric data for contributors

Transfer window: PFAs plan biometric data for contributors

Chuks Udo Okonta

 Pension Fund Administrators (PFAs) are working ways to capture the biometric data of every body that have a pension account in Nigeria, Chairman Pension Operators Association of Nigeria (PENOP) Dave Uduanu, has said.

He told Inspen that pension operators together with National Pension Commission (PenCom) are working assiduously to ensure that the biometric of every individual that has Retirement Saving Account (RSA) is captured in the new data plan, adding that once the biometric enrolment is completed; the transfer window would be opened by PenCom.

He said: “We have commenced the initiative that would lead to the opening of the transfer window. Where we are now, is working out collaborative bases to capture the biometric data of every body that have a pension account in Nigeria.

“If ones biometric data is not captured, because it was done manually, we are going to do electronic capture of the biometric data. I expect that to commence as soon as possible and would be concluded very quickly. Once that biometric enrolment is complete, the transfer window would be opened by PenCom.”

He said the opening of the window would give contributors the option of changing their pension fund administrator, adding that the need for the window has become necessary as some RSA holders are complaining of their PFAs.

Director General National Pension Commission (PenCom) Mohammad Ahmad said the commission in a bid to provide RSA holders with choices of investment multiple fund structure would be introduced.

Ahmad said the framework to this effect is being worked out, adding that the move is part of the initiatives taken to reposition the industry.

“As we consolidate our achievements in the implementation of the pension reform in the coming year, a number of initiatives would be introduced. The Retirement Savings Account (RSA) transfer mechanism would be made operational as the framework is currently being reviewed by the industry. 

“To provide RSA holders with choices of investments, a Multiple Fund structure would be introduced subject to specific guidelines by the end of the second quarter of next year.  Additional disclosure requirements would be required of operators to promote further transparency and accountability in the industry. 

“The Risk Management and Analysis System which is the core supervisory application would be finalised and would greatly improve the efficiency and effectiveness of the commission,” he said.

He noted that in a bid to reform, operators should not lose sight of the fact that there may be challenges and attempts to undermine the system.  He added that it is therefore the duty of RSA holders and relevant stakeholders to ensure that the scheme is not only protected but also nurtured to sustainable and enduring system which would be proud to bequeath to next generations yet unborn.