Chuks Udo Okonta
Pension contributors who are
anxiously waiting for the transfer window to port from their fund managers to
other service providers would have to wait for a long time to actualise their
expectations, as operators said they are not ready to commence the process.
Inspen gathered from a reliable
source that the National Pension Commission (PenCom) and operators are still
battling with some challenges especially biometric issues which are considered
a clog to the transfer process.
An operator told Inspen that nothing has changed since it
was resolved to move the date for the take-off forward. She said the operators
are still battling on how to sort out data issues, on which the process hinges.
The Managing Director of a
pension firm said in an interview that operators are all concerned about having
the window opened and that due to some challenges, operators and PenCom would
not commence the process in the immediate.
She noted that part of the
process of the transfer window is ensuring that operators’ records are complete
and accurate, adding that as part of the process, the identification method
must be had, and to achieve a seamless transfer, the biometrics must be
carefully done.
She said: “We are all concerned,
it is important we get it in place. So, I believe that towards the end of the
year, we would have made significant process, and we would begin to talk of
specific time lag by then. As at now, we can give you assurance that it is
upmost in our minds and it is receiving a lot of attention from the regulator
and operators.
“We have engaged
consultants, done costing and have made significant process. PenCom also has
its side of the transfer window and they are working seriously too. The true is
that they are not ready and we are also not ready yet.
“If I want to transfer my
account from Pension Fund Administrator A to B, the PFA had to identify me to
ensure that it is my account that is being moved from A to B. The only way to
have a seamless transfer is to have biometrics. That is the crust of the
transfer window; otherwise, you would find that in moving a subscriber’s
account from a point to another, you may move the data of another person.
“Biometrics is the crux and
it is what we are waiting to put in place. There is a PenCom leg and operators
leg in the biometrics process. If you look at it on our attempt in Nigeria to
have an identity, you would see that it is complicated process.”
She noted that data process has remain a challenge in
Nigeria, adding that as the nation lacks identity process, having a good
biometrics process would take some time.
She said the operators
having considered the extent of work and cost required to build a reliable
database, decided, to put effort together, stressing that while the operators
are working on the process, they are also pursuing collaboration with other industries
that are considering a biometric system.
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