PenCom, PFAs battle biometric issues over transfer window

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Chuks Udo Okonta

Pension Contributors who are anxiously waiting for the proposed transfer window to enable them switch from their Pension Fund Administrators (PFAs) to a new platform, may still have to endure as the take-off date still remains uncertain.

The Managing Director FUG Pensions Usman Suleiman, at a recent event told journalists that the National Pension Commission (PenCom) has set up a committee to start working on how the transfer can be executed seamlessly.

He noted that the commission is considering various options like partnering with bank and other institutions or building its own infrastructure.

He said: “I am aware that the commission has set up a committee to start working on it. The commission is working on a different line, looking at various options like partnering with the bank and so on. But the new board has come up with new ideas and a committee has been set up by the commission to work with the operators on fast tracking the biometric process.”

He noted that once issues on biometric are sorted, operators would convert all the existing data into the new system, thereby making it possible for them to confidently open the window without standing the risk of creating problems for contributors.

“So, I cannot say when the window is opening, but I know a lot of efforts is being put in to ensure that it is opened as soon as possible,” he said.