PENCOM Uncovers Multiple Registration By Pension Contributors

The National Pension Commission (PENCOM) says it uncovered multiple registration of Retirement Savings Accounts (RSA) by some pension contributors.
This is contained in a statement by its Corporate Affairs Manager, Mr EmekaObiora, made available to newsmen recently
It stated that the RSAs were opened with different Pension Fund Administrators (PFAs).
According to the statement, “In the course of planning for the new transfer windows, we discovered a single contributor with six RSAs in six PFAs, and we are sorting it out. This development is wrong and in such situations the first PFA of choice is picked for the contributor.This results in the delay for the various transfer windows the commission has been planning for contributors.
PENCOM said that it would not roll out the transfer windows without clearing the data as it would complicate issues.
It therefore advised contributors that are having problems with their various PFAs to inform the commission about it instead of going to another PFA.
The commission said it had dedicated a whole department to making the transfer windows possible while adding that work was ongoing and as soon as the data were cleaned up, the guidelines for the transfer windows would be issued.

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