The National Pension Commission ("PenCom") recently released a notice on the mandatory use of National Identification Number ( “NIN”) for all Retirement Savings Account ("RSA") holders. This is in line with a Federal Government directive to all data generating organisations to harmonise their databases with the National Identity Management Commission ("NIMC"). The NIMC’s mandate is the implementation of the National Identity System which is expected to give the country a credible and robust identity management system. PenCom has accordingly mandated all Pension Fund Administrators ("PFAs") to embark on the Biometric Data Re-capture ("BDR") of all RSA holders.
RSA holders are expected to approach their PFAs to submit their NIN and their Bank Verification Numbers to their PFAs for the update of their records. Enforcement of the mandatory use of NIN by all Nigerians was targeted to take effect from January 1, 2019, though there are no indications that this deadline will be enforced.
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