The Nation Newspaper

Category: Pension

  • Lagos pays N1.01b retirement benefits to 544 public service retirees

    Lagos pays N1.01b retirement benefits to 544 public service retirees

    The Lagos State Government has disbursed N1.01 billion as accrued pension rights to 544 retirees of the state public service, reaffirming its commitment to the timely payment of retirement benefits under the Contributory Pension Scheme (CPS).

    The payment was announced at the 113th Retirement Benefit Bond Certificate Presentation Ceremony held at the Adeyemi Bero Auditorium, Secretariat, Alausa, Ikeja.

    Speaking at the event, the Head of Service, Mr. Bode Agoro, said the sum of N1.01billion has been paid into the Retirement Savings Accounts of retirees drawn from the mainstream civil service, local governments and local council development areas, Lagos State Universal Basic Education Board (LASUBEB), Teaching Service Commission (TESCOM) and other state parastatals.

    Agoro commended Governor Babajide Sanwo-Olu for sustaining the consistent payment of retirement benefits since the introduction of the CPS in Lagos State in 2007, describing it as a promise kept with “gratitude and respect” for public servants who had devoted their productive years to the state.

    He also praised the Director-General of the Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, and staff of the commission for ensuring the timely processing of retirees’ benefits, noting that the commission’s sensitisation programmes and retirement documentation seminars were yielding positive results.

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    “This administration remains committed to securing the welfare and well-being of our respected retired public servants, and we will continue to do our best to make things better,” Agoro said.

    In his welcome address, Obilana described the bond presentation ceremony as more than a statutory exercise, noting that it represented formal recognition of retirees’ years of service and the state’s obligation to honour those contributions.

    He explained that the CPS, introduced in Lagos State in 2007, was designed to eliminate uncertainty, delays and unsustainable pension practices, replacing them with a predictable, transparent and structured system.

    According to him, LASPEC’s mandate includes the accurate computation, verification and funding of accrued pension rights, issuance of retirement benefit bonds and ensuring a smooth transition from active service to retirement.

    “The retirement benefit bonds issued today are a tangible fulfilment of the state government’s obligations and reflect a system built on responsibility and consistency,” Obilana said.

    He added that the consistency in pension payments was a result of deliberate prioritisation, prudent financial management and the recognition of pension obligations as essential liabilities, even in the face of economic pressures.

    Obilana assured retirees and serving officers that the state government remained committed to continuous improvement in pension administration through stronger internal controls, reduced processing timelines, improved stakeholder engagement and increased use of technology.

    Congratulating the retirees of the 113th batch, he said their accrued rights were being secured in line with the law, while also acknowledging the role of Pension Fund Administrators, annuity service providers and relevant ministries, departments and agencies in the smooth administration of the CPS.

    The ceremony marked the 113th batch of retirement benefit bond presentations by the Lagos State Government, underscoring its ongoing effort to ensure that retirement does not translate into hardship for public servants.

  • Lasaco Assurance unveils six new products

    Lasaco Assurance unveils six new products

    In a significant move to expand financial protection and enhance customer-centric innovation, Lasaco Assurance Plc has received regulatory approval for six newly developed insurance products.

     This milestone marks the first phase of a broader product expansion strategy, designed to increase relevance, accessibility, and value-driven protection for individuals and businesses across Nigeria.

    The newly approved offerings include Estate Plan, Future Secure, Comprehensive Plus Personal Belongings, and three enhanced third-party motor insurance variants: Lasaco Flame Shield (Third Party Plus Fire), Lasaco Safe Asset (Third Party Plus Theft), and Lasaco Drive Safe (Third Party Plus Own Damage), representing the first set of approvals under a newly introduced product expansion by the company.

    These products are specifically designed to bridge existing coverage gaps, offering flexible and affordable insurance solutions that cater to the diverse needs of Nigerians.

    Speaking on the development, the Acting Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, emphasized the company’s dedication to trust, consistency, and innovation.

    He said: “Our legacy of reliable claims payment and customer-centric service has positioned us as a trusted leader in the insurance industry.

    “These new products reflect our commitment to addressing real-life risks and evolving customer needs. We are not just expanding our portfolio; we are delivering practical, meaningful protection that supports financial stability and peace of mind for our customers,” Mr. Shobo stated.

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    From a strategic standpoint, Mr. Adedayo Adetokun, Head of Strategy, Research, and Communications, highlighted the role of these new products in driving the company’s growth objectives.

    “These offerings have been carefully developed to address specific protection gaps in the market. They will play a pivotal role in expanding our market share, attracting new customer segments, and improving product adoption. Each product is structured to be affordable, scalable, and responsive to the current risk landscape, ensuring that we meet the evolving needs of our customers,” Mr. Adetokun explained.

    The newly approved products will be available at Lasaco Assurance Plc’s head office and branches nationwide. The company is also set to leverage digital platforms to enhance accessibility, ensuring seamless customer engagement across various touchpoints.

    This development aligns with the growing focus on innovation, digital transformation, and consumer education within Nigeria’s insurance sector. Lasaco Assurance Plc’s latest product approvals reinforce its position as a forward-thinking industry leader, committed to sustainable growth, customer value, and financial inclusion.

  • Linkage Assurance insurance revenue surges 24% to N27.6b in FY 2025

    Linkage Assurance insurance revenue surges 24% to N27.6b in FY 2025

    Underwriting giant, Linkage Assurance Plc has delivered an operating performance in the 2025 financial year, driven by strong premium growth across its insurance portfolios.

    The company’s unaudited financial statements for the period ended 31st December 2025, made available to shareholders and investors on the NGX, show a 24 percent increase in insurance revenue to N27.6 billion, compared with N22.2billion recorded in the same period in 2024.

    The insurance service result also grew to N1.7 billion as at December 2025, from N766.9 million reported in the prior year.

    According to the company, performance was driven by increased insurance revenue of N5 billion and improved reinsurance optimisation.

    Indicating significant expansion in revenue and service results, the performance highlights sustained momentum in core operations and enhanced service delivery.

    Profit before tax (PBT) at the end of the review period stood at N4.32 billion, while profit after tax (PAT) was N4.02 billion for the 2025 financial year.

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    Looking ahead, Linkage Assurance Plc said it will continue to execute its strategy in line with its strategic focus and theme for the year.

    The Company stated read: “Our theme for 2025 was Consolidation, and that informed our strategic intent across four pillars: business growth, operational excellence, financial excellence, and customer and people development. Consequently, during the year, the identified strategic focus served as a compass in our quest to navigate the highly competitive insurance market, increase our market share in the most profitable sectors, and deliver excellent customer experience to all our clients,” the company further stated.

    “As part of our agile strategy, we leveraged on technology to improve our products and services, especially for our direct and personal clients. This formed part of our broader digital transformation initiatives. In addition, having recognised the impact of certain product lines, such as motor insurance, on our portfolio, we are positioned to offer clients different motor insurance options based on their risk exposure, willingness, and ability to pay.

     “We will also continue to leverage the positive impact of our ongoing brand rejuvenation and awareness campaigns targeted at the insuring public. This will be reinforced by our customer value propositions”, it stated.

  • Relief, gratitude, lingering questions as CPS pensioners thank Tinubu

    Relief, gratitude, lingering questions as CPS pensioners thank Tinubu

    • Seek clarity from PenCom

    It was a day of thanksgiving, relief and unresolved questions for members of the Contributory Pensioners Union of Nigeria (CPUN), Eleyele branch Ibadan, as retirees gathered in Ibadan last week to celebrate the payment of long-awaited pension arrears while demanding transparency on how their entitlements were calculated.

    At the thanksgiving ceremony, pensioners who are under the CPUN Oyo State Chapter praised President Bola Ahmed Tinubu for approving the clearance of arrears owed under the CPS, describing the intervention as unprecedented since the scheme was established.

    They also acknowledged the role of the National Pension Commission (PenCom) in facilitating the payments but stated that the struggle was far from over.

    Chairman of the association, Chief Comrade, Mathew Amao Shittu, in his welcome address, said the payments brought relief but also confusion, as many retirees were unsure how the figures credited to them were arrived at.

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    He said: “We appreciate the Federal Government for its good intentions towards retirees, but the implementation has been poor. Some people have been paid, some have not, and those who have received money do not understand what exactly they were paid for.”

    He explained that the arrears were split into multiple categories including the 20 and 28 per cent increases, consequential adjustments of 9 and 59 per cent, a 33 per cent category applicable only to those who retired between specific years, a 15 per cent component, and the N32,000 wage award approved by the Federal Government.

    According to him, retirees were never formally informed whether the percentages were calculated based on their salaries while in service or on their current monthly pensions.

    “How can you pay someone and not explain how you arrived at the figure?” he asked.

    “If PenCom does not personally inform us and continue to remain silent, we will be forced to ask anti-corruption agencies to intervene. If there is nothing to hide, why leave retirees in the dark?”

    Shittu shared his personal experience, noting discrepancies between expected and actual payments, and said repeated enquiries to Pension Fund Administrators (PFAs) yielded no clear explanations.

    Despite the concerns, the mood at the event was largely one of gratitude.

    Dr.  Oloyede Oyinloye, an Ibadan-based pensioner, described President Tinubu’s intervention as a turning point in the history of the CPS.

    “This is the first time since the establishment of the contributory pension scheme that arrears are being addressed comprehensively. Today, retirees receive their pension within weeks of retirement. That was unthinkable before now”, he said.

    He credited sustained advocacy by pensioners’ groups and the media for drawing attention to the hardship faced by CPS retirees over the years.

    “We started this struggle because people were retiring and waiting endlessly for their money. Many died before enjoying the fruits of their labour,” he said. “Now, we are seeing progress.”

    Also speaking, Secretary of the Contributory Pensioners Union of Nigeria (CPUN), Southwest zone, Comrade Idowu Ogunjinrin, traced the agitation to 2011, describing the journey as painful but historic.

    “I retired in 2010 and what I received as pension was a fraction of my last salary,” he recalled. “Those under the old defined benefit scheme were getting close to 80 per cent of their final pay, while CPS retirees were left with crumbs.”

    He said the recent payment of arrears, funded partly through the N758 billion bond issued by the Federal Government, marked the first real acknowledgement of CPS pensioners’ plight.

    “President Tinubu has done what past administrations failed to do,” Ogunjinrin said. “He listened and acted. This bond, which we were promised years ago, has finally been paid.”

    However, he stressed that key demands remain unresolved particularly the issue of gratuity, which CPS retirees insist is distinct from their contributory lump sum.

    He maintained that what they received is largely what they contributed, alongside government contributions, noting that gratuity is a reward for years of service, and it is still outstanding.

    He added that legal representations made to PenCom in the past were never answered.

    The pensioners also rejected moves to limit the N32,000 wage award to a one-off payment, insisting that CPS retirees should receive it monthly, just like those under the defined benefit scheme.

    In addition, the pensioners called for health insurance coverage for pensioners, noting that many retirees cannot afford medical care.

    As prayers were offered and songs of thanksgiving filled the hall, the pensioners were united in cautious optimism, grateful for progress made, but determined to continue pressing for full transparency, gratuity payments and equitable treatment under Nigeria’s pension system.

    “We thank God we are alive to witness this moment,” Ogunjinrin said. “But the struggle continues.”

  • Paga and Leadway Assurance partner to Safeguard Doroki Merchants

    Paga and Leadway Assurance partner to Safeguard Doroki Merchants

    Paga, the fintech company behind the Doroki merchant platform, has entered into a strategic partnership with Leadway Assurance, one of Nigeria’s foremost insurance providers, to deliver comprehensive insurance solutions designed specifically for Doroki merchants.

    The collaboration aims to help merchants safeguard their businesses against everyday risks and recover quickly from unforeseen events.

    Under this partnership, Doroki merchants will gain access to tailored insurance solutions designed to protect the critical components of their day-to-day operations thereby safeguarding their income, assets, and continuity of operations.

    Beyond offering coverage, this initiative is built on a holistic approach to risk resilience.

    Doroki and Leadway will equip merchants with clear guidance on what each product covers, how to file a claim, and best practices for risk management—empowering them with knowledge that strengthens decision-making and builds confidence in handling uncertainties.

    The General Manager of Doroki Merchants, Arike Okwunowo said: “At Doroki, we see our merchants as partners in driving economic activity across Nigeria’s retail landscape.

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    “This partnership with Leadway, an insurer with decades of experience and a strong reputation for reliability—means our merchants can focus on growing their businesses with the peace of mind that they’re protected,” he noted.

    Commenting on the development, Head of Digital Business, Leadway, Diana Mulili reiterated Leadway’s commitment to expanding access to financial security for every Nigerian.

    “At Leadway, we believe insurance should integrate seamlessly into the everyday realities of people and businesses. By partnering with Doroki, we are embedding practical, easy-to-understand insurance solutions into platform merchants already trust—helping them to protect their income, assets, and livelihoods while continuing to grow with confidence.

    “This collaboration not only provides financial protection for Doroki merchants but also fosters a culture of preparedness, awareness, and informed decision-making—key pillars for sustainable business growth in an unpredictable environment”, he added.

  • Why your pension was stopped, short-paid or delayed, PTAD explains

    Why your pension was stopped, short-paid or delayed, PTAD explains

    I was informed that my pension was stopped because I am operating Joint Account. What is the reason behind that?

    It is because the payment of pension should only be made directly to individual pensioners.  A second or third party is not allowed to have access to your pension. Secondly, in the event that a pensioner dies, the pension should be stopped and having a joint account will mean continuous payment and withdrawal of the pension.

    I am a downsized Pensioner and my Gratuity was short paid. Where can I lay my complaint?

    Downsized pensioners who were short paid should direct their complaint to the Bureau of Public Service Reform (BPSR) or the Account General’s Office

    I have been verified since 2015, I have never received pension, when will I be paid?

    If you have been verified since 2015 and have not been enrolled into the monthly pension payroll, you may contact us through any of our various channels so we can find out the reason for your non – enrolment.

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    I was employed same year with a colleague and retired same year but he earns more than I am earning, why?

    There are several variables that determines what a pensioner earns at retirement, e.g. length of service, step at retirement, rank at retirement, date of retirement. If a pensioner feels he is being short paid, he/she should fill out our complaint form in any of our Zonal offices.

    I have Federal Share of pension in my computation sheet but, your office said because I started work in Primary School I am therefore not entitled to Federal Share. How do I get my Federal Share?

    Primary School Teachers who began work with local authorities are referred to the Local Government Pension Board for their federal share of pension. However primary school teachers that began working with missions are entitled to receive their federal share of pension from PTAD.

    Some people do call that we should pay money into their Account before they can process our file. Are they really from your office?

    No. No staff of the Directorate will demand for payment before processing your retirement benefit. Such request should be reported immediately to the office.

    What are the cut off dates for Pure Federal Pensioners and State with Federal Share pensioners?

    The cut-off date for the pure federal pensioners under the Defined Benefit Scheme is 30th June, 2007 while the cut of date for the State pensioners with Federal share is 31st March, 2011. Also the State Pensioners with Federal Share must have started work on or before 31st March, 1976.

    When are you paying our pension increase since the Salaries of workers have been increased?

    The Federal Government has not approved any increase in pension as at today. Once it is approved and funds are released for the payment, the Directorate will implement the increase for the Pensioners without delay.

  • PenCom PFAs to launch data recapture self-service platform

    PenCom PFAs to launch data recapture self-service platform

    National Pension Commission (PenCom), in partnership with Pension Fund Administrators (PFAs) are set to launch a self-service online data recapture application known as the Data Recapture Self-Service Platform, this service enables Retirement Savings Account (RSA) holders to remotely update their personal records (recapture), without necessarily visiting their PFAs.

    In a statement signed by the commission, PENCAP targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before 1 July 2019 and have not undergone the data recapture process, the programme will be launched on 1 February 2026. “This initiative marks another key step by PenCom to enhance data integrity, improve service delivery, and modernise pension administration through responsible digitalisation”.

    “Rationale for the Data Recapture Exercise Accurate and up-to-date data remains fundamental to the efficient administration of retirement savings under the CPS. Over time, data inconsistencies arising from legacy records and incomplete documentation have posed challenges during verification and benefit processing.

    “PENCAP provides a proactive solution by offering contributors a secure and convenient channel to recapture their data. By improving the quality and reliability of contributor records across PFAs, the platform will support faster benefit processing, smoother verification exercises, and an overall improvement in service experience for RSA holders,” the commission stated.

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    The statement explained that, the Data Recapture Exercise (DRE) commenced in August 2019 for both active contributors and retirees.

    The DRE complies with the Federal Government’s directive that all data-generating organisations should harmonise their databases with the National Identity Management Commission (NIMC). It is also consistent with the need for a credible database of all RSA holders in Nigeria with the National Identification Number (NIN) as the unique identifier.

    “In that regard, PenCom designed, developed and deployed an Enhanced Contributor Registration System (ECRS), which has been integrated with the NIMC database to authenticate the uniqueness of individuals seeking to register under the CPS and existing RSA holders who have not recaptured. Before now, RSA holders were required to physically visit their PFAs in order to recapture. This has not achieved the needed outcome with many eligible RSA holders yet to be recaptured for over six years”.

    The recapture process is fully online and requires a phone, a computer or other devices with a camera and internet access to enable live image capture. RSA holders will access the portal and create a secure user profile using a personal email address.

    “Contributors will then complete the online Data Recapture Form and, where applicable, upload supporting documents to validate requested updates. The process also involves biometric verification through live facial capture and the provision of a digital signature to confirm authenticity.

    “Processing, Validation and Notifications Following submission, the contributor’s PFA reviews the application and takes appropriate action within the defined processing period. Throughout this stage, RSA holders receive email notifications acknowledging receipt of their request and providing updates on approval or rejection, including reasons where applicable. This ensures transparency, accountability, and continuous communication.

    “The rollout of PENCAP, aims to speed up the Data recapture process which has been ongoing since the launch of the ECRS but without significant progress. By providing the self-service option, it is expected that more RSA holders will be encouraged to participate due to its convenience.  Importance of Compliance for RSA Holders RSA holders who enrolled on or before 1 July 2019 and are yet to undergo recapture are required to take advantage of the online window to confirm and update their records.

    “This is a necessary step to migrate their date onto the ECRS, which uniquely identifies RSA holders via their National Identification Number (NIN). Completion of the data recapture exercise is also essential for participation in the Retiree Enrolment and Verification Exercise and for accessing key pension transactions. These include processing of retirement benefits, eligibility to utilise part of RSA balances as equity contribution for residential mortgages, withdrawal temporary job loss, and the transfer of RSAs between PFAs. Eligible RSA holders who fail to complete the data recapture will not be able to access any of the aforementioned services”.

    Alignment with PenCom’s Strategic Objectives. The deployment of PENCAP aligns with the PenCom’s broader commitment to innovation, transparency, and operational efficiency within Nigeria’s pension industry. By embracing technology-driven solutions, PenCom continues to enhance public confidence in the CPS and ensures seamless access to retirement benefits.RSA holders who prefer physical recapture may still visit their PFA branches, as the self-service platform is designed to complement existing service channels.

  • Pension assets rise to N27.45 trillion

    Pension assets rise to N27.45 trillion

    Nigeria’s pension assets rose to N27.45 trillion in December 2025, recording an N399.27 billion month-on-month increase, according to the National Pension Commission’s unaudited industry portfolio report for the period ended December 31, 2025.

    The Nation found that the latest figure represents growth from N27.05 trillion recorded in November 2025, reinforcing the steady expansion of the pension industry despite portfolio rebalancing across key asset classes.

    PenCom’s report, which covers approved existing schemes, closed pension fund administrators and Retirement Savings Accounts (RSAs), shows that Federal Government of Nigeria (FGN) securities remained the backbone of pension investments, accounting for N16.33 trillion of total assets in December, marginally higher than N16.33 trillion recorded in November.

    Within the FGN securities portfolio, Federal Government bonds held to maturity declined slightly to N12.83 trillion in December from N12.92 trillion in November, reflecting valuation movements and selective repositioning by pension fund operators.

    In contrast, FGN bonds available for sale increased to N2.63 trillion from N2.59 trillion, indicating a measured shift toward more liquid sovereign instruments.

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    Treasury bills recorded a notable increase, rising to N761.09 billion in December from N675.50 billion in November, as fund managers’ increased short-term sovereign exposure amid evolving interest rate dynamics.

    Equity investments emerged as one of the strongest contributors to December’s asset growth.

    Domestic ordinary shares climbed to N3.96 trillion in December, up from N3.70 trillion in November, supported by improved stock market performance and year-end portfolio adjustments while Foreign ordinary shares remained broadly unchanged at N263.94 billion, reflecting continued caution around offshore equity exposure.

    Investments in corporate debt securities also increased, rising to N2.20 trillion in December from N2.15 trillion in November.

    The growth was driven mainly by corporate bonds held to maturity, which expanded to N1.40 trillion from N1.33 trillion, signalling preference for stable, long-term income instruments.

    However, corporate bonds available for sale declined slightly, showing some profit-taking and cautious risk management.

    By contrast, money market instruments declined to N2.62 trillion in December, down from N2.81 trillion in November. Fixed deposits and bank acceptances fell to N2.27 trillion from N2.44 trillion, reflecting reduced short-term placements as funds were redirected toward equities, infrastructure and selected fixed-income securities.

    On the other hand, alternative assets recorded mixed performance. Infrastructure funds increased to N282.14 billion in December from N257.23 billion in November, highlighting the pension industry’s growing participation in long-term development financing. Real estate investments also rose to N170.76 billion from N145.99 billion, while private equity holdings declined modestly to N238.53 billion from N248.54 billion.

    Cash and other assets rose sharply to N746.97 billion in December, compared with N520.38 billion in November, reflecting higher liquidity buffers typically associated with year-end positioning and settlement flows.

    Overall, the pension industry recorded net asset growth of N399.27 billion in December, slightly higher than the N391.23 billion increase recorded in November, underscoring resilience in pension fund performance despite macroeconomic pressures.

    In the same vein, RSA membership also rose to 11.04 million contributors as at December 31, 2025, up from 11.01 million recorded in November, indicating continued expansion in pension coverage nationwide.

  • NPF Pensions pays N97.5b to 30,370 police retirees

    NPF Pensions pays N97.5b to 30,370 police retirees

    The Nigeria Police Fund (NPF) Pensions Limited has paid N97.5 billion retirement benefits to 30,370 retirees.

    Acting Managing Director, Mr. Abdulkareem Gezawa, said death benefits amounting to N39.57 billion have been paid to 8,847 next-of-kin, while 25,572 retirees are currently receiving monthly pensions valued at over N1.56 billion.

    Speaking at the 2026 pre-retirement seminar organised by NPF Pensions Limited in Lagos, he reaffirmed the organisation’s commitment to ensuring the timely and efficient payment of pensions and other entitlements to retired police officers.

    Gezawa said: “Since inception, NPF Pensions has paid benefits to a total of 30,370 retirees, amounting to N97.5 billion.”

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    He emphasised that the timely and proper submission of required documentation remains crucial to preventing delays in benefit payments, noting that some pension funds remain unclaimed due to incomplete or late documentation.

    Gezawa urged prospective retirees to take full advantage of the seminar and pay close attention to presentations designed to guide them through the retirement process.

    The Acting Managing Director also revealed that police authorities are pursuing a proposal to peg police pensions at a minimum of 80 per cent of retirees’ last monthly salaries. Although the proposal is yet to be approved, he said it is aimed at addressing long-standing challenges associated with police pensions.

    Assistant Commissioner of Police and Force Insurance Officer, ACP Lydia Ameh, assured participants that their benefits would be paid as and when due, provided documentation is properly completed, and Pension Fund Administrators (PFAs) are correctly transferred.

    Commissioner of Police in charge of Pensions at the Force Headquarters, Abuja, DCP Yusuf Sani Doki, described the seminar as a crucial platform for officers approaching retirement to prepare emotionally, psychologically and financially for life after service.

    He noted that retirement often comes with significant challenges, particularly as it coincides with old age and health concerns, stressing the need for early preparation. Doki explained that police officers are eligible for pension and gratuity upon attaining the age of 60 or completing between 10 and 35 years of service.

    “This meeting provides a valuable opportunity to review your achievements and challenges as police officers about to retire, prepare for life after service, and celebrate your contributions to the nation,” he said.

    He congratulated the retirees for their years of service, encouraged prayers for officers who lost their lives in active duty, and expressed optimism that participants would make positive impacts in their post-retirement lives.

    As part of the programme, NPF Pensions Limited also provided medical check-ups for prospective retirees, underscoring its holistic approach to retirement planning.

    DCP Doki commended the management of NPF Pensions for organising what he described as a crucial and timely intervention for police officers in the South-West region and beyond.

    The 2026 pre-retirement seminar, which kicked off at the Event Centre, Alausa, Lagos, is part of a nationwide programme scheduled to hold across the six geopolitical zones of the country.

    The next session is slated for Kano, covering the Northwest zone, this month.

  • PenCom to launch online data recapture platform for RSA holders February 1

    PenCom to launch online data recapture platform for RSA holders February 1

    The National Pension Commission (PenCom), in partnership with Pension Fund Administrators (PFAs), is set to launch a self-service online data recapture application known as the Data Recapture Self-Service Platform (PENCAP), allowing Retirement Savings Account (RSA) holders to update their personal records remotely without visiting their PFAs.

    In a statement issued by the Commission, PenCom said PENCAP targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before July 1, 2019, and have not completed the data recapture process. The platform is scheduled to go live on February 1, 2026.

    According to the Commission, the initiative represents a significant step toward strengthening data integrity, improving service delivery, and modernising pension administration through responsible digitalisation.

    PenCom explained that accurate and up-to-date contributor data is critical to the efficient management of retirement savings under the CPS. Over time, inconsistencies linked to legacy records and incomplete documentation have created challenges in verification and benefits processing.

    PENCAP is designed to address these issues by providing a secure and convenient channel for contributors to update their records. 

    By enhancing the quality and reliability of RSA data across PFAs, the platform is expected to accelerate benefit processing, streamline verification exercises, and improve overall service delivery for contributors.

    The Commission noted that the Data Recapture Exercise (DRE) began in August 2019 for both active contributors and retirees, in line with the Federal Government’s directive for data-generating organisations to harmonise their records with the National Identity Management Commission (NIMC).

    The exercise also supports the creation of a credible national database of RSA holders, using the National Identification Number (NIN) as a unique identifier.

    Read Also: PenCom okays upward review for 2,116 retirees

    To support this objective, PenCom developed and deployed an Enhanced Contributor Registration System (ECRS), integrated with the NIMC database to verify the identity of individuals registering under the CPS and existing RSA holders yet to complete recapture. Previously, contributors were required to visit PFAs physically, a process that has left many eligible RSA holders unrecaptured for more than six years.

    Under the new self-service model, the recapture process will be fully online. RSA holders will need a smartphone, computer, or similar device with a camera and internet access to enable live image capture. Contributors can access the portal at https://pensionrecap.pencom.gov.ng/ and create a secure user profile using a personal email address.

    “Contributors will then complete the online Data Recapture Form and, where applicable, upload supporting documents to validate requested updates. The process also involves biometric verification through live facial capture and the provision of a digital signature to confirm authenticity. 

    “Processing, Validation and Notifications

    Following submission, the contributor’s PFA reviews the application and takes appropriate action within the defined processing period. Throughout this stage, RSA holders receive email notifications acknowledging receipt of their request and providing updates on approval or rejection, including reasons where applicable. This ensures transparency, accountability, and continuous communication.

    “The rollout of PENCAP, aims to speed up the Data recapture process which has been ongoing since the launch of the ECRS but without significant progress. By providing the self-service option, it is expected that more RSA holders will be encouraged to participate due to its convenience.  Importance of Compliance for RSA Holders RSA holders who enrolled on or before 1 July 2019 and are yet to undergo recapture are required to take advantage of the online window to confirm and update their records. 

    “This is a necessary step to migrate their date onto the ECRS, which uniquely identifies RSA holders via their National Identification Number (NIN). Completion of the data recapture exercise is also essential for participation in the Retiree Enrolment and Verification Exercise and for accessing key pension transactions. 

    “These include processing of retirement benefits, eligibility to utilise part of RSA balances as equity contribution for residential mortgages, withdrawal temporary job loss, and the transfer of RSAs between PFAs. Eligible RSA holders who fail to complete the data recapture will not be able to access any of the aforementioned services”.