PenCom revises RSA documentation for workers to open pension accounts
PenCom
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Following the numerous complaints from Pension Fund Administrators (PFAs) regarding challenges in obtaining Letters of Employment from new employees, the National Pension Commission (PenCom) has revised the Retirement Savings Account (RSA) registration documents to ease the RSA registration process.
According to a circular obtained by Dailyeconomy on Tuesday from PenCom to all PFAs dated January 8, 2025, tagged PENCOM/TECH/NDMD/2025/7, and titled, ‘Circular on the revised documentation for Retirement Savings Account (RSA) registration, signed by the Head, Surveillance Department, A.M Saleem, Staff Identity Card is now recognised as a requirement in case specific documents are unavailable.
In line with the amendments to the documentation requirements from RSA holders for the Data Recapture Exercise, PenCom also revised the requirements from employees for RSA registration to reflect the changes.
The revised documentation requirements are only applicable to the Formal Sector Employees, according to the circular.
The documentation requirements specified in Section 4.1.2 of the Revised Guideline on Retirement Savings Account Registration of 2024 have been amended as follows:
“PFAs shall also obtain the following documents for the registration of formal sector employees:
“Letter of Employment or Letter of Appointment (in the case of employees of the Private Sector and Public Sector Self- Funded Agencies) or Staff Identity Card.
“Letter of First Appointment or Attestation Letter (in the case of employees of the Public Sector Treasury-Funded Agencies and Police Personnel, respectively. or Staff Identity Card.”
It explained further that any of the following means of identification where a Letter of Employment is provided in 4.1.2 (i) and 4.1.2 (ii) above could be Staff Identity Card; or National Driver’s License; or Permanent Voter’s Card (PVC); or International Passport.
However, where a Staff Identity Card is provided in Sections 4.1.2 (i) or 4.1.2 (i) above, Section 4.1.2 (ili) of this Circular becomes inapplicable.
National Identity Card or Enrolment Slip issued by the National Identity Management Commission (NIMC), indicating the National Identification Number (NIN) is now recognised.
Other additional documentation may be deemed necessary by the PFA and other additional documentation may be specified by the Commission from time to time, according to the circular.
PenCom stated that, “This Circular supersedes the provisions of Sections 4.1.2 of the Revised Guideline on Retirement Savings Account Registration. This Circular takes immediate effect.”
