BVN Now Compulsory for Pension Account Holders Starting February – PenCom 

The National Pension Commission (PenCom)

The National Pension Commission (PenCom) has announced that Bank Verification Numbers (BVN) will be mandatory for all Retirement Savings Account (RSA) registration and data updates beginning February 1, 2025. 

This new rule is aimed at strengthening the security and reliability of the pension system’s database, according to a circular signed by PenCom’s Head of Surveillance Department, A.M. Saleem. 

Why BVN is Now Required 

PenCom has made it clear that pension fund administrators (PFAs) must ensure every RSA holder provides their BVN, which is an 11-digit number used for banking and financial identification in Nigeria. This requirement applies to both new RSA registrations and updates to existing accounts. 

Key Rules for PFAs: 

    BVN Mandatory for New Registrations: All new RSA registrations must include the BVN. 

    Data Recapture: For existing RSA holders, PFAs must obtain their BVN during the data recapture process. 

    Updated Forms: PFAs are required to update their registration and data recapture forms to include a mandatory field for BVN. 

The Enhanced Contributor Registration System (ECRS) will also allow PFAs to update the BVN of existing RSA holders already in the system. 

Simplified Process for New Employees 

To make it easier for formal sector employees to register, PenCom has updated its guidelines. 

Under the revised rules, employees who cannot provide a Letter of Employment, Letter of First Appointment, or Attestation Letter can now register their RSA using their staff identity card. This change addresses common challenges faced by employees and ensures a smoother registration process. 

Strengthening the pension system starts with secure and accurate data. The mandatory BVN requirement ensures a safer and more efficient future for all RSA holders.” – National Pension Commission (PenCom) 

PenCom’s new BVN requirement is a significant step towards improving the pension system’s security and efficiency. RSA holders are advised to ensure their BVN is ready for registration or data updates. 

The simplified rules for new employees also demonstrate PenCom’s commitment to making the pension process easier for Nigerians. If you are yet to update your pension records or register your RSA, now is the time to act!