The National Pension Commission (PenCom) has issued a stern warning to Pension Fund Administrators (PFAs), threatening regulatory sanctions against operators that fail to meet prescribed targets in the ongoing Retirement Savings Account (RSA) Data Recapture Exercise (DRE).
​The directive was issued on Thursday, August 13, 2026, during a strategic stakeholders’ review meeting held at PenCom’s headquarters in Abuja. Addressing managing directors and compliance officers of licensed PFAs, PenCom Management expressed concern over the slow pace of compliance by some operators, noting that sluggish execution undermines industry-wide database integration.
​To enforce compliance, the regulator announced that PFAs must hit a minimum 85 percent recapture threshold for their pre-July 2019 contributor base by the end of Q3 2026. Defaulting operators face severe administrative fines, restrictions on acquiring new RSA contributors, and public regulatory flagging.
PenCom further emphasized that direct biometric linkage with the National Identity Management Commission (NIMC) database via the National Identity Number (NIN) remains a mandatory operational requirement.
​”The Commission will not hesitate to enforce statutory sanctions on any Pension Fund Administrator that demonstrates negligence or fails to achieve the stipulated milestones,” stated Ms. Omolola Oloworaran, Director-General of PenCom. “Data integrity is foundational to the Contributory Pension Scheme, and regulatory compliance is mandatory.”
​Introduced to clean up the legacy Contributor Registration System (CRS) and transition to the Enhanced Contributor Registration System (ECRS), the recapture exercise aims to eliminate duplicate Personal Identification Numbers (PINs) and resolve identity discrepancies across the pension sector.
Additionally, the initiative is designed to protect contributor funds against identity fraud while streamlining administrative processes for retirement benefit payments and transfer window requests.
​Active contributors and retirees who registered before July 1, 2019, and have yet to complete the exercise are urged to submit their National Identity Number (NIN), a valid government-issued ID, and relevant supporting documents, such as birth certificates or employer confirmation letters to their respective PFAs or through the PENCAP digital portal.
PenCom reiterated that operators are required to process all valid submissions within five working days and issue instant acknowledgment notices to contributors.
