RSA holders incomplete paperwork hit 5.1million in 2020-Report
About 5.1 million Retirement Savings Account (RSA) holders have incomplete documentation as of the end of 2020, a report by the National Pension Commission has shown.
In its monthly report for pension operators, PenCom observed that the engagement of agents to conduct data recapture for the Pension Fund Administrators (PFAs) to address the issue of incomplete documentation and validate relevant documents under the profile of RSA holders, isn’t yielding the desired results.
The commission also noted that uncredited pension contributions are another notable outcome of the review of the monthly reports.
“These are the uncredited pension contributions domiciled in the Contribution Reconciliation Accounts (CRAs) and the Transitional Contributory Funds (TCFs) of the pension operators.”
The Commission, however, mandated the pension operators to ensure the resolution of outstanding uncredited contributions and file progress reports at regular intervals.
“Similarly, the monthly reports indicated that a total of 3.5 million RSAs had remained unfunded as of the end of 2020.
“A majority of these unfunded accounts belong to employees of state governments and private sector organisations.”
The commission further stated that the status of commitments from 2019 routine examinations shows that as at end of last year, a total of 625 commitments had been complied with by the operators out of the 749 remedial actions recommended by the Commission to address identified inadequacies in their operations arising from the 2019 routine examinations it conducted.
About The Author
