LThe Pension Fund Operators Association of Nigeria (PenOp) has officially announced the rollout of PENCAP, a digital self-service platform designed to streamline the data recapture process for Retirement Savings Account (RSA) holders.
Effective February 1, the new platform allows eligible contributors to update their personal records remotely using any internet-enabled device, removing the previous requirement to physically visit Pension Fund Administrator (PFA) offices.
Targeted Contributors and Eligibility
The initiative specifically targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before July 1, 2019, and have not yet completed their mandatory data recapture.
Developed and implemented by PenOp, the platform integrates live biometric capture and digital document uploads. To ensure transparency, the system provides automated notifications to users as their submissions are reviewed and processed by their respective PFAs.
Critical Requirement for Pension Services
PenOp emphasized that completing the data recapture exercise is a prerequisite for several essential pension activities, including:
- Processing retirement benefits.
- Retiree enrollment and verification.
- Transferring RSA accounts between administrators.
- Accessing other approved pension transactions.
”The introduction of PENCAP reflects the industry’s focus on digital innovation and improved efficiency,” PenOp stated, noting that the goal is to provide a seamless experience while preventing service delays for contributors.
