PenCom to sanction PFAs as only 17% of RSA holders recaptured

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By Rosemary Iwunze

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The National Pension Commission (PenCom) has threatened to sanction Pension Fund Administrators (PFAs) that fail to meet prescribed targets under the ongoing Retirement Savings Account (RSA) data recapture exercise.

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PenCom, in its first-quarter 2026 report, disclosed that only 17.03 per cent of the industry’s legacy RSA holders had completed the mandatory data recapture exercise.

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According to the report, 58,220 RSAs were recaptured during the quarter, bringing the cumulative number of recaptured accounts to 1,485,052 out of an estimated 8,722,609 legacy accounts.

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The Commission warned that, at the current rate, completing the outstanding recapture exercise would take more than 25 quarters.

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It therefore said the exercise must move from being PFA-driven to a Commission-led process, with quarterly targets and performance reports to be introduced.

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“PenCom will introduce PFA-level quarterly recapture targets, publish quarterly progress reports, and impose regulatory sanctions on operators that materially under-perform against target during 2026,” it stated.

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Norrenberger Pensions led the industry during the first quarter with 17,157 recaptures, representing 29.47 per cent of total Q1’26 activity.

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Stanbic IBTC followed with 10,963 recaptures, while Veritas Glanvills recorded 6,328.

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Guaranty Trust Pensions and FCMB Pensions completed the top five with 3,918 and 3,888 recaptures respectively.

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The data recapture exercise, introduced by PenCom in August 2019, requires RSA holders to update and validate their personal and biometric information with their PFAs.

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Meanwhile, PenCom said Katsina State’s amendment of its pension law to adopt the Contributory Pension Scheme (CPS) increased the number of states with CPS legislation to 25 from 24.

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Eight states are fully compliant, having enacted the required legislation and commenced implementation through licensed PFAs, while 17 others have enacted legislation but are yet to commence implementation.

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