The National Pension Commission (PenCom) has threatened to sanction Pension Fund Administrators (PFAs) that fail to meet upcoming targets in the ongoing Retirement Savings Account (RSA) data recapture exercise, after its first-quarter 2026 report showed that only 17.03 per cent of legacy RSA holders have completed the mandatory process.
According to the report, 58,220 RSAs were recaptured during the first quarter, pushing the cumulative number of recaptured accounts to 1,485,052 out of an estimated 8,722,609 legacy accounts.
PenCom noted that at the current pace, clearing the backlog would take more than 25 quarters, prompting the Commission to shift the exercise from a PFA-driven process to one it will now directly oversee, complete with quarterly targets and performance reports.
“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,” the Commission stated.
Norrenberger Pensions leads recapture drive
Norrenberger Pensions topped the industry in the first quarter with 17,157 recaptures, accounting for 29.47 per cent of total activity for the period. Stanbic IBTC followed with 10,963 recaptures, while Veritas Glanvills recorded 6,328.
Guaranty Trust Pensions and FCMB Pensions rounded out the top five, with 3,918 and 3,888 recaptures respectively.
The data recapture exercise, introduced by PenCom in August 2019, requires RSA holders to update and validate their personal and biometric information with their respective PFAs.
Katsina joins states with CPS legislation
In a related development, PenCom disclosed that Katsina State’s adoption of the Contributory Pension Scheme (CPS) through an amendment to its pension law has raised the number of states with CPS legislation to 25, up from 24.
Of these, eight states are fully compliant, having enacted the required legislation and commenced implementation through licensed PFAs, while 17 others have passed legislation but are yet to begin implementation.
READ ALSO:
- FG Denies Receiving Reimbursement Request From South Africa Over Deportation Costs
- Islamic Cleric Gumi Endorses Government Sponsorship Of Weddings In Sharia States
- Osun Election: Isaac Fayose Raises Alarm Over Alleged APC Thuggery
- PenCom to Sanction Underperforming PFAs Over Slow RSA Data Recapture
- LRD INITIATIVE: CREATING A LIFELONG IMPACT BEYOND GIVING
