The Federal Government has made the National Identification Number (NIN) compulsory for all workers under the Contributory Pension Scheme.
According to a circular from the National Pension Commission, the acquisition of NIN is now part of the requirements for the CPS.
The circular titled ‘Notice on mandatory use of National Identification Number for all existing RSA holders’, issued on Wednesday, reads: “The Federal Government has made it mandatory that every Nigerian must have a National Identification Number
“To achieve this, all data generating organisations have been directed to harmonise their database with the National Identity Management Commission, whose mandate is to implement the National Identity System in Nigeria.
“To enable the pension industry comply, PenCom has directed all Pension Fund Administrators to update the records of their clients. Consequently, all Retirement Savings Account holders, both active and retired, are hereby advised to approach their PFAs to provide their NINs and Bank Verification Numbers, as well as other mandatory biodata information.”
The Pension Reform Act mandates every employer with a minimum of three employees to open an RSA for the workers, which would be funded by both employer and employees.
The employer is required to pay 10 per cent while the workers are required to contribute eight per cent of total monthly emolument.
Under the CPS, the PFAs manage the funds which are in the custody of the Pension Fund Custodians.