The Pension Fund Operators of Nigeria (PenOp) has advised all participants in the Contributory Pension Scheme (CPS) to take part in the ongoing Data Recapture Exercise (DRE), stressing that the exercise is necessary to ensure smooth and timely payment of pension benefits.
The association, which is the umbrella body for licensed Pension Fund Administrators (PFAs) in the country, explained in several posts on its official social media platforms that data recapture allows Retirement Savings Account (RSA) holders to keep their records up to date, making it easier for them to receive benefits without unnecessary delays when they retire.
According to PenOp, the data recapture is a mandatory requirement as stated in the RSA registration guidelines issued by the National Pension Commission (PenCom). All contributors under the scheme, both active and retired, are expected to update their information with their respective PFAs.
One of the conditions for completing the exercise is the possession of a valid National Identity Number (NIN). PenOp explained that the NIN enables the synchronisation of each RSA holder’s details with the database of the National Identity Management Commission (NIMC). This integration helps ensure that pension records are consistent with national identity data, reducing errors and risks of mismatch during benefit payments.
PenOp noted that the benefits of completing the data recapture go beyond compliance. “Your DRE is a small step that keeps your retirement dreams moving forward without obstacles. By ensuring your information is accurate and secure, you are protecting your benefits and setting yourself up for seamless payments when the time comes,” the association said.
It further warned that failure to update personal records could have negative consequences for RSA holders. Outdated or inaccurate information may result in delays in accessing benefits, difficulties in processing payments, and complications when there are changes in job or personal circumstances that are not reflected in the pension database.
“Don’t let old records hold back your retirement dreams. Recapture your data today. It is quick, seamless, and right at your fingertips,” PenOp added.
The association also highlighted that data recapture helps to safeguard contributors against fraud, identity theft, and record disputes. It ensures that workers’ pension contributions are tied securely to verified identities, giving confidence that retirement funds will be accessible when needed.
Industry stakeholders say the exercise is particularly important at a time when Nigeria is experiencing an increasing number of retirees under the CPS. Ensuring that contributors’ details are correct is expected to improve efficiency and strengthen confidence in the pension system.
PenOp was established to promote the growth of the pension industry in Nigeria while ensuring adherence to global best practices. It works closely with PenCom and other stakeholders to strengthen governance, transparency, and professionalism in the sector. The association has consistently urged Nigerians to take ownership of their retirement planning by engaging actively with their PFAs and staying informed about their RSA balances and benefits.
Meanwhile, PenCom has in recent months intensified awareness campaigns about pension compliance, including sanctions against defaulting employers and mortgage banks found to have breached pension-related housing loan regulations. Analysts say the renewed push for compliance and accurate records is part of the broader effort to build trust in the CPS, which has grown steadily since its introduction in 2004.
With over 10 million RSA holders across the country, PenOp insists that data recapture is not just a regulatory requirement but a safeguard for workers’ future. As one of its awareness messages stated, “Updating your records today ensures that your pension benefits tomorrow will not be held back by old information.”
For many Nigerian workers, the Data Recapture Exercise may seem like a routine administrative process, but experts note that it could make the difference between a smooth retirement and years of battling bureaucracy.
