The National Pension Commission (PenCom) has warned Pension Fund Administrators (PFAs) that they could face regulatory sanctions if they fail to meet prescribed targets under the ongoing Retirement Savings Account (RSA) data recapture exercise.
PenCom disclosed in its first-quarter 2026 report that only 17.03 per cent of legacy RSA holders had completed the mandatory data recapture process.
The commission said 58,220 RSA accounts were recaptured during the first quarter, bringing the total number of successfully recaptured accounts to 1,485,052 out of an estimated 8,722,609 legacy accounts.
PenCom expressed concern over the slow pace of the exercise, noting that maintaining the current rate would require more than 25 quarters to complete the outstanding accounts.
To accelerate the process, the commission said it would take greater control of the exercise by introducing quarterly targets for individual PFAs and publishing regular performance reports.
It also warned that operators that significantly fall short of their targets in 2026 would face regulatory sanctions.
“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 recorded the highest number of recaptures in the first quarter, with 17,157 accounts, representing 29.47 per cent of the industry’s total Q1 activity.
Stanbic IBTC Pension Managers ranked second with 10,963 recaptures, while Veritas Glanvills Pension recorded 6,328.
Guaranty Trust Pensions and FCMB Pensions completed the top five with 3,918 and 3,888 recaptured accounts respectively.
The RSA data recapture exercise, launched by PenCom in August 2019, requires pension contributors to update and verify their personal details and biometric information with their respective PFAs.
Meanwhile, PenCom reported that Katsina State’s amendment of its pension law to adopt the Contributory Pension Scheme (CPS) has increased the number of states with CPS legislation from 24 to 25.
According to the commission, eight states have fully complied by enacting the required legislation and commencing implementation through licensed PFAs.
Another 17 states have enacted CPS legislation but are yet to begin implementation.
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