By Rosemary Iwunze<\/p>\n
The National Pension\u00a0Commission (PenCom) has threatened to sanction\u00a0 Pension Fund Administrators (PFAs) that fail to meet prescribed targets under the ongoing Retirement Savings Account (RSA) data recapture exercise.<\/p>\n
PenCom, in its first-quarter 2026 report, disclosed that only 17.03 per cent of the industry\u2019s legacy RSA holders had completed the mandatory data recapture exercise.<\/p>\n
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.<\/p>\n
The Commission warned that, at the current rate, completing the outstanding recapture exercise would take more than 25 quarters.<\/p>\n
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.<\/p>\n
\u201cPenCom 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,\u201d it stated.<\/p>\n
Norrenberger Pensions led the industry during the first quarter with 17,157 recaptures, representing 29.47 per cent of total Q1\u201926 activity.\u00a0<\/p>\n
Stanbic IBTC followed with 10,963 recaptures, while Veritas Glanvills recorded 6,328.<\/p>\n
Guaranty Trust Pensions and FCMB Pensions completed the top five with 3,918 and 3,888 recaptures respectively.<\/p>\n
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.<\/p>\n
Meanwhile, PenCom said Katsina State\u2019s amendment of its pension law to adopt the Contributory Pension Scheme (CPS) increased the number of states with CPS legislation to 25 from 24.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"By Rosemary Iwunze The National Pension\u00a0Commission (PenCom) has threatened to sanction\u00a0 Pension Fund Administrators (PFAs) that fail to…\n","protected":false},"author":2,"featured_media":569168,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,111,139,69,244,245],"class_list":["post-569167","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-new-zealand","tag-newzealand","tag-nz","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/569167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=569167"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/569167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/569168"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=569167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=569167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=569167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}