The National Pension Commission (PenCom) has warned that it will impose sanctions on Pension Fund Administrators (PFAs) that fail to meet performance targets in the ongoing Retirement Savings Account (RSA) data recapture exercise.
In its first-quarter 2026 report, PenCom disclosed that only 17.03 per cent of legacy RSA holders in the pension industry have completed the mandatory recapture process.
The report showed that 58,220 RSAs were recaptured during the quarter, bringing the cumulative total to 1,485,052 accounts out of an estimated 8,722,609 legacy RSAs.
PenCom expressed concern that, at the current pace, completing the outstanding exercise would take more than 25 quarters.
The Commission said the exercise would no longer remain solely PFA-driven and would increasingly be coordinated directly by PenCom, with quarterly targets and performance monitoring.
According to the report, PenCom will set recapture targets for each PFA, publish quarterly progress reports and apply regulatory sanctions against operators that significantly fail to meet their assigned targets during 2026.
Among the PFAs, Norrenberger Pensions recorded the highest performance in the first quarter with 17,157 recaptures, accounting for 29.47 per cent of total industry activity.
Stanbic IBTC Pension Managers followed with 10,963 recaptures, while Veritas Glanvills Pensions recorded 6,328.
Guaranty Trust Pension Managers and FCMB Pensions completed the top five with 3,918 and 3,888 recaptures respectively.
The RSA data recapture exercise, introduced by PenCom in August 2019, requires pension contributors to update and validate their personal and biometric information with their PFAs.
Meanwhile, PenCom also announced that Katsina State has amended its pension law to adopt the Contributory Pension Scheme (CPS), increasing the number of states with CPS legislation from 24 to 25.
According to the Commission, eight states are fully compliant, having enacted the necessary laws and commenced implementation through licensed PFAs, while 17 other states have passed the legislation but have yet to begin implementation.
