The National Pension Commission (PenCom) intends to penalize Pension Fund Administrators (PFAs) that fall short of specific goals regarding the Retirement Savings Account (RSA) data update project. Their first-quarter 2026 report indicates that just 17.03 percent of legacy RSA users have successfully finished this compulsory process.
Data shows that 58,220 accounts were updated between January and March, raising the total to 1,485,052 out of approximately 8.7 million legacy accounts. PenCom projects that current speeds are insufficient, estimating that the remaining work would take over 25 quarters to finish. Consequently, the agency is shifting from a PFA-led approach to a centrally managed process involving strict quarterly quotas and performance monitoring. Operators failing to meet these 2026 benchmarks will face regulatory consequences.
During the first quarter, Norrenberger Pensions topped the list with 17,157 updates. Other top performers included Stanbic IBTC with 10,963, Veritas Glanvills with 6,328, and both Guaranty Trust Pensions and FCMB Pensions rounding out the top five. This initiative, which began in August 2019, mandates that RSA holders verify their biometric and personal details.
Separately, PenCom noted that Katsina State has updated its pension laws to join the Contributory Pension Scheme (CPS), bringing the total number of participating states to 25. Of these, eight are fully operational, while 17 have passed the necessary legislation but have yet to start implementation.
