PenCom introduces the Enhanced Contributor Registration System

The National Pension Commission (PenCom) has issued a public notice (the Notice) to inform the general public of the deployment of an Enhanced Contributor Registration System (ECRS). The ECRS is an electronic platform designed to be used by Pension Fund Administrators (PFAs) for the registration of contributors and issuance of Personal Identification Numbers (PINs). This is a transition from the existing Contributor Registration System (CRS).

The ECRS is expected to boost the security of contributors’ data and provide a platform for the following:

  • Registration of Micro Pension Plan participants and cross-border individuals wishing to participate in the pension contribution scheme (CPS)
  • Enhanced electronic submission of employer code requests by PFAs or employers
  • Full automation of the employer code issuance process
  • Updates to contributors’ information on National Databank maintained by PenCom

The ECRS is expected to be user-friendly and address the challenges faced with the deployment of CRS. The platform has been integrated with the National Identity Management Commission (NIMC) to verify the uniqueness of individuals willing to register under the CPS. Therefore, contributors are advised to provide their National Identification Numbers and any other information required by their PFAs. This improvement is also to enhance the introduction of the transfer window, which will enable contributors to change to their preferred PFAs, in line with Section 13 of the Pension Reform Act (PRA) 2014. The window gives an opportunity to contributors to change PFAs once a year.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.