Grace Cofie
The National Pension Commission (NPC) has said 5.1 million retirement savings accounts with Pension Fund Administrators had incomplete documentation as of the end of 2020 financial period.
The incomplete document could prevent the RSA holders from having access to their pension benefits.
PenCom in its 2020 annual report said, “A review of the monthly reports of the pension operators revealed that 5.1 million Rosas had incomplete documentation as at Q4 2020.
“Nonetheless, the engagement of agents to conduct data recapture on behalf of all the PFAs was expected to address the issue and validate all relevant documents under the profile if individual RSA holders.”
The commission said only 9,215,788 workers had RSAs as of the end of 2020.
It also said contributors should update their information with their PFAs, notify the operators of any change that could have occurred in their details since the time they joined the scheme.
Some of the issues include irregular names, change of address and multiple PFAs, among others.
