The National Pension Commission (PenCom) on the 28th of August 2023 gave a formal directive for all outstanding balances with Pension Fund Administrators (PFAs) to be reconciled and resolved by 31st December 2023. Outstanding balances are unprocessed funds with inaccurate and incomplete information of contributors and the unapplied funds are domiciled into two accounts stated below:

• Contribution Reconciliation Account (CRA)
• Transitional Contribution Fund (TCF)

Role of the Employer

1. The employer should endevour to visit the PFA’s website to search for records of outstanding balances for their employees.
2. The employer is required to provide accurate schedules for the remittance of contributions to employees RSAs.

Role of the Employee who are Beneficiaries of TCF

1. The employee should endevour to visit the PFA’s website for TCF beneficiaries.
2. The employee should provide required documentation to PFA to facilitate remittance of contributions to their RSA.
3. Open Retirement Savings Account (RSAs) or carry out Data Recapture for existing contributors.

Documentation Requirements for Beneficiaries of TCF with RSA PINs

1. A copy of the beneficiary’s Welcome Letter (obtained from the PFA).
2. A copy of the beneficiary’s employment letter.
3. Beneficiaries with RSAs with the PFA where TCF is domiciled, the beneficiaries only need to provide valid RSA PIN for review/confirmation.

Documentation Requirements for Beneficiaries of TCF with RSA PINs

1. Approach any PFA of their choice to open a Retirement Savings Account.
2. Upon registration, provide a copy of Welcome Letter obtained from the PFA (where the RSA has been opened) to the PFA (where the contributions are domiciled).
3. Provide a copy of their employment letter to the TCF PFA.