PenCom to sanction PFAs as only 17% of RSA holders recaptured

By Rosemary Iwunze

The National Pension Commission (PenCom) has threatened to sanction Pension Fund Administrators (PFAs) that fail to meet prescribed targets under the ongoing Retirement Savings Account (RSA) data recapture exercise.

PenCom, in its first-quarter 2026 report, disclosed that only 17.03 per cent of the industry’s legacy RSA holders had completed the mandatory data recapture exercise.

According to the report, 58,220 RSAs were recaptured during the quarter, bringing the cumulative number of recaptured accounts to 1,485,052 out of an estimated 8,722,609 legacy accounts.

The Commission warned that, at the current rate, completing the outstanding recapture exercise would take more than 25 quarters.