PenCom warns Pension Fund Administrators that failure to meet quarterly RSA account recapture targets could result in sanctions, amid concerns over sluggish progress and plans for tighter oversight in 2026.
PenCom has warned Pension Fund Administrators that underperform on the Retirement Savings Account data recapture exercise that they could face regulatory sanctions this year, after figures in its first-quarter 2026 report showed the process is still moving far too slowly.
The commission said only 17.03% of legacy RSA holders had completed the mandatory update by the end of the quarter. A total of 58,220 accounts were recaptured in the period, taking the cumulative figure to 1,485,052 out of an estimated 8,722,609 legacy accounts. At that pace, PenCom said, finishing the remaining work would take more than 25 quarters, which is why it wants the exercise to shift from being driven mainly by individual PFAs to a process led more directly by the commission, with quarterly targets and public progress reports.
PenCom said it will introduce PFA-level quarterly recapture targets, publish quarterly progress updates and impose sanctions on operators that materially miss their goals during 2026. Norrenberger Pensions led the market in the first quarter with 17,157 recaptures, accounting for 29.47% of all activity. Stanbic IBTC followed with 10,963, while Veritas Glanvills recorded 6,328. Guaranty Trust Pensions and FCMB Pensions rounded out the top five with 3,918 and 3,888 respectively.
The recapture drive, launched in August 2019, requires RSA holders to confirm and validate their personal and biometric details with their PFAs. Separately, PenCom said Katsina State’s amendment of its pension law to adopt the Contributory Pension Scheme lifted the number of states with CPS legislation to 25 from 24. Eight states are now fully compliant and implementing the scheme through licensed PFAs, while 17 others have passed laws but have yet to begin implementation. Recent state-level pension reforms in Katsina and Kaduna underline how some governments are also trying to clear arrears and modernise retirement systems, even as national recapture work remains incomplete.
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