PenCom set to launch RSA transfer style

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The National Pension Commission (PenCom) is set to launch the Retirement Savings Account (RSA) transfer system come November 16, 2020.

The transfer sustem which will enable contributors under the Contributory Pension Scheme to transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year.

The Commission made this known in a statement Monday in Abuja

According to it, “The National Pension Commission (the Commission) wishes to inform all stakeholders and the general public, especially Retirement Savings Account (RSA) holders under the Contributory Pension Scheme, that the Commission has concluded arrangements for the take-off of RSA Transfers.
Accordingly, RSA holders may transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year, in line with Section 13 of the Pension Reform Act 2014.
The activation of the RSA transfer process will engender competition and improve service delivery in the pension industry, while asserting the right of RSA holders to determine which PFA manages their pension contributions and retirement benefits.”

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