Over 2,000 apply to move RSA to new PFAs

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Over 2,000 apply to move RSA to new PFAs

By Favour Nnabugwu

Over 2, 100 Retirement Savings Account (RSA) holders have applied to move their pension accounts from their current Pension Fund Administrators (PFAs) to a new one.

This is as a result of the launch of the pension transfer window by the National Pension Commission (PenCom).

The Head, ICT, PenCom Polycarp Anyanwu, who disclosed this yesterday at the virtual 2020 Pension Fund Operators Association of Nigeria (PenOp) media retreat for pension correspondents, stated that 2,100 applications were submitted and received by the commission between November 16 and 30, 2020. 

The transfer window known as Retirement Savings Account Transfer System (RTS) was launched by PenCom on November the 16, 2020, in Abuja, in accordance with Section 13 of the Pension Reform Act, 2014, which allows contributors to move their RSA through a transfer window from one PFA to another, provided that it is not more than once in a year. 

Anyanwu noted that most of the pension contributors seeking a switch to a new PFAs were those who were not contented with the service delivery of their current pension fund handlers, a development, he said, would no doubt, enhance quality service delivery of the PFAs to their clients.

Explaining how the window operates, he said, the RTS has four quarters in a year, which are; March 31; June 30; September 31 and December 31 in which contributors can change their PFAs once in a year, adding that, the over 2,100 applications received so far would be processed for the December 31, 2020 window.

 Similarly, the Head, Corporate Communications, PenCom, Mr. Peter Aghahowa, said, the activation of the RSA transfer process would 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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