BY NKECHI NAECHE-ESEZOBOR
What is RSA Transfer?
RSA Transfer is the transfer of an individual’s Retirement Savings Account (RSA) from
one Pension Fund Administrator (PFA) to another, processed through the RSA Transfer
System (RTS).
An RSA holder is only allowed to transfer his/her RSA once in every 365 days (12
calendar months) as stipulated in Section 13 of the Pension Reform Act 2014 (PRA
2014).
An RSA Transfer is initiated by the RSA holder through the PFA to which his RSA is being transferred. It is based on the provision of the PRA 2014, which empowers the RSA holder to select and change the PFA that will manage his/her RSA.
The RTS is a computer-based application deployed by the National Pension Commission (PenCom) for the purpose of initiating, processing and monitoring the RSA Transfer
process.
Steps To RSA Transfer
The RSA holder must first ensure that his/her personal details (Biometrics & Biodata) have been recaptured and updated on the Enhanced Contributor Registration System (ECRS).
This according to PenCom must include his/her National Identity Number (NIN) to the current PFA.
The next step is for the RSA holder is to approach the receiving PFA and initiate the
transfer request by providing his/her RSA PIN, surname, current telephone number and email address ( although not compulsory).
After successful validation of the biodata, the RSA holder’s fingerprint will then be
captured to authenticate his/her identity and conclude the transfer request.
Tphe receiving PFA prints 2 copies of the confirmation slip, which should be signed
by the RSA holder as proof that he/she initiated the transfer.
A copy of the confirmation slip will be given to the RSA holder while the other copy is retained by the receiving PFA.
RSA transfer requests received are batched and processed at the end of every quarter, that is, 4 times in a year (March, June, September and December).
However, only transfer requests received latest by the end of the second month of a transfer quarter (February, May, August and November) are processed within that quarter.
After a successful submission the receiving and transferring PFAs are required to send notifications to the RSA holder via SMS/ email using the telephone number and email address provided by the RSA holder.
According to PenCom RSA transfer is free. No amount is charged by the receiving PFA to process the RSA transfer request from the RSA holder.