Pension

Transfer Window: Over 2,100 RSA Holders Set To Switch PFAs

BY NKECHI NAECHE-ESEZOBOR-Less a month after the launch of the pension transfer window, the National Pension Commission(PenCom) on Thursday said 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.

The commission disclosed this at the virtual 2020 Pension Fund Operators Association of Nigeria(PenOp) Media Retreat for pension correspondents today, that over 2,100 applications were submitted and received by the commission between 16th and 30th of November, 2020.

Speaking on behalf of the commission, the Head, ICT, PenCom, Mr. Polycarp 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, will no doubt, enhance quality service delivery of the PFAs to their clients.

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

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