PENCOM declares over 2,100 RSA holders applied for transfer in 14 days
The National Pension Commission (PENCOM) said it has received over 2,100 applications between November 16 and November 30, 2020, seeking transfer from one current Pension Fund Administrator to another.
Head, Information Communication Technology unit of PENCOM, Polycarp Anyanwu, disclosed this at the virtual 2020 Pension Fund Operators Association of Nigeria media seminar.
Anyanwu said: “Over 2,100 applications were submitted and received by the commission between November 16 and 30.
“The transfer window known as the Retirement Savings Account Transfer System (RTS) is in accordance with Section 13 of the Pension Reform Act, 2014.
“It permits contributors to move their RSA’s through a transfer window from PFA to another, provided that it is not more than once in a year.’’
Recalled, PENCOM recently launched the Retirement Savings Account (RSA) transfer system, under the Contributory Pension Scheme (CPS).
The commission clarified that the arrangement for the take-off of RSA transfer is to allow the RSA holders to transfer their accounts from one Pension Fund Administrator (PFA) to another once a year.
The Commission added that in line with section 13 of the Pension Reform Act 2014, the RSA transfer process would stimulate competition and improve service delivery in the pension industry.
It also stated that it would assert the right of RSA holders to determine which PFA managed their pension contributions and retirement benefits.
