Nigeria’s pension commission to grant account holders opportunity to change fund managers
By Samuel Bankole
The National Pension Commission (PENCOM) has said that Retirement Savings Account (RSA) holders would from November 18 be able to transfer their contributions once in a year from one Pension Fund Administrator (PFA) to another.
The commission in a public notice said the move was in accordance with the extant law and meant to boost competition and improve service delivery within the subsector.
It said it has developed the electronic platform for the purpose of RSA transfer and it will be launched on Monday, which will signal the start of the process of transfer.
“The launch date for the RSA transfer system is scheduled for Monday, November 18, 2020. This will signify the official opening of the RSA transfer window.
“Prior to this launch, the Commission had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers.
“In addition, the Commission had conducted extensive workshops for this epoch-making event.
“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,” Pencom said in the notice published on its Twitter handle.#GFDNEWS