The National Pension Commission (PENCOM) has set Monday, November 16, 2020, as the official date for the launching of the Retirement Savings Account transfer system.
This is according to a verified tweet by the organization, as seen by Nairametrics.
The Official Launch of the RSA Transfer Window pic.twitter.com/pXCHQSr6r1
— Natl Pension Comm (@PenComNig) November 9, 2020
PENCOM also affirmed that prior to this launch, the commission had successfully developed the RSA Transfer Application, a robust electronic platform that would enable seamless RSA transfer. In addition, the commission had conducted extensive workshops for licensed Pension Operators and State Pension Bureaus in preparation of the epoch-making event.
What they are saying
A part of the recent press release by the organization read thus, “The National Pension Commission (the commission) wishes to inform all stakeholders and the general public, especially Retirement Savings Account (RSA) holders under the contributory pension scheme, that the commission has concluded arrangements for the take-off of RSA transfers.
“Accordingly, RSA holders may transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year, in line with section 13 of the Pension Reform Act 2014. The launch date for the RSA Transfer System is scheduled for Monday 16 November, 2020. This will signify the official opening of the RSA Transfer Window.”
Why it matters
The latest development is in line with the commission’s desire to ensure that all RSAs holders are able to exercise their rights of transferring their RSAs from one PFA to another.