How to transfer your Retirement Savings Account (RSA)

In anticipation of the formal launch of the Retirement Savings Account (RSA) transfer system, the National Pension Commission (PenCom) has published steps in which RSAs can be transferred from one Pension Fund Administrator (PFA) to another.

This is contained in a verified tweet by the commission, as seen by Nairametrics.

How To Transfer Your RSA pic.twitter.com/8eF1P4Ymc4

— Natl Pension Comm (@PenComNig) November 15, 2020

Recall that Nairametrics had earlier reported that PenCom had earlier fixed November 16, 2020 (tomorrow) as the date for the official launch of the RSA transfer system.

What you should know

The RSA transfer system involves five different steps which are succinctly explained below;

• Data recapture with the current PFA: You must ensure that your personal details have been recaptured and updated on the ECRS by your PFA (I.e. the PFA that currently manages your RSA).

Note: This applies if you opened your RSA before July 01, 2019 and have not been recaptured.

• Submission of RSA Transfer Request to Receiving PFA: You should approach the PFA that you intend to move your RSA to, (the Receiving PFA) and submit the transfer request by providing the following; Surname, RSA pin, E-mail and current phone number.
• Validation of Identity: You will be required to provide your fingerprint to the receiving PFA for the authentication of your identity on the National Identity Management Commission’s (NIMC) database. Thereafter, the receiving PFA will issue a printed confirmation slip, which should be signed by you as proof that your transfer has been submitted.
• Transfer of RSA and funds to receiving PFA: Your current PFA will transfer all the funds in your RSA to your new PFA at the end of the applicable transfer quarter. The process is closely monitored by PenCom
• Notification to RSA Holder: You will be notified by PenCom and the receiving PFA when your RSA has been transferred.