The Retirement Savings Account holders have started reacting to the transfer window recently launched by PENCOM.
Over 2,100 applications have so far been received, between November 16 and November 30, 2020, seeking to transfer from one current Pension Fund Administrator to another.
According to NAN, this development was disclosed by Mr Polycarp Anyanwu, Head, Information Communication Technology unit of PENCOM, at the virtual 2020 Pension Fund Operators Association of Nigeria media seminar.
According to Mr. Anyanwu, “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.’’
What you should know
- The Transfer window was launched on November 16, 2020 to allow pension contributors switch from their current PFA to a new PFA of their choice.
- According to Mr. Anyanwu, most of the pension contributors seeking to switch to a new PFA were those not satisfied with the service delivery of their current pension fund handlers.
- RSA Transfer System window has four quarters in a year – March 31, June 30, September 31, and December 31, in which contributors can change their PFAs once within the year.
- The over 2,100 applications received so far would be processed for the December 31, 2020 window.