PenCom Launches RSA Transfer Window Nov 16
BY COBHAM NSA, ABUJA – In keeping with its pledge of sustaining a robust and thriving pension industry in the country, the National Pension Commission (PenCom) has set Monday, November 16 date to officially launch its Retirement Savings Account (RSA) transfer window.
With the new platform, RSA holders can now “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.”
A statement issued in Abuja by PenCom management informed “all stakeholders and the general public, especially Retirement Savings Account (RSA) holders under the Contributory Pension Scheme (CPS), that the Commission has concluded arrangements for the take-off of RSA Transfers.”
It described the launch date for the RSA Transfer System as signifying the official opening of the transfer window for business to all contributors.
According to the Commission; “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.”
“Prior to this launch, the Commission had successfully developed the RSA Transfer Application, a robust electronic platform that would enable seamless RSA transfers”, the statement said.
It further explained that PenCom has already “conducted extensive workshops for licensed Pension Operators and State Pension Bureaus in readiness for this epoch-making event.”
