…As PenCom Flags Off RSA Transfer System
Yemisi Izuora
The National Pension Commission, PenCom, has concluded arrangements to unveil the take-off of RSA Transfers.
With the take-off, RSA holders would now be at liberty to 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.
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 licensed Pension Operators and State Pension Bureaus in readiness 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.