….As Pension Asset Transfer Hit N47.8Bn In Q2 2021
Yemisi Izuora
The National Pension Commission (PenCom), recorded a total of 12,681 Retirement Savings Account (RSA) transfer requests in the first quarter of 2021, which ended on March 31, 2021 .
The figure more than quadrupled the figure recorded in the maiden transfer quarter which ended on December 31, 2020, with a total number of 2,799 RSAs.
The Agency equally expects a consistent upward trend as RSA holders continue to realise the ease with which they can initiate the transfer of the RSA’s .
According to the Commission, healthy competition and improved service delivery are anticipated in the pension industry with this development .
It said, ” This was a result of RSA holders now having the right to determine which PFA manages their pension contributions and retirement benefits .
The commission had ensured that the requirements for initiating RSA transfers are minimal .
The RSA Transfer System (RTS), also known as,” Transfer Window,” was launched on Nov. 16, 2020.
The development made way for the full implementation of one of the key features of the Contributory Pension Scheme (CPS), which is, ” the portability of RSA’s”.
PenCom, also revealed that the total pension assets transferred amongst Pension Fund Administrators (PFAs) as at June 2021, were valued at about N 47.8 billion .