PenCom: N10.20bn NSITF Contributions Transferred RSAs

James Emejo in Abuja

The Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has said the sum of N10.20 billion for 142,486 contributors under the Nigeria Social Insurance Trust Fund (NSITF) scheme had so far been transferred to their Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS).

Umar further appealed to all employers to encourage their employees who have contributed to the NSITF scheme to liaise with their Pension Fund Administrators (PFAs), particularly the Trustfund Pensions for guidance on how to have their contributions transferred to their RSAs.

She spoke during an interactive session with the Organized Private Sector (OPS) on current developments and challenges in the implementation of the Pension Reform Act 2014, over the weekend.

Represented by PenCom’s Commissioner, Administration, Dr. Umar Farouk Aminu, Umar further explained that in order to facilitate the implementation of Section 13 of the Pension Reforms Act (PRA) 2014, which allows an RSA holder to transfer his/her RSA from one PFA to another at least once in a year, the commission had developed and deployed the RSA Transfer System (RTS) in 2020.

She said the RTS, a computer-based application for initiating, processing, and monitoring the RSA Transfer process, also ensures the seamless transfer of RSAs from one PFA to another.

She also thanked the Nigeria Employers’ Consultative Association (NECA) for offering its platform for continuous social dialogue with the members of the OPS on the implementation of the CPS in the country, adding that the dialogues have generated an invaluable impact on the implementation of the scheme over the years.

She added that the meeting was intended to enlighten the OPS on the workings of the CPS, share thoughts on emerging developments in the Nigerian pension space, and provide an opportunity for pension operators to interact with the members of the OPS.

Umar, however, noted that the pension industry remained one of the fastest-growing financial sectors in the country with 10 million RSAs under the CPS in the third quarter of 2023 as well as N16.76 trillion Asset Under Management, stressing that the contributions of the OPS cannot be overemphasised.

She said the commission has continued to take giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones.

Similarly, in his remarks, Director General, NECA, Mr. Adewale-Smatt Oyerinde, reiterated the resolve of the private sector towards ensuring the success of the pension scheme “as long as our concerns are not only noted but also addressed expeditiously”.

He said, “As a critical stakeholder to the success of the scheme, we owe everyone the duty to be up and about to ensure the scheme succeeds, no matter what your definition of success.”