Transfer Window: 12,681 Contributors Change PFAs in Three Months

Transfer Window: 12,681 Contributors Change PFAs in Three Months

By Ebere Nwoji

Barely six months after the launch of its transfer window, the National Pension Commission (PenCom) yesterday disclosed that a total of 12,681 Retirement Savings Account (RSA) holders migrated from their Pension Fund Administrators (PFAs) to new operators in the first quarter of 2021.

According to the commission, the response of RSA holders towards the transfer window implementation has been overwhelming.

PenCom Head, Corporate Communications, Peter Aghahowa, in a statement, explained that in the maiden transfer quarter, which ended on December 31, 2020, a total number of 2,799 RSA holders transferred their RSAs to various PFAs.

He said the number more than quadrupled in the next transfer quarter, which ended on 31 March 2021.

“Overall, the opening of the RSA Transfer Window is revolutionary. Going forward, high standards of service delivery will be a focal point in the Pension Industry,” he said.

Aghahowa, commenting on the response of the contributors to the transfer window programme said, “It was long awaited. The launching of the RSA Transfer System (RTS) on November 16, 2020, heralded the full implementation of one of the cardinal features of the Contributory Pension Scheme (CPS), the portability of RSAs.

“By this development, RSA holders have been empowered to move their RSAs from their current Pension Fund Administrators (PFAs) to other PFAs of their choice, whenever they desire to do so.”

According to him, the opening of the transfer window has been embraced by a large number of RSA holders in their quest for better service delivery and returns on investment from PFAs.

He said the Commission has ensured that the requirements for initiating RSA transfers are minimal, and has also made available on its website, necessary information to guide RSA holders through the process.

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