• Sunday, February 25, 2024
businessday logo


Pencom approves transfer of N723million into contributors’ accounts


The National Pension Commission (PenCom) said on Friday that it approved the transfer of N723.54m into the Retirement Savings Accounts (RSAs) of 10,866 applicants in the second quarter of 2013.

The commission’s Acting Director General, Mrs Chinelu Anohu-Amazu said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

Anohu-Amazu said 13,921 applications were received for transfer of National Pension Funds totaling to N820.42m.

She said that 2,425 applications were rejected due to incomplete documentation, duplication of application, among others.

According to her, there are certain criteria  every contributor must abide with in making request for the transfer of his or her national pension funds.

She said the rejected applications did not meet those criteria.

“The commission in the second quarter of last year reviewed 13,921 requests received for the transfer of NPF/NSITF contributions  amounting to N820.42 million into contributors’ RSAs.

“The commission reviewed and approved the transfer of N723.54 million into the RSAs of 10,866 applicants.

“It, however, rejected 2,425 applications due to incomplete documentation, zero balances and duplicated applications,’’ she said.