The National Pension Commission (PenCom) says it has concluded arrangements for the take-off of the Retirement Savings Account (RSA) transfer for account holders under the Contributory Pension Scheme from November 16, 2020.
The commission explained that RSA account holders might transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year.
In a press statement made available to BusinessDay, the commission said the decision was in line with Section 13 of the Pension Reform Act 2014.
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It said prior to the launch, it had successfully developed the RSA transfer application, adding that “it is a robust electronic platform that would enable seamless RSA transfers”.
PenCom stated that it had conducted extensive workshops for licensed Pension Operators and State Pension Bureau in readiness for the epoch-making event.
While asserting the right of RSA holders to determine which PFA manages their pension contributions and retirement benefits, the commission noted that the activation of the RSA transfer process would engender competition and improve service delivery in the pension industry.
