Subscribers to the Contributory Pension Scheme (CPS) can look to conveniently moving their Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another, as the National Pension Commission (PenCom) says it will be launching the RSA transfer window before the end of this year.
PenCom in a statement on Thursday said the transfer system is a robust electronic platform that would enable seamless RSA transfers and aid Pension Fund Administrators (PFAs) to submit RSA transfer requests.
“The opening of the transfer window will facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition amongst the PFAs and improve service delivery to RSA holders”.
“The commission is optimistic that all necessary preparations will take place to enable the opening of the RSA transfer window by the end of the year”.
The commission explained that Section 13 of the Pension Reform Act, 2014, allows contributors to move their RSA through a transfer window from one PFA to another, provided that it is not more than once in a year.
“The National Pension Commission has been working assiduously to actualise the provisions of Section 13 of the Pension Reform Act, 2014. Preparatory to the opening of the transfer window, the commission developed and deployed the Enhanced Contributor Registration System (ECRS) in September 2019”.
“The full deployment of the platform would, however, entail extensive training of the PFA’s relevant personnel and simulation of the processes, industry-wide,” Pencom said in the statement.