Nigeria’s Contributory Pension Scheme (CPS) now in its 16th year after the reform in 2004 has achieved another milestone with the launch of the pension transfer window.
The Pension industry with total assets under management as at August 2020 put at N11.35 trillion and 9.10 million contributors is contributing about 7.09 percent to the country’s GDP, and has a huge untapped potential given the country’s total workforce.
The Transfer Window officially thrown open by the National Pension Commission (PENCOM) on November 16, 2020, according to Wale Odutola, managing director of ARM Pension allows every RSA holder to move from their current PFA to a much preferred one which they believe will better satisfy their pursuit of a comfortable retirement.
Wale who lauded this move said, “Retirement is a marathon, not a sprint and just like a marathon; every runner needs to be in good shape to get to the finish line comfortably.”
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He said for decades, that have been their mandate at ARM Pensions, and we have every necessary resource in place to help our incoming RSA holders on the journey to a better tomorrow.
He said ARM Pension has since inception, delivered consistently positive returns on Retiree funds with no negative years irrespective of the economic situation of the nation.
“With an experienced and competent management team, ARM Pensions has recorded historical annual returns on managed retirement funds with average returns significantly higher than the long-run average inflation rate of 12 percent.”
“I completely support this initiative because it provides everyone with the opportunity to choose a worthy partner, Wale Odutola said.
According to Wale, the CPS is currently providing safety nets for about 233,493 retirees on programmed withdrawal and over 9 million contributors, with consistent growth of pension assets in nominal terms of about 17.6 percent over five years.
This is as pension funds have continued to be a veritable source of medium- long term funding for key sectors in the economy, while also providing relative stability in the financial markets.
The transfer window is platforms created by PENCOM to enable pension contributors who are dissatisfied with the services of their current Pension Fund Administrators ( PFAS) transfer their retirement savings account (RSA) to any Pension Fund Administrator of their choice.
