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RSA holders can now change PFA from Nov. 16: PenCom

The system would assert the right of RSA holders to determine which PFA managed their pension contributions and retirement benefits.

• November 9, 2020
PenCom
PenCom

Holders of Retirement Savings Account (RSA) under the Contributory Pension Scheme (CPS) would be able to transfer their accounts one Pension Fund Administrator from November 16, National Pension Commission (PenCom) said on Monday in Abuja.

PenCom’s spokesman Peter Aghahowa said the commission had concluded arrangements for the take-off of RSA transfer to allow the RSA holders to transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year.

He said this in line with section 13 of the Pension Reform Act 2014.

“The launch date for the RSA Transfer System is scheduled for November 16, this will signify the official opening of the RSA Transfer Window.”

“Prior to this launch, the commission had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers.

“Also, the commission has conducted extensive workshops for licensed Pension Operators and State Pension Bureaus in readiness for this epoch-making event,’’ Mr. Aghahowa said.

He said the activation of the RSA transfer process would stimulate competition and improve service delivery in the pension industry.

He also said it would assert the right of RSA holders to determine which PFA managed their pension contributions and retirement benefits.

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