The National Pension Commission (PENCOM) said it has received over 2,100 applications between November 16 and November 30, 2020, seeking transfer from one current Pension Fund Administrator to another.
Polycarp Anyanwu, Head, Information Communication Technology unit of the commission, disclosed this at the virtual 2020 Pension Fund Operators Association of Nigeria media seminar.
Anyanwu said: “Over 2,100 applications were submitted and received by the commission between November 16 and 30.
“The transfer window known as the Retirement Savings Account Transfer System (RTS) is in accordance with Section 13 of the Pension Reform Act, 2014.
“It permits contributors to move their RSA’s through a transfer window from PFA to another, provided that it is not more than once in a year.’’
PENCOM recently launched the Retirement Savings Account (RSA) transfer system, under the Contributory Pension Scheme (CPS).
The commission explained that the arrangement for the take-off of RSA transfer is to allow the RSA holders to transfer their accounts from one Pension Fund Administrator (PFA) to another once a year.
According to the PENCOM, this in line with section 13 of the Pension Reform Act 2014. The commission added that the RSA transfer process would stimulate competition and improve service delivery in the pension industry.
The body stated that it would assert the right of RSA holders to determine which PFA managed their pension contributions and retirement benefits.