Workers’ll Soon Be Allowed To Change PFAs, Says PenCom
The National Pension Commission has said it will soon open the transfer window that will allow workers to be able to move their Retirement Savings Accounts to another Pension Fund Administrator of their choice.
PenCom also said the opening of the transfer window would facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition among the PFAs and improve service delivery to RSA holders.
It said these on Thursday in a statement entitled ‘Transfer of Retirement Savings Account.’
It stated that Section 13 of the Pension Reform Act, 2014 allowed contributors to move their RSAs through a transfer window from one PFA to another, provided that it was not more than once in a year.
The statement said, “The National Pension Commission has being 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 in September 2019.”
The commission said it had developed the RSA Transfer System, a robust electronic platform that would enable seamless RSA transfers.
It stated that the PFAs would be able to utilise the RTS platform for the submission of RSA transfer requests.
PenCom said it was unable to carry out these activities as planned due to the nationwide lockdown occasioned by the COVID-19 pandemic.
It said subsequent to the easing of the lockdown by the Federal Government and the lifting of the ban on interstate travels between the end of June and July, the preparations for a comprehensive training plan was concluded.