PenCom Allows Contributors To Change Pension Companies
The National Pension Commission has said it has concluded arrangements for the take-off of Retirement Savings Account transfers.
A statement on Monday titled ‘Official launch of the Retirement Savings Account transfer system’, said it would enable workers in the Contributory Pension Scheme to change their pension companies.
PenCom said RSA holders may transfer their accounts from one Pension Fund Administrator to another once in a year, in line with Section 13 of the Pension Reform Act 2014.
The launch for the RSA transfer system is scheduled for November, 16, 2020.
PenCom said the launch would signify the official opening of the RSA transfer window.
Prior to this launch, the commission said it had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers.
In addition, it said the commission had conducted extensive workshops for licensed pension operators and state pension bureaus in readiness for the event.
The activation of the RSA transfer process would engender competition and improve service delivery in the pension industry, while asserting the right of RSA holders to determine which PFA manages their pension contributions and retirement benefits, the commission said.