Figures obtained from the current second quarter reports by National Pension Commission indicates that 10,167 Retirement Savings Account RSA holders have initiated requests to switch Pension Fund Administrators and are awaiting action on their transfer request.
The report states that the processing had commenced in the first week of July 2021 and pension assets transferred would be published in the third quarter reports coming up in a couple of months from now.
During the first transfer quarter of 2021, 12,681 RSA holders initiated RSA transfers in the first RSA transfer. PenCom stated that, “All the RSAs were transferred to their new PFAs along with their pension assets valued at N47.77bn.”
The current RSA transfer showed a dip in the number of RSA holders initiating transfers, dropping from first transfer quarter of 2021 at 12,681 to 10,167. One of the reasons PenCom adduced for the RSA Transfer System (RTS), was that it was going to engender efficiency of pension services, it is not clear yet if the dip is connected to contributors satisfaction in the second.