The first quarter of 2022 has recorded a dip in RSA Transfer System, indicating a possible improvement in services offered by Pension Fund Administrators.
Retirement Savings Account transfer requests are usually processed in the first week of the quarter following the quarter those requests were submitted. While the 2021 fourth quarter did not indicate failed submissions, the first quarter of 2022 indicated.
For the first quarter of 2022, National Pension Commission First Quarter 2022 Report , show that a total of 7663 RSA holders initiated RSA transfers in the first RSA Transfer Quaretr of 2022, “which was concluded in the first week of April 2022. This covered RSA transfer requests submitted by PFAs between 1 January 2022 to 31 March 2022, which were eligible for RSA transfer in the first quarter of 2022,” the report outlined.
Despite the dip in transfers submitted, the actual transfers to new PFAs with associated pension assets dropped further to 5,543 RSAs. It was cleared by the Commission that 2,120 transfer requests failed.
However, the reason for the failed request was not that it failed to meet conditions. PenCom makes the possible reason. “The failed submissions by PFAs could be attributed to their internal processes, as all the PFAs recorded some failed RSA transfer request submissions.”