Retirement Savings Account (RSA) transfer system will begin life streaming from today, November 16, 2020. This is coming after several years of staggered launch which made the National Pension Commission to reset, return to the drawing board, upscale, collaborate, plan and prepare for the hitch-free take-off.
The Commission in a statement said it has concluded arrangements for the take-off of RAS transfers. Therefore, PenCom leaves the door open for RSA holders under the Contributory Pension Scheme whom may want to transfer their accounts from one Pension Fund Administrator (PFA) to another in a year, in line with section 13 of the Pension Reform Act 2014 to do so.
Confident of the success of the launch today, PenCom in a soft reference to several years of planning said: “Prior to the launch, the Commission had successfully developed the RSA Transfer Application, a robust electronic platform that would enable seamless RSA Transfers. In addition, the Commission had conducted extensive workshops for licenced pension operators and state pension bureaus in readiness for this epoch-making event.”
According to PenCom, the activation of the transfer process will engender competition and improve service delivery in the pension industry, besides, it asserts the right of RSA holders to determine which PFA manages their pension contributions and retirement benefits.