You can now switch PFAs as PenCom opens transfer window Nov 16

The National Pension Commission (PenCom) has said it will officially launch the retirement savings account (RSA) transfer system, under the contributory pension scheme on November 16, 2020.

According to a statement signed by Peter Aghahowa, the commission’s head of corporate communication, PenCom has concluded arrangements for the take-off of RSA transfer so as to enable RSA holders to transfer their accounts from one pension fund administrator (PFA) to another once a year.

PenCom also said the RSA transfer process is in line with section 13 of the pension reform act 2014 and it is expected to stimulate competition and improve service delivery in the pension industry.

“The launch date for the RSA transfer system is scheduled for November 16, this will signify the official opening of the RSA transfer window,” the statement read.

“Prior to this launch, the commission had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers.

“Also, the commission has conducted extensive workshops for licensed pension operators and state pension bureaus in readiness for this epoch-making event.”

The commission further said activation of the RSA transfer system would assert the right of RSA holders to determine which PFA managed their pension contributions and retirement benefits.