The National Pension Commission (PenCom) has announced the flag-off of the Retirement Savings Account (RSA) transfer system, under the Contributory Pension Scheme (CPS) would be launched on November 16. This was disclosed in a statement on Monday by the Head Corporate Communication, PenCom, Mr. Peter Aghahowa.
Aghahowa said the commission had finalized plans for the take-off of RSA transfer to allow RSA holders to transfer their accounts from one Pension Fund Administrator (PFA) to another once a year; which is in line with section 13 of the Pension Reform Act 2014.
He said “Prior to this launch of the RSA Transfer System, 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 activation RSA transfer process is projected to encourage competition and also improve service delivery in the pension industry. It would also assert the right of RSA holders to decide which PFA would manage their pension contributions and retirement benefits.
