PENCOM COMMENCES IMPLEMENTATION OF RSA TRANSFER WINDOW

Written by on November 17, 2020

THE NATIONAL PENSIONS COMMISSION (PENCOM) WILL TODAY MONDAY, NOVEMBER 16, 2020, COMMENCE IMPLEMENTATION OF THE RETIREMENT SAVINGS ACCOUNT (RSA) TRANSFER WINDOW UNDER THE CONTRIBUTORY PENSION SCHEME (CPS).

HENCE, PENSIONERS WHO HAVE NOT HAD THE OPPORTUNITY TO CHANGE THEIR PENSION FUND ADMINISTRATORS (PFAS) AS A RESULT OF LOWER RETURNS ON INVESTMENT MANAGEMENT OR POOR CUSTOMER SERVICE DELIVERY, NOW HAVE THE PLATFORM TO MOVE THEIR RSA TO OTHER COMPETING FIRMS IN THE PENSION INDUSTRY.

THE COMMISSION, HOWEVER,  SAID THE MOVEMENT OF THE RSA CAN ONLY BE DONE ONCE IN A YEAR, STRESSING THAT ELECTRONIC MIGRATION PLATFORM WHICH IS IN LINE WITH SECTION 11(2) OF THE PENSION REFORM ACT 2004, THAT AN EMPLOYEE RESERVES THE RIGHT TO MIGRATE FROM ONE PFA TO ANOTHER WITHOUT ADDUCING REASONS, WOULD FURTHER BOOST STAKEHOLDERS CONFIDENCE IN THE SCHEME.

THE COMMISSION HAD EARLIER URGED RETIREES AND RETIREMENT SAVINGS ACCOUNT HOLDERS TO PARTICIPATE IN THE DATA RECAPTURE EXERCISE DRE WHICH IS ONGOING.

THE EXERCISE WAS INTRODUCED LAST YEAR TO OBTAIN COMPLETE ACCURATE AND CURRENT DATA OF ALL RETIREES AND RETIREMENT SAVINGS ACCOUNT HOLDERS BOTH ACTIVE AND RETIRED.

IN A STATEMENT, THE COMMISSION POINTED OUT THAT COMPLETION OF DATA RECAPTURE EXERCISE IS A PREREQUISITE FOR PROCESSING ANY RSA TRANSFER REQUEST BY HOLDERS WHO REGISTERED BEFORE JULY LAST YEAR.

IT FURTHER URGED THOSE AFFECTED TO COOPERATE WITH AGENTS THAT WOULD BE VISITING ORGANIZATIONS TO CARRY OUT THE EXERCISE.


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