PenCom transfers 10,165 Retirement Savings Accounts to new PFAs (Q3, 2021)
The National Pension Commission (PenCom) said it transferred 10,165 Retirement Savings Accounts (RSAs) to other Pension Fund Administrators (PFAs), on the request of their holders, in the third quarter of 2021.
Hajiya Maryam Bello, PenCom’s Assistant General Manager, National Databank Management Department, stated this at a workshop organized by the commission with the theme: “Positioning the Pension industry in the Post-COVID Era”.
Bello said that all RSA transfer requests were processed by the PenCom.
“Transferring RSAs involves re-assignment of PINs on Enhanced Registration System to the new Transferring PFAs (TPFAs), transfer of pension assets and records of the RSA from the old to the new PFA.
“All RSAs transferred are re-assigned by PenCom on its database on the fourth working day after Effective Transfer Date (ETD).
” TPFAs transfer RSA balances to Receiving PFAs (RPFAs) on the fourth and fifth working day after the ETD.
“The TPFAs move files of the RSA holders containing all records relating to the RSAs to the new PFAs within a maximum of seven working days for retirees and one month for active RSA holders,” she said.
The assistant manager explained that a mail would be sent to an RSA holder when it has been transferred, noting that it was also important for the RSA holders to provide valid emails.
She advised that the RSA holders should notify their employers of their PFA change and other important details, adding that the window also allowed RSA holders to seek more efficient customer service from their PFAs and better returns on investments of their pensions contributions.
Bello also said that only recaptured RSA holders, who registered after June 2019, could transfer their RSAs and that active contributors and retirees on Programmed Withdrawal were similarly eligible to transfer their RSAs.
“Retirees on annuity making voluntary contributions could also transfer their RSAs once a year,” she added.