The total pension assets transferred among pension fund administrators (PFAs) as of June 2021 were valued at N47.8 billion, the National Pension Commission (PenCom) announces.
This is contained in a bulletin published by the commission.
PenCom stated that it recorded 12,681 Retirement Savings Account (RSA) transfer requests in the first quarter of 2021, which ended on March 31, 2021.
The commission noted that this figure more than quadrupled the figure recorded in the maiden transfer quarter, which ended on December 31, 2020, with a total number of 2,799 RSAs.
“A consistent upward trend is still expected as RSA holders continue to realise the ease with which they can initiate the transfer of the RSA’s,” it said.
According to PenCom, healthy competition and improved service delivery are anticipated in the pension industry with this development.
“This was a result of RSA holders now having the right to determine which PFA manages their pension contributions and retirement benefits,” added PenCom. “The commission had ensured that the requirements for initiating RSA transfers are minimal.”
The RSA Transfer System (RTS), also known as the transfer window, was launched on November 16, 2020.
The development made way for the full implementation of one of the key features of the Contributory Pension Scheme (CPS), the portability of RSA’s.