About two weeks after the National Pension Commission (PenCom) opened up the transfer window for Retirement Savings Account (RSA) holders, 2,100 of them have applied to switch to new Pension Fund Administrators (PFA).
The Head ICT at PenCom, Mr. Polycarp Anyanwu disclosed this at the 2020 Pension Fund Operators Association of Nigeria (PenOp) Media Retreat for journalists held virtually.
PenOp is the umbrella body for all PFAs, Pension Fund Custodians (PFCs) and Closed Pension Fund Administrators (CPFAs).
He said over 2,100 applications were submitted and received by the Commission between November 16 and 30, 2020.
The transfer window known as Retirement Savings Account Transfer System (RTS) was launched by PenCom on November 16, 2020, in Abuja, in accordance with Section 13 of the Pension Reform Act, 2014.
It allows contributors to move their RSA through a transfer window from one PFA to another, provided that it is not more than once in a year.
Anyanwu said most of the pension contributors seeking a switch mostly complained of poor service delivery.
He said the RTS has four quarters in a year in which contributors can change their PFAs once, adding that, the over 2,100 applications received so far, would be processed for the December 31, 2020 window.
A month to the end of each quarter, he said the concerned PFAs must have submitted all documentation to PenCom, informing it of the amount leaving their kitty and the RSA holders concerned.
This gives ample time for PenCom, the affected PFAs and the receiving PFAs to plan ahead, Anyanwu noted.
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