PenCom gives approval for pensioners to change PFAs

10 Nov PenCom gives approval for pensioners to change PFAs

The National Pensions Commission (PenCom) has finalised plans to commence the implementation of the Retirement Savings Account (RSA) transfer window under the Contributory Pension Scheme (CPS).

The transfer process, which is scheduled to commence from November 16, will allow RSA holders to transfer their accounts from one Pension Fund Administrator (PFA) to another within a year, in line with Section 13 of the Pension Reform Act of 2014.

The commission in a statement yesterday said the launch would signify the official opening of RSA Transfer Window.

“The activation of the RSA transfer process will engender competition and improve service delivery in the pension industry while asserting the right of RSA holders to determine which PFA manages their pension contributions and retirement benefits,” PenCom said.

The transfer window option means that retirement account holders can port from one PFA to the other even if he or she does not give any reason for the action.

The commission said it conducted extensive workshops for licensed pension operators and state pension bureaus in readiness for the epoch-making event.