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The Standard Gazette
Online Daily News Portal | Online Newspapers

PENCOM To Launch Retirement Saving Account Transfer

The National Pension CommissionSays it has launched a new service for its retirement contributory clients. 

 In a statement, PENCON said it has concluded plans to launch the Retirement  Savings Account (RSA) under its contributory pension scheme, which is billed to commence 16th November 2020. 

“The National Pension Commission wishes to inform all stakeholders and the general public, especially the Retirement  Savings Account (RSA) holders under the contributory pension scheme, that the Commission has concluded arrangement for the take – off of RSA Transfers.”

It said that the RSA holders would be able to transfer their account from one pension fund Administration PFA to another once in a year in line with section 13 of the pension Reform acts of 2014.

“Prior to this launch, the Commission had successfully developed the RSA Application, a robust electronic platform that would enable seamless RSA transfer. In addition, the conveners had concluded extensive worship for licensed pension operators and stake pension Bureaus in readiness for the epoch- making event.”

“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 management their personal contributions and retirement benefits.” 

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