The National Pension Commission (PenCom) on Monday fixed Monday 16th November, as the takeoff date of Retirement Savings Account (RSA) Transfers window.
According to statement made available by the commission that RSA holders may transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year, in line with Section 13 of the Pension Reform Act 2014.
The statement added that this will signify the official opening of the RSA Transfer Window.
Prior to this launch, the Commission had successfully developed the RSA Transfer Application, a robust electronic platform that would enable seamless RSA transfers. In addition, the Commission had conducted extensive workshops for licensed Pension Operators and State Pension Bureaus in readiness for this 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 manages their pension contributions and retirement benefits.