Bisi Bamishe
The National Pension Commission (PenCom) has said a total of 7,663 Retirement Savings Account holders (RSA) initiated RSA transfers in the first Quarter of 2022.
According to a report on PenCom’s official website, this covered RSA transfer requests, submitted by PFAs between January 1, and March 31, which were eligible for RSA transfer in the first quarter of 2022.
RSA Transfer Quarter of 2022, was concluded in the first week of April 2022.
“Out of the total RSA transfers initiated, 5,543 RSAs were transferred to their new Pension Fund Administrators (PFAs), along with their associated pension assets, while 2,120 transfer requests failed
The failed submissions by PFAs could be attributed to their internal processes, according to PenCom, as all the PFAs recorded some failed RSA transfer request submissions.
It noted that an application was received by PenCom from the Nigeria Social Insurance Trust Fund (NSITF), to transfer NSITF contributions, on behalf of 218 NSITF contributors during the quarter under review.
Approval was granted to transfer N11.53 million to the RSAs of 213 contributors; on a similar note, the Commission approved monthly pensions in the sum of N40.47 million to 2,304 NSITF pensioners.
The report also showed that 93,114 RSA was registered by PFAs during the first Quarter 2022 under review, bringing the cumulative RSA registration from inception to 9,621,979 as at March 31.
Aside, the report disclosed that 25 States of the Federation have enacted pension laws on the Contributory Pension Scheme (CPS), while eight states are at the bill stage, and four states adopted the Contributory Defined Benefits Scheme (CDBS).
The compliance by State Governments to the status of Implementation of the CPS and other Schemes as at Q1 2022 was described as impressive.
The report also revealed that 11,200 applications was received by PenCom from private sector organisations for the issuance of Pension Clearance Certificates (PCCs).
Out of this number, PCCs were issued to 10,541 organisations, while 659 applications were in the approval process as at March 31.
Adding that the 10,541 organisations had remitted a total sum of N59,39 billion into the RSAs of their employees, totaling 45,170.
