PenCom: RSA Transfer Window to Open Before End of 2020

Section 13 of the Pension Reform Act, 2014 allows Contributors to move their Retirement Savings Account (RSA) through a transfer window from one Pension Fund Administrator (PFA) to another, provided that it is not more than once in a year.

The National Pension Commission has being working assiduously to actualise the provisions of Section 13 of the Pension Reform Act, 2014. Preparatory to the opening of the Transfer Window, the Commission developed and deployed the Enhanced Contributor Registration System (ECRS) in September 2019.

Furthermore, the Commission has developed the RSA Transfer System (RTS), a robust electronic platform that would enable seamless RSA transfers. Pension Fund Administrators (PFAs) would be able to utilize the RTS platform for the submission of RSA transfer requests.

The full deployment of the platform would however entail extensive training of the PFA’s relevant personnel and simulation of the processes, industry-wide. The Commission was unable to carry out these activities as planned due to the nationwide lockdown because of the COVID-19 pandemic.

Subsequent to the easing of the lockdown by the Federal Government and the lifting of the ban on interstate travels between the end of June and July, 2020, the preparations for a comprehensive training plan was concluded.

Accordingly, the Commission is currently holding workshops on the RTS for the Pension Operators, which would run from August 10-28, 2020. It is also expected that in line with the plan, Operators will participate in an industry simulation of transfer processes and simulations in September 2020.

The opening of the transfer window will facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition amongst the PFAs and improve service delivery to RSA holders.

The Commission is optimistic that all necessary preparations will take place to enable opening of the RSA Transfer Window by the end of the year.

Hot this week

Stanbic IBTC Reinforces Capital Markets Leadership Through Dangote Refinery IPO

Stanbic IBTC Holdings Plc has reinforced its position as...

CBN Bags NES Distinguished Organisation Award for Economic Reforms

The Central Bank of Nigeria (CBN) has received the...

Leadway Assurance Backs ISSP Initiative to Deepen Insurance Penetration, Consumer Trust

Leadway Assurance, Nigeria’s leading insurance services provider and a...

RMB Nigeria Advises on BOI’s N274.18bn Domestic Bond Issuance

L-R: Head, Debts Capital Markets, RMB Nigeria, Laju Atake;...

LG Electronics Highlights Seven Home Appliances at IFA 2026

As routines and lifestyles evolve across Europe, consumers are...

Topics

GOCOP to Host Luncheon with Media Specialists, Advertisers, Others Oct 5

As a prelude to her annual conference on October...

Understanding Why Corporates Need Credit Rating

In today’s dynamic financial landscape, silence leaves room for...

NDIC Chairperson, Ronke Sokefun Bags Legal Excellence Award

Chairman, NDIC Board of Directors, Ronke Sokefun (2nd left)...

Nigeria’s Smartphone Market Hits 3m Units in Q4 2019

The overall African mobile phone market grew 3.8% year...

The Impact of Low Oil Prices on sub-Saharan Africa

Growth picked up in sub-Saharan Africa in 2014, after moderating in 2013, but remained weaker than during the pre-crisis years. It softened around the turn of the year owing to headwinds from the plunge in the price of oil. Sub-Saharan Africa’s oil exporters, which account for nearly half of the region’s aggregate output, have been hit hard by the sharp decline in the price of oil. From June 2014 to January 2015, oil prices fell by nearly 50%, and have remained low despite the recent uptick.

Leadway Assurance Backs ISSP Initiative to Deepen Insurance Penetration, Consumer Trust

Leadway Assurance, Nigeria’s leading insurance services provider and a...

Rand Merchant Bank Nigeria Acts as Lead Issuing House on the N236bn PRESCO Rights Issue

Rand Merchant Bank Nigeria Limited is pleased to announce...

ITU Unveils Guidelines to Help Countries Develop Telecom Plans

In the face of the global coronavirus crisis, as...