Pension: Retirees Get RSA Transfer Window – NPC
Retirees under the Contributory Pension Scheme now have a Retirement Savings Account (RSA) transfer window to move their accounts from one Pension Fund Administrator (PFA) to another once in a year.
The National Pension Commission made this known in a statement on Monday in Abuja.
The Commission said the RSA transfer application would be formally launched on 16th November, 2020.
It stated, “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.
“The RSA holders will 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.”
The launch, according to the NPC, will signify the official opening of the RSA transfer window.
It added, “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.”
It stated that the RSA transfer process will enhance competition and good service delivery.
“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,” it noted.
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