PenCom to allow contributors move RSA pension fund administrator

CONTRIBU TORS TO PEN SION funds in the country are now to be allowed to move their Retirement Savings Account (RSA) through a transfer window form one pension fund administrator to another, only once in a year.

Regulator, the National Pension Commission (PenCom), is working to allow this said its head of corporate communication, Peter Aghahowa, in a statement.

Aghahowa said in Abuja that PenCom has been working to actualise the provisions of Section 13 of the Pension Reform Act, (PRA) 2014.

According to him, preNorthern paratory to the opening of the transfer window, the commission developed and deployed the Enhanced Contributor Registration System (ECRS) in September 2019.

“The commission has developed the RSA Transfer System (RTS) a robust electronic platform that will enable seamless RSA transfers. PFAs will be able to utilise the RTS platform for the submission of RSA transfer requests.

“The full deployment of the platform, will 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,” Aghahowa said.

He said that with the easing of the lockdown by the Federal Government and the lifting of the ban on interstate travels, the preparations for a comprehensive training plan was concluded.

Aghahowa said that the commission was currently holding workshops on the RTS for the pension operators, which is running from August 10 to August 28.

“It is also expected that in line with the plan, Operators will participate in an industry simulation of transfer processes and simulations in September,” he said.

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

He also said that the commission was optimistic that all necessary preparations would take place to enable opening of the RSA Transfer Window by the end of the year.