The National Pensions Commission (PenCom) has announced the commencement of transfer of Retirement Savings Accounts (RSA) between Pension Fund Administrators (PFAs).
The transfer is scheduled to commence on 16 November 2020. With this arrangement, contributors to RSAs will be able to transfer their accounts from one PFA to another. PenCom plans to make this process seamless via an electronic platform developed by the Commission.
In line with Section 13(1) of the Pension Reform Act, 2014, a holder of a retirement savings account is allowed to transfer his account from one PFA to another once in a year. This is expected to improve competition among PFAs and consequently enhance the returns on pension contributions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
