The National Pension Commission (PenCom) has announced the launching of Retirement Savings Account (RSA) transfer system on November 16.
RSA is under the Contributory Pension Scheme (CPS).
When launched, RSA holders will be able to transfer their accounts from one pension fund administrator to another once yearly in line with section 13 of the Pension Reform Act 2014, PenCom’s head of Corporate Communication, Mr Peter Aghahowa, said in a statement on Monday in Abuja.
He said, “Prior to this launch, the commission had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers.
“Also, the commission has conducted extensive workshops for licensed Pension Operators and State Pension Bureaus in readiness for this epoch-making event,” Aghahowa added.
He said the activation of the RSA transfer process would stimulate competition and improve service delivery in the pension industry and assert the right of RSA holders to determine which PFA managed their pension contributions and retirement benefits.
(NAN)