Retirement Savings Accounts (RSAs) Can Now Be Transferred From One PFA to Another

The National Pension Commission (PenCom) would be launching its Retirement Savings Account (RSA) Transfer System on Monday the 16th of November, 2020.

The RSA transfer system is a robust electronic platform which allows Retirement Savings Account holders under the contributory pension scheme to transfer their accounts seamlessly from one Pension Fund Administrator (PFA) to another, once in a year, in line with Section 13 of the Pension Reform Act 2014.

According to PenCom, extensive workshops for licensed Pension operators and State Pension Bureaus have also been conducted by the Commission in preparation for the official launch of the platform on Monday.

The RSA transfer system was developed with the goal of stimulating competition, improving service delivery in the pension industry, and also emphasising the rights of RSA holders to determine which PFA manages their pension contributions and retirement benefits.