Transfer Window: Over 2,100 change PFAs over poor services

By Rosemary Onuoha

Following the launch of the pension transfer window by the National Pension Commission (PenCom) recently, over 2, 100 Retirement Savings Account (RSA) holders have applied to move their pension accounts from their current Pension Fund Administrators (PFAs) to a new one.

Head, ICT, PenCom, Mr. Polycarp Anyanwu, made the disclosure at the virtual 2020 Pension Fund Operators Association of Nigeria (PenOp) media retreat for pension correspondents.

Anyanwu said over 2,100 applications were submitted and received by the Commission between November 16 and 30.

The transfer window known as Retirement Savings Account Transfer System (RTS) was launched by PenCom on November 16 in Abuja, in accordance with Section 13 of the Pension Reform Act, 2014.

The Act allows contributors to move their Retirement Savings Account (RSA) through a transfer window from one Pension Fund Administrator (PFA) to another, provided that it is not more than once a year.

READ ALSO: PenCom to launch RSA transfer system Nov 16

Polycarp noted that most of the pension contributors seeking a switch to new PFAs were those that are not satisfied with the service delivery of their current pension fund handlers, a development, he said, will no doubt, enhance quality service delivery of the PFAs to their clients.

Also speaking, Head, Corporate Communications, PenCom, Mr. Peter Aghahowa, said that 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 manages their pension contributions and retirement benefits.

Addressing participants at the conference, the new President, PenOp, Mr. Wale Odutola, who is also the Managing Director/Chief Executive Officer, ARM Pension PFA, said pension fund operators have met the necessary requirements.

He said they upgraded their IT systems in a bid to enhance seamless pension account transfer among operators, while PFAs have attached much importance to better service delivery.

He expressed optimism that this concept will change service delivery in the entire pension industry landscape, a development he noted would benefit the contributors and Contributory Pension Scheme (CPS) retirees the most.

Vanguard News Nigeria


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