PenCom confirms N48bn pension assets transferred by PFAs in Q2 2021

THE National Pension Commission (PenCom) said that the total pension assets transferred amongst Pension Fund Administrators (PFAs) as at June 2021, were valued at about N47.8 billion.

This is contained in a bulletin published by the commission on its social handles last week.

PenCom stated that it recorded a total of 12,681 Retirement Savings Account (RSA) transfer requests in the first quarter of 2021, which ended on March 31, 2021 .

The commission noted that this figure more than quadrupled the figure recorded in the maiden transfer quarter which ended on December 31, 2020, with a total of 2,799  RSAs.

“A consistent upward trend is still expected as RSA holders continue to realise the ease with which they can initiate the transfer of the RSAs,” it said.

According to the commission, healthy competition and improved service delivery are anticipated in the pension industry with this development.

It said, “This was a result of RSA holders now having the right to determine which PFA manages their pension contributions and retirement benefits.

“The commission has ensured that the requirements for initiating RSA transfers are minimal.”

The RSA Transfer System (RTS), also known as, ‘Transfer Window’ was launched on November 16, 2020.

The development made way for the full implementation of one of the key features of the Contributory Pension Scheme (CPS), which is, ‘the portability of RSAs.’