The National Pension Commission (PenCom) said that the total pension assets transferred from one Pension Fund Administrators (PFA’s), to another as at June, 2021, were valued at about N 47.8 billion .
This is contained in a bulletin published by the commission on its social handles on Thursday in Lagos .
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 Dec. 31, 2020, with a total number of 2,799 RSA’ s.
” A consistent upward trend is still expected as RSA holders continue to realise the ease with which they can initiate the transfer of the RSA’s , ” 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 had ensured that the requirements for initiating RSA transfers are minimal .”
The RSA Transfer System (RTS), also known as,” Transfer Window,” was launched on Nov. 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 RSA’s .”