Contributors Can Now Change Pension Companies – PENCOM

The National Pension Commission (PENCOM) says it has concluded arrangements for the take-off of Retirement Savings Account (RSA) transfers to enable contributors change their pension companies.
The commission, in a statement on Monday titled ‘Official launch of the Retirement Savings Account transfer system’, said the new system would enable workers in the Contributory Pension Scheme to change their pension companies at will.
PenCom said RSA holders may transfer their accounts from one Pension Fund Administrator to another once in a year, in line with Section 13 of the Pension Reform Act 2014.
The launch for the RSA transfer system is scheduled for November, 16, 2020.
PenCom said the launch would signify the official opening of the RSA transfer window.
Prior to this launch, the commission said it had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers.
In addition, it said the commission had conducted extensive workshops for licensed pension operators and state pension bureaus in readiness for the event.
The activation of the RSA transfer process, according to the commission, would 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.
“There is no need for anybody to approach a middleman to help. It is first come, first served. We have reeled out helpline numbers for anyone that has questions or has seen or heard something against the laid down rules of engagement,” he stated.