PenCom to launch pension transfer window November 16

The National Pension Commission (PenCom) has set Monday, November 16 2020, for the launch of the much anticipated pension transfer window.

A statement by the commission noted that it wishes to inform all stakeholders and the general public, especially Retirement Savings Account (RSA) holders under the Contributory Pension Scheme (CPS) that it has concluded arrangements for the take-off of RSA Transfers.

It posited that RSA holders may transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year, in line with Section 13 of the Pension Reform Act 2014.

“The launch date for the RSA Transfer System is scheduled for Monday 16 November, 2020. This will signify the official opening of the RSA Transfer Window,” it said.

PenCom maintained that prior to this launch, it had successfully developed the RSA Transfer Application, a robust electronic platform that would enable seamless RSA transfers, adding that in addition, it had conducted extensive workshops for licensed Pension Operators and State Pension Bureaus in readiness for this epoch-making event.

The commission said 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.