RSA Transfer System: 2,799 contributors switch PFAs, move N18.89bn to new PFAs

Director-General, PenCom, Mrs. Aisha Dahir-Umar

Following the launch of the Retirement Savings Account (RSA) Transfer System on 16 November 2020, a total of 2,799 RSA holders initiated the transfer of their RSAs from their existing Pension Fund Administrators (PFAs) to other PFAs, moving a total value of N18.89 billion.

Data obtained from the National Pension Commission (PenCom) said: “During the fourth RSA Transfer Quarter of 2020 (i.e. the maiden RSA Transfer Quarter), the total value of the RSA balances transferred stood at N18,898,848,438.79. All the 22 PFAs were involved in the transfer, as transferring and/or receiving PFAs,”

PenCom maintained that the pension industry recorded a net marginal growth of 0.72 per cent (66,704) in schemes membership during the fourth quarter of 2020, rising from 9.20 million contributors as at the end of the preceding quarter to 9.27 million as at Q4 2020.

The pension regulator noted that the growth in the industry membership was driven by the RSA Scheme, which had an increase of 68,749 registered contributors, adding that however, membership of the Closed Pension Fund Administrator (CPFA) Schemes declined by 2,045 to 14,926 while the Approved Existing Schemes (AESs) membership remained unchanged at 40,951 as at Q4 2020.