The National Pension Commission revealed this in a report titled ‘Quarterly summary of Retirement Savings Accounts transferred by Pension Fund Administrators’.
According to the report, 12,681 workers transferred N47.78bn in the first quarter of 2021, compared to 2,799 workers who transferred N18.90bn in the same period of 2020. It said 12,872 workers transferred N45.56bn in Q3 2021, up from 10,166 workers who transferred N35.89bn in Q2 2021.According to PenCom, Section 13 of the Pension Reform Act 2014 empowers an RSA holder to transfer their RSA to any PFA of choice, not more than once a year.
“Effective transfer of RSAs from one PFA to another requires an accurate and reliable database as it is important to ensure that the pension assets transferred belong to the bona-fide RSA holders initiating the transfers,” it said. PenCom noted that the opening of the RSA transfer window was delayed to ensure that robust IT infrastructure that would drive the process was put in place.
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