Pension Commission has called on Retirement Savings Account holders seeking to change their Pension Fund Administrators through the RSA Transfer System to base their decision on their performance.
Stating that the Commission’s website has adequate information of PFAs performance record, she said they have also developed the minimum information disclosure requirements to be adopted by PFAs to enhance the high-level of transparency required for the operation of the RSA Transfer System. “Thereafter, the RSA holder’s fingerprint will be captured to authenticate their identity as the final step to conclude the transfer request. The Receiving PFA prints two copies of a confirmation slip, which the RSA holder should sign as proof that they initiated the transfer; finally, the PFA retains a copy of the confirmation slip while a copy is given to the RSA holder.
“The RSA Transfer has inbuilt controls that ensure only a legitimate RSA holder can initiate and transfer their RSA. One of the ways the controls are achieved is by verifying the RSA holder’s live fingerprint on the National Identity Management Commission database. Furthermore, there are administrative sanctions for infractions by PFAs, while PenCom monitors the process to ensure compliance.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: thecableng - 🏆 2. / 80 Read more »
Source: TheNationNews - 🏆 6. / 69 Read more »
Source: thecableng - 🏆 2. / 80 Read more »
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Source: thecableng - 🏆 2. / 80 Read more »
Source: thecableng - 🏆 2. / 80 Read more »