PENCOM FINALLY LAUNCH RSA TRANSFER SYSTEM (RTS)

The national pension commission (pencom) has finally launch the retirement savings account (RSA) Transfer system. The transfer of retirement savings account is empowered by the provision of section 13 of the pension reform Act 2014. This provision allows a pension contributor or a retiree to move his/her RSA from one pension fund administrator to another once in a year. until the recent virtual launch, pencom could not allow the transfer of RSAs due to challenges hither to experienced in its contributor registration system specifically, the RSA registration system which couldn’t guarantee the unique identity of contributors in the database as a result of technological inadequacies. speaking at the virtual launch of the RTS, the D-G of pencom Aisha Dahir-Umar said that the activation of the RSA transfer is expected to result in improved service delivery across the pension industry, as pension fund administrators engage in healthy completion, by providing improved service offerings for the benefit of RSA holders.

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