National Pension Commission on Thursday said over 2,100 Retirement Savings Account holders have applied to transfer their pension accounts from their current Pension Fund Administrators to another.
Mr Polycarp Anyanwu, Head, Information Communication Technology unit, PenCom made the disclosure at the virtual 2020 Pension Fund Operators Association of Nigeria media seminar.
Anyanwu said the development followed the inauguration of the pension transfer window on November 16.
“Over 2,100 applications were submitted and received by the commission between November 16 and 30.
“The transfer window known as the Retirement Savings Account Transfer System (RTS) is in accordance with Section 13 of the Pension Reform Act, 2014.
“It permits contributors to move their RSA’s through a transfer window from PFA to another, provided that it is not more than once in a year,’’ he said.
According to him, most of the pension contributors seeking to switch to a new PFA were those who were not satisfied with the service delivery of their current pension fund handlers.
He explained that the RTS window has four quarters in a year, which are March 31, June 30, September 31, and December 31 in which contributors can change their PFAs once within the year.
Anyanwu said the over 2,100 applications received so far, would be processed for the December 31, 2020 window.
“A month to the specified dates, the concerned pension fund operators must have submitted necessary documentation to the commission and notify it of the amount leaving its kitty and the RSA holders concerned.
“This is to give ample time for both PenCom, the affected PFA’s and the receiving PFA’s to plan ahead,’’ he said.