Update on RSA Transfer System (RTS) 3rd Quarter 2022

October 15, 2022 PensionNigeria

National Pension Commission (PenCom) has released its report on Retirement Savings Account (RSA) holders that transferred their RSA from one Pension Fund Administrator (PFA) to another, from inception of the RSA Transfer System to 3rd quarter 2022.

The report shows that 30,973 Retirement Savings Account (RSA) holders initiated RSA transfers from one Pension Fund Administrators (PFAs) to another, in the 3rd quarter of 2022, the RSA holders moved N143,099,050,676.41 between the PFAs, representing a 184.95% increase compared to the previous quarter and the highest quarter over quarter increase since opening of the transfer window in 2020.

PenCom further stated that the total RSA transfers since the launch of the RSA Transfer System on 16 November 2020 is now 109,522 and the RSA holders have moved a grand total of N420,299,220,994.43 between the PFAs.

RSA Transfer per quarter from Inception of RTS to 3rd Quarter 2022 (Table)

SN	RSA Transfer Quarter	Number of RSAs	Total Value of Pension
1	TQ4:2020	2,799	18,898,848,438.79
2	TQ1:2021	12,681	47,778,631,048.65
3	TQ2:2021	10,166	35,886,426,489.02
4	TQ3:2021	12,872	45,563,062,199.40
5	TQ4:2021	12,874	42,493,258,655.54
6	TQ1:2022	12,336	36,361,438,268.09
7	TQ2:2022	14,821	50,218,505,218.53
8	TQ3:2022	30,973	143,099,050,676.41
	GRAND TOTAL	109,522	420,299,220,994.43

With the opening of the Transfer Window, retirees can now move from one PFA to another but the transfer window is structured in such a way that, even though RSA holders are allowed to submit transfer requests at any time, the actual transfers only happens at the end of every quarter and only transfer requests submitted in the 1st and 2nd month of a quarter are treated at the end of that quarter while transfer requests submitted in the 3rd month of a quarter are treated at the end of the following quarter.

If you are thinking of changing your PFA you should check out
How to change your PFA and What to do afterwards
FAQs on RSA Transfer Window – What You Should Know

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