Update on RSA Transfer System (RTS) 3rd Quarter 2023

November 12, 2023 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 the end of 3rd quarter 2023.

The report shows that 19,014 Retirement Savings Account (RSA) holders initiated RSA transfers from one Pension Fund Administrators (PFAs) to another, in the 3rd quarter of 2023, the RSA holders moved N85,997,531,120.60 between the PFAs. The total value transferred decreased by 45.78%% compared to the previous quarter while there was also a decrease of 44.66% in number of RSAs transferred. The total value and RSAs transferred for 3rd quarter of 2023 is the lowest we have seen in the past 5 transfer cycles, the last time it was this low was in the 2nd quarter of 2022.

PensionNigeria investigated the reason for this decrease and we discovered that the reason is because PenCom stopped external agents from carrying out data recapture effective from 31 May 2023, the 3rd quarter 2023 transfer window started from 1st June 2023 to 31 August 2023. This further shows that most PFAs are not doing data recapture as complained by RSA holders and majority of the data recapture were done by the independent agents. Read about Suspension of DRE Agents in the link below. The only solution to PFAs refusing to do DRE, is for PenCom to allow RSA holders do their DRE with the PFA they are transferring to rather than with the PFA they are transferring from.

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PenCom further stated that the total RSA transfers since the launch of the RSA Transfer System on 16 November 2020 is now 222,141 and the RSA holders have moved a grand total of N908,362,906,810.80 between the PFAs.

RSA Transfer per quarter from Inception of RTS to 3rd Quarter 2023 (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
9	TQ4:2022	34,283	131,785,628,655.76
10	TQ1:2023	24,963	111,676,427,496.60
11	TQ2:2023	34,359	158,604,098,543.41
12	TQ3:2023	19,014	85,997,531,120.60
	Inception to Date	222,141	908,362,906,810.80

With the opening of the Transfer Window, RSA holders 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
Performance of all PFAs in Nigeria
Suspension of DRE Agents

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