Update on the RSA Transfer System (RTS), 2,799 RSA holders Change PFAs

April 18, 2021 PensionNigeria

2,799 Retirement Savings Account (RSA) holders have changed their Pension Fund Administrators (PFAs) in the first transfer quarter which occurred in December 2020, the RSA holders moved around N18.9 billion between the PFAs. This is happening following the launch of the RSA Transfer System on 16 November 2020.

The above was disclosed in a report released by the National Pension Commission (PenCom). PenCom in its report said, a total of 2,799 RSA holders initiated the transfer of their RSAs from their existing PFAs to other PFAs during the fourth RSA Transfer Quarter of 2020 (i.e. the maiden RSA Transfer Quarter). The total value of the RSA balances transferred stood at N18,898,848,438.79. All the 22 PFAs were involved in the transfer, as transferring and/or receiving PFAs.

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.

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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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