The National Pension Commission (PenCom) has disclosed that 15,480 Retirement Savings Account (RSA) holders have changed their Pension Fund Administrators (PFAs) as at the end of the second ever transfer quarter in March 2021. The first ever transfer quarter was in December 2020, when 2,799 RSA holders moved around N18.9 billion between the PFAs. In the second ever transfer quarter, 12,681 RSA holders moved around N47.8 billion between PFAs. The RSA Transfer System which enables RSA holders to move from one PFA to another was launched 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 first ever RSA Transfer Quarter). The total value of the RSA balances transferred stood at N18,898,848,438.79. In the first RSA Transfer Quarter of 2021 (i.e. the second ever RSA Transfer Quarter), 12,681 RSA holders moved N47,778,631,048.65 from one PFA to another.
Since the opening of the RSA transfer system in November 2020, a total of 15,480 RSA holders have moved N66,677,479,487.44 between PFAs. PenCom noted that 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.
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
Also Check out
Performance of all PFAs in Nigeria for January to March 2021 (Year to Date)
Performance of all PFAs in Nigeria for Full Year 2020
Performance of all PFAs in Nigeria for Full Year 2019
Performance of all PFAs in Nigeria for Full Year 2018
RSA Fund 1 Performance for all PFAs – Inception to Dec 2020
RSA Fund 3 Performance for all PFAs – Inception to Dec 2020
Do you want to know more about the MultiFund Structure,
check out our MultiFund Structure Executive Summary here
PensionNigeria monitors the performance of Fund I, II, III, IV & V, for all PFAs in Nigeria Check them out here
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