Pension News

Update on RSA Transfer System (RTS) 2nd Quarter 2023

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 2nd quarter 2023.

The report shows that 34,359 Retirement Savings Account (RSA) holders initiated RSA transfers from one Pension Fund Administrators (PFAs) to another, in the 2nd quarter of 2023, the RSA holders moved N158,604,098,543.41 between the PFAs. The total value transferred increased by 42% compared to the previous quarter while there was also an increase of 37.64% in number of RSAs transferred. The total value transferred for 2nd quarter of 2023 is the highest since opening of the transfer window, while the total number of RSAs transferred is also the highest since opening of the transfer window in the year 2020.

PenCom further stated that the total RSA transfers since the launch of the RSA Transfer System on 16 November 2020 is now 203,127 and the RSA holders have moved a grand total of N822,365,375,690.20 between the PFAs.

RSA Transfer per quarter from Inception of RTS to 2nd Quarter 2023 (Table)

 SN RSA Transfer Quarter  Number of RSAs  Total Value of Pension 
1TQ4:20202,79918,898,848,438.79
2TQ1:202112,68147,778,631,048.65
3TQ2:202110,16635,886,426,489.02
4TQ3:202112,87245,563,062,199.40
5TQ4:202112,87442,493,258,655.54
6TQ1:202212,33636,361,438,268.09
7TQ2:202214,82150,218,505,218.53
8TQ3:202230,973143,099,050,676.41
9TQ2:202234,283131,785,628,655.76
10TQ1:202324,963111,676,427,496.60
11TQ2:202334,359158,604,098,543.41
  Inception to Date 203,127822,365,375,690.20

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
Performance of all PFAs in Nigeria

Check below for PensionNigeria breakdown of all the important aspects of the PenCom 2nd Quarter 2023 Report

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DONT MISS our 2nd Quarter 2023 Report Series

Update on RSA Transfer System (RTS) 2nd Quarter 2023
List of Organisations Issued Compliance Certificates as at 30 June 2023
Total RSA Registration as at 30 June 2023
Status of Contributory Pension Assets as at 30 June 2023
More reports will be added here once available


Also Check out
Performance of all PFAs in Nigeria

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Empower us to do more independent analysis of the Pension Industry in Nigeria


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