Finally, PenCom To Open Transfer Window For N11.3trn Pension Asset November 16

The National Pension Commission has finally concluded plans to open its transfer window on Monday 16 November 2020.

The commission in June told THE WHISTLER that the implementation of the Pension Transfer Window for contributors of pension fund asset was being crippled following the effect of the coronavirus pandemic in the industry.

The Head, Corporate Communications, PenCom, Mr. Peter Aghohowa, had said the outbreak of Covid-19 pandemic had taken a toll on the pension industry, forcing some PFAs to enforce either complete or partial shutdown of business activities nationwide.

But in a statement to all stakeholders and the general public, especially Retirement Savings Account holders under the Contributory Pension Scheme, the commission said that it has concluded all arrangements for the take-off of RSA Transfers.

The transfer window is a platform created by PenCom to enable pension contributors who are dissatisfied with the services of their current Pension Fund Administrators to transfer their Retirement Savings Account to any Pension Fund Administrator of their choice.

The process which is line with Section 13 of the Pension Reform Act, 2014, would enable PFAs to slug it out with each other in a competitive market to retain old contributors and as much as possible win new ones.

When the window is opened, a contributor will be allowed to transfer the funds in his or her Retirement Savings Account to a Pension Fund Administrator of his or her choice without providing any reason for such transfer.

The objectives of the regulation are to allow for seamless transfer of RSAs from one PFA to another, facilitate transfer of pension assets within the industry, engender ethical competition among PFAs, and improve service delivery to RSA holders.