Over 48,500 RSA Holders Switched PFAs, Transferred N171.2bn In 2021– PenCom
The National Pension Commission has revealed that a total of 48,543 Retirement Savings Accounts switched their Pension Fund Administrators (PFAs) last year.
In monetary terms, this translates to N171.72bn in pension assets transferred during the period, according to PenCom.
The commission revealed this in a document titled ‘Quarterly Summary of Retirement Saving Accounts Transferred by Pension Fund Administrators.’
The RSA Transfer was introduced under the Contributory Pension Scheme by PenCom in 2020 to allow the RSA holders to transfer their accounts from one PFA to another.
Based on PenCom’s laws, RSA holders are only permitted to transfer their RSA once in a year.
The RSA transfer requests are threated in batches and processed at the end of every quarter- March, June, September and December.
But PenCom said only transfer requests received by the end of the second month of a transfer quarter which are February, May, August and November are processed within the designated quarter.
Nigeria has over 9,497,052 RSA holders with pension assets valued N13trn, according to the regulator.
In the first quarter of last year, PenCom revealed that 12,681 RSA switched PFAs with value of pension asset valued at N47,778,631,048.65.
In the second quarter between April to June, 10,166 RFAs moved to different PFAs as the value of asset was N35,886,426,489.02.
The number of transfers surged in the third quarter between July to September as 12,872 switched PFAs.
The value of the transferred asset was N45,563,062,199.40, according to PenCom.
In the fourth quarter of last year which covered October to December, a total of 12,824 RSA transfers valued N42,493,258,655.54 were recorded.