PenCom Resumes Transfer Window Process For Pension Scheme

The National Pension Commission has begun it’s transfer window process weeks after the initiative was halted due to the Coronavirus pandemic

The commission said this in a statement issued on Thursday in Abuja.

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.

The PenCom had long been working tirelessly to ensure that the process takes off.

Prior to the commencement, the Commission had developed and deployed the Enhanced Contributor Registration System in September 2019.

The statement reads in part, “Section 13 of the Pension Reform Act, 2014 allows Contributors to move their Retirement Savings Account through a transfer window from one Pension Fund Administrator to another, provided that it is not more than once in a year.

“Furthermore, the Commission has developed the RSA Transfer System, a robust electronic platform that would enable seamless RSA transfers. Pension Fund Administrators would be able to utilize the RTS platform for the submission of RSA transfer requests.

“The full deployment of the platform would however entail extensive training of the PFA’s relevant personnel and simulation of the processes, industry-wide.

“The Commission was unable to carry out these activities as planned due to the nationwide lockdown because of the COVID-19 pandemic.”

Recall that in an interview with THE WHISTLER the Head, Corporate Communications, PenCom, Mr. Peter Aghohowa, had said the regulator was still working to ensure the implemententation of Transfer Window for contributors of the N10.8trn pension fund asset as the take off was delayed by the Coronavirus pandemic.

“Subsequent to the easing of the lockdown by the Federal Government and the lifting of the ban on interstate travels between the end of June and July, 2020, the preparations for a comprehensive training plan was concluded.

Accordingly, the Commission said it is currently holding workshops on the RTS for the Pension Operators, which would run from August 10 to 28, 2020.

“It is also expected that in line with the plan, Operators will participate in an industry simulation of transfer processes and simulations in September 2020,” it added.