SWITCH TO AN ENRICHED FUTURE
The Pension Reform Act 2014 as amended provides for a Retirement Savings Account (RSA) holder to transfer from one PFA to another if he or she so desires, at least once in a calendar year.
▪ This window had not been opened in previous years because the commission had been working on modalities that would allow seamless transfer of funds.
▪ The commencement of the Data Recapture exercise and the activation of a new platform; the Enhanced Contribution Registration System (ECRS), formed part of the build-up to the kick-off of the Retirement Savings Account Transfer System (RTS), popularly referred to as ‘The Transfer Window’.
▪ The transfer window is open!
▪ The National Pension Commission (PenCom) launched the RTS on Monday, November 16, 2020.
