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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.

1. COMPLETE YOUR DATA RECAPTURE

All RSA holders registered before 1 st July 2019 must ensure their details have been recaptured and updated by their current PFA before submitting a request to transfer from one PFA to another

2. APPROACH THE PFA

Approach the PFA that you wish to move your RSA to, and submit the transfer request by providing the basic details below:

  • Surname
  • Email Address
  • RSA Pin
  • Current Phone Number

3. SUBMIT YOUR BIOMETRIC

You will be required to provide your fingerprint to the Receiving PFA for the authentication of your identity on the National Identity Management Commission’s (NIMC’s) Database.

A successful transfer applicant will receive a confirmation slip from the Receiving PFA. The applicant will be required to sign off on the slip as proof that the submission of the transfer request has been concluded.

4. ALL SET

The Transferring PFA transfers all the funds in the RSA to the receiving PFA at the end of the applicable transfer quarter. The RSA holder will be notified accordingly upon completion.