Over 48,000 Switched PFAs In 2021
A total of 48, 543 contributors switched pension fund administrators (PFAs) in 2021, valued at about N171.7 billion.
The National Pension Commission said, in a bulletin published by the commission, in November 2020, it launched the RSA Transfer System (RTS), also known as Transfer Window, to record a total of 48,543 accounts in 2021.
The RTS allows clients to switch their Pension Fund Administrator (PFA). The development made way for the full implementation of one of the key features of the Contributory Pension Scheme (CPS), which is, the portability of RSA’s.
The commission recorded a total of 12,681 retirement savings account (RSA) holders made transferred requests in the first quarter of 2021 with the value of the assets at N47.7 billion.
In the second quarter of 2021, the commission said it recorded another increase in transfer to the tune of 10,166 RSA valued at N35.8 billion.
The third and fourth quarters saw RSA transfers of 12,872 and 12,824, valued at N45.5 billion and 42.4 billion, respectively.
Since the launch of the transfer window, available data showed that PFAs have enhanced services and witnessed a high return on investment (ROI).