PenCom: Over 48,000 contributors switched PFAs, transferred N172bn in 2021

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The National Pension Commission says a total of 48, 543 contributors switched pension fund administrators (PFAs) in 2021, valued at about N171.7 billion.

The commission said this in a bulletin obtained by TheCable Index on Tuesday.

In November 2020, the commission launched the RSA Transfer System (RTS), also known as, Transfer Window. 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.

According to the bulletin, the commission said it 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.

– The Cable

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