Since the National Pension Commission opened the transfer window, 168,768 employees have switched Pension Fund Administrators and shifted N663.761bn in Retirement Savings Accounts. Employees had a window of transfer that permitted them to transfer their savings once a year from one PFA to another of their choosing.
24,963 employees moved N111.67 billion in the first quarter of 2023, according to PenCom. In November 2020, PenCom opened the transfer window, enabling contributors to switch their PFAs.
PenCom emphasized that the RSA transfer window was only opened after it had made sure that a solid IT foundation was in place to support the operation. It further said that an ECRS-compliant upgrade of RSA holders’ information was necessary before RSA transfers could take place.
