PenCom announces transfer window to allow workers move retirement savings

PenCom announces transfer window to allow workers move retirement savings

- PenCom recently announced that workers will be able to move their Retirement Savings Account to another Pension Fund Administrator

- The commission explained it has developed an electronic platform for seamless transfers called the RSA Transfer System

- This will facilitate full and equitable pension assets portability within the pension industry

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A report by Daily Trust indicates that December 2020 has been set by the National Pension Commission (PenCom) to open the window for Retirement Savings Account (RSAs) holders to transfer from one Pension Fund Administrator (PFA) to another.

This was revealed by the commission in a statement entitled ‘Transfer of Retirement Savings Account.’ on Thursday, August 13.

From the statement, it was gathered that the commission developed an electronic platform for seamless RSA Transfer System (RTS) transfers through, and for submission of RSA transfer requests.

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PenCom announces transfer window to allow workers move retirement savings

Aisha Dahir-Umar, acting director-general, PenCom. Photo credit: Nairametrics/UGC
Source: UGC

PenCom said: “The Commission was unable to carry out these activities as planned due to the nationwide lockdown because of the COVID-19 pandemic. Subsequent to the easing of the lockdown by the Federal Government and the lifting of the ban on interstate travels between the end of June and July, 2020, the preparations for a comprehensive training plan was concluded.”

“The opening of the transfer window will facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition amongst PFAs and improve service delivery to RSA holders.”

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Meanwhile, Legit.ng previously reported that Governor Hope Uzodinma of Imo was on Tuesday, June 30, given a 7-day ultimatum by angry pensioners in the state over the non-payment of their four months' pensions.

In their resolve, the pensioners threatened to storm the Government House following the governor's failure to pay their arrears.

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The pensioners barricaded the gate of the Government House in protest over the non-payment of their pensions.

Nze Morris Amaechi, the secretary of the Pension Intervention Committee of the Nigeria Union of Pensioners (NUP) in Imo told journalists: "We are giving Governor Hope Uzodinma 7-days to pay our four months arrears and if we are not paid he should expect us."

In other news, pensioners in Kaduna state are in jubilation mood over the unexpected increase in their monthly benefits by Governor Nasir El-Rufai.

The good news was announced on Thursday, January 30, in a statement issued by the governor's spokesman, Muyiwa Adekeye, and made available to the newsmen.

He said the governor shocked pensioners in the state as he increased their benefits from N3,000 to N30,000, saying that what most pensioners take home was unacceptable.

Pensioner: Buhari has not paid me since he came into power | - on Legit TV

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Source: Legit.ng

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