RSA Transfer Window Opens June 2020 — PenCom, PenOp
By Ngozi Onyeakusi — Retirees and active pension contributors under the Contributory Pension Scheme (CPS) may have course to rejoice as the National Pension Commission (PenCom) and the Pension Fund Operators Association of Nigeria (PenOp) have assured that the Retirees Savings Account (RSA) transfer window will be unveiled by June next year.
Briefing the journalists at the PenOp Annual media seminar in Lagos today, the Managing Director, UBA Pension Custodian, Bayo Yusuf said PenOp and PenCom has been working tirelessly in the last few weeks to ensure that the long awaited transfer window is opened.
RSA Transfer Window, a mechanism that allows contributors and retirees to move their Retirement Savings Account (RSA) to another PFA of their choice, in accordance with the Commission’s directives as enshrined in Section 13 and Section 106 subsection 1 to 4 of the Pension Reform Act 2004 as repealed by PRA 2014.
Giving insight on this, the Head, Corporate Communications, PenCom, Peter Aghahowa said though the June 2020 date for unveiling of the window remained a tentative one but assured that it should not be from the said date.
Speaking on the growth of the industry, the President of PenOp, Mrs Ronke Adedeji assured that CPS has recorded N9.7 trillion since 15 years of inception.
“However, we are not yet where we want to be. We need to address the issue of transfer window and the slow registration of NIN, but we are making progress in that aspect.
“In recent time we have been experiencing slow pace of growth of the industry and the reason is not far fetched.
“In terms of the state of the Nigerian economy, we have increase in unemployment rate which is a threat to the growth of the industry,” she added.
Adedeji however said the solid structure that the industry has put in place has continued to yield results despite the challenges facing the Nigerian economy