PenCom Unveils Digital Platform To Monitor RSA Transfer Request As Window Opens

By LOVETH AZODO, Lagos

Following the launch of the Retirement Savings Account (RSA) transfer window, on Monday, November 16, 2020 the Secretary to the government of the federation, Boss Gida Mustapha has revealed that the National Pension Commission (PenCom) has come up with a digitalized platform to monitor all RSA transfer requests.

In line with the provision of Section 13 of the Pension Reform Act 2014, the transfer window will allow a pension contributor or retiree to move his or her RSA from one Pension Fund Administrator to another, provided that it is not more than once in a year.

According to the SFG, the renewed commitment of the Management of the National Pension Commission has resulted in the in-house development of the required ICT Application for the RSA Transfer System.

On the application, he said The RTS, as the application is otherwise known, as a unique and robust electronic platform that will enable seamless Retirement Savings Account transfers.

“The RTS platform is to be utilised for the submission, processing and monitoring of Retirement Savings Account transfer requests.”

“This Launch therefore, signifies the official opening of the RSA Transfer window to facilitate the commencement of Retirement Savings Account transfers by interested RSA holders. This laudable initiative is expected to improve service delivery across the Pension Industry,” he said.

Stressing on the RTS application, the Director General, PenCom, Aisha Dahir-Umar explained that another important feature of the RTS is that it enables the initiation of an RSA transfer request by an RSA holder in simple steps, while having the capability to conduct other processes in a timely and efficient manner.

Furthermore, she said that the Commission has also conducted training workshops for Pension fund Operators while an industry simulation exercise was carried out, in order to ensure that the RTS functions efficiently, as designed.

However, she noted that while the transfer of Retirement Savings Accounts from one Pension Fund Administrator to another by RSA holders is all about enhancing individual choices, it should be emphasised that some due diligence is required.

“Therefore, in order to facilitate RSA holders’ ability to make informed choices, the Commission has expanded its minimum disclosure requirements, by providing more statistics on pension industry performance. Already, a special section has been created on the Commission’s website, containing relevant information on the RSA transfer, to guide RSA holders,” she said.