According to the National Pension Commission (PenCom), the entire pension assets moved among Pension Fund Administrators (PFAs) as of June 2021 were worth about N 47.8 billion.
This is included in a bulletin received by the News Agency of Nigeria (NAN) in Lagos on Thursday, which was issued by the commission on its social media handles.
PenCom said that in the first quarter of 2021, which concluded on March 31, 2021, it received a total of 12,681 Retirement Savings Account (RSA) transfer requests.
This statistic more than doubled the figure recorded in the first transfer quarter, which concluded on December 31, 2020, with a total of 2,799 RSAs.
“A constant increasing trend is still projected as RSA holders continue to realize the simplicity with which they may commence the transfer of the RSAs,” the report stated.
With this move, the commission anticipates robust competition and enhanced service delivery in the pension business.
“This happened as a result of RSA holders now having the freedom to choose which PFA handles their pension payments and retirement benefits,” it stated.
“The commission has made certain that the prerequisites for beginning RSA transfers were as simple as possible.”
The RSA Transfer System (RTS), commonly known as the “Transfer Window,” was inaugurated on November 16, 2020, according to NAN.
The advancement paved the door for the complete implementation of one of the Contributory Pension Scheme’s (CPS) essential aspects, “the portability of RSA’s.”