How to transfer your retirement savings (pension) account in Nigeria

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How to transfer your retirement savings (pension) account in Nigeria
How to transfer your retirement savings (pension) account in Nigeria - www.brandspurng.com

The National Pension Commission (PenCom) officially Launched the Retirement Savings Account Transfer System on the 16th of November, 2020.

How to transfer your retirement savings (pension) account in Nigeria
How to transfer your retirement savings (pension) account in Nigeria – www.brandspurng.com

However, before that, the National Pension Commission (PenCom) has published steps in which RSAs can be transferred from one Pension Fund Administrator (PFA) to another.

Here are the five steps involved in the RSA transfer system below;

Step 1: Data recapture with the current PFA – You must ensure that your personal details have been recaptured and updated on the ECRS by your PFA (I.e. the PFA that currently manages your RSA).

Note: This applies if you opened your RSA before July 01, 2019 and have not been recaptured.

Step 2: Submission of RSA Transfer Request to Receiving PFA: You should approach the PFA that you intend to move your RSA to, (the Receiving PFA) and submit the transfer request by providing the following; Surname, RSA pin, E-mail and current phone number.

Step 3: Validation of Identity – You will be required to provide your fingerprint to the receiving PFA for the authentication of your identity on the National Identity Management Commission’s (NIMC) database. Thereafter, the receiving PFA will issue a printed confirmation slip, which should be signed by you as proof that your transfer has been submitted.

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Step 4: Transfer of RSA and funds to receiving PFA – Your current PFA will transfer all the funds in your RSA to your new PFA at the end of the applicable transfer quarter. The process is closely monitored by PenCom

Step 5: Notification to RSA Holder – You will be notified by PenCom and the receiving PFA when your RSA has been transferred.