NATIONAL PENSION COMMISSION REGULATIONS FOR THE TRANSFER OF RETIREMENT SAVINGS ACCOUNTS
Regulation · Finance
Regulations manage the transfer of Retirement Savings Accounts between Pension Fund Administrators. They target contributors and the involved administrators to facilitate smooth processes. This prevents loss of fund value and supports ethical practices.
NATIONAL PENSION COMMISSION REGULATIONS FOR THE TRANSFER OF RETIREMENT SAVINGS ACCOUNTS
What Is This Policy?
PenCom regulations governing the process by which contributors may transfer their Retirement Savings Account from one licensed PFA to another, exercising their right to choose their preferred pension manager.
Who Does It Target?
RSA contributors wishing to switch their PFA The current (outgoing) PFA The new (incoming) PFA PenCom as the regulator of the transfer process
What Does It Aim to Achieve?
Ensure contributors can freely exercise their right to switch PFAs, that transfers are processed promptly without loss of fund value, and that the process deters unethical competitor conduct.
Key Features
Transfer Eligibility: Contributors may transfer their RSA once in a calendar year without restriction on grounds for transfer. Transfer Process: Contributor applies through the incoming PFA; both PFAs use the PenCom transfer system to execute the transfer. Asset Transfer Timeline: The actual transfer of fund units from the outgoing to incoming PFA must be completed within the prescribed period. Fee on Transfer: No transfer fee may be charged to the contributor; outgoing PFAs may not impose exit penalties.
Current Status
Rollout Stage: Active - the Transfer Window system is operational Coverage: All RSA contributors nationwide Beneficiaries: Contributors; competition among PFAs Funding: Not applicable
How to Access
Apply to the incoming PFA through the PenCom Transfer Window portal Provide RSA PIN and valid identity for verification Transfer is complete when the incoming PFA confirms receipt of assets Application method: Initiate transfer at the incoming PFA's offices or online portal.
Important Terms
Contributors may only transfer once per year The outgoing PFA must not obstruct a valid transfer request Transfer does not affect accumulated RSA balance; assets are transferred in full
Official Resources
Website: https://www.pencom.gov.ng Contact: National Pension Commission (PenCom)
Legal Framework
Issued under the Pension Reform Act 2014, which established the National Pension Commission (PenCom) and the Contributory Pension Scheme. Derives authority from PenCom's regulatory mandate under the Pension Reform Act and operates alongside the Investment Regulations for Pension Fund Administrators and the Guidelines for Pension Fund Operators.