Let’s face it squarely, you won’t be happy if you made deposits into your Bank account only for it not to reflect in your account balance.
Imagine if that happens month-in month-out. Imagine the opportunity cost of such uncredited deposits to you. Imagine what you would lose if eventually, the bank has problems with reconciling your account and if they did resolve it, the stress you would have gone through.
Let’s take a break for a second and switch the above from uncredited Bank Deposits to unremitted pension contributions, into your Retirement Savings Account (RSA), of your pensions deductions on a monthly basis and perhaps, going on for years!
Imagine the lost opportunity for the growth of your fund Imagine the unimaginable stress you will have to go through pursuing your employer to do the needful after months or even years of failing to do so. Imagine the bottleneck you will have to face reconciling your RSA with your PFA in the future when you eventually want to claim retirement benefits.
The above are some of the issues Contributors face when they fail to monitor their RSA Balance with relation to regular remittances of their monthly pension contributions from their employers.
It is important that the RSA holder monitor his or her RSA on a regular basis to ensure that he or she has not been short-changed or perhaps raise concern early enough when contributions are not being credited either due to the employer’s fault or any other reasons.
How to monitor your RSA Balance
Below are some of the popular ways to monitor your RSA Balance:
- Request for your RSA statement from your PFA. The PFAs usually have a portal on their website to download your statement provided you have your RSA login details handy. You can equally send an email to them requesting for your statement. Such email should have your details especially your RSA PIN.
- On the receipt of your monthly RSA contribution notification from your PFA, always cross check with the last notification received to monitor the trend.
- Check the details of the notification to know the period that was remitted and check if it is up to date.
- When in doubt, always clarify with your employer to know the reason for delayed remittance or check with your PFA to find out if they know of any reason.
The importance of checking your RSA balance and ensuring that all remittances are up to date cannot be overemphasized.
It is in the best interest of the RSA holder to ensure this is all sorted out before retirement benefits are claimed because such missing remittances usually delay payment and of course, it is a loss to the contributor as such funds will not enjoy the growth in return on investment they could have earned if they were remitted as and when due.