The RSA Transfer Window officially launched on Monday 16 November 2020. This heralded the much anticipated window that will allow RSA holders, both active and retired, to move from one PFA to another if they so desire particularly if they want a better service or competitive return that is obtainable in the industry.
It takes just 3 or 4 steps to move your RSA from one Pension Fund Administrator (PFA) to another depending on whether the individual data has been recaptured during the Data Recapture Exercise (DRE).
Step 1 – Ensure that you have updated your data with your current PFA
If you opened your RSA before July 2019, you are expected to recapture your data with your PFA under the new Enhanced Contributor Registration System (ECRS). The ECRS is the new and improved platform with advanced registration capabilities and it is integrated with the NIMC database to improve data integrity of RSA holders. If you have not done the DRE in anyway, you will need to do that first with your current PFA.
If you have already done the data recapture exercise, skip step one and start from step 2.
Step 2 – Visit the new PFA of choice (Receiving PFA) and submit your details
The details needed are:
- CurrentPhone Number
- Current Email address
- Fingerprint (to confirm identity on database)
You will then be issued a confirmation slip to show that you have indicated intention to move your RSA to the new PFA.
Step 3 – Your new PFA will contact your current PFA (Transferring PFA) via a PenCom monitored portal
This is where every details will be sorted between the PFAs and PenCom. PenCom is fully involved in the process and will grant approval or otherwise.
Step 4 – Your RSA will be transferred to the new PFA
If your transfer request is successful and eventually approved, your RSA will be transferred at the end of the transferring quarter and you will be notified. There are 4 transferring quarters in a year namely March 31, June 30, September 30 and December 31.
The above steps are the basic steps involved in the transfer of RSA from one PFA to the other. All RSA holders are affected either active or retired.
And a note to Employees and Employers:
Employees should immediately notify their employers of all successful transfer requests initiated. This is to prevent the continuous remittance of contributions to the old PFA after the RSA has been transferred to a new PFA.
Employers on the other hand should also encourage their workers to inform them of any transfer request initiated by them by providing an avenue for their workers to do this seamlessly. This is to prevent any reconciliation issue that can arise in the future concerning pension deductions and contributions.
The transfer window is expected to boost quality service delivery as well as improve competition among industry participants all in a bid to serve the customers better.
You can contact us here for more information.