Five Things You Need To Know About The Pension Transfer Window
Football lovers in the house are not strangers to the concept of transfers. This is an action taken by a club to acquire valuable players from another club, often done during a particular period referred to as the 'Transfer Window'. Usually, this move is done to the benefit and progress of the player and club alike. In the case of the Pension Transfer Window, the player is you, the new club is Oak Pensions (wink), the window period is now, and the basis of the move is for your pension and financial well-being.
On November 16, 2020, the National Pension Commission (PENCOM) officially launched the Retirement Savings Account transfer system. This latest development is important because it is in line with the commission’s desire to ensure that all Retirement Savings Account (RSA) holders are able to exercise their rights of transferring their RSAs from one Pension Fund Administrator (PFA) to another.
Prior to now, it was impossible in Nigeria to move the funds in your RSA from one employer and or PFA to another. However, this latest development has made it possible. Oftentimes, this move is necessary when the RSA holder changes employment and/or desires a more dependable and profitable pension service provider.
Prior to now, it was impossible in Nigeria to move the funds in your RSA from one employer and or PFA to another.
Here are five key things you need to know about the Pension Transfer Window to guide you on whether or not to make such a decision.
1) The Pension Transfer Window allows you (the contributor/employee) to transfer your RSA from one PFA to another of your choice via the RSA Transfer System. PENCOM has successfully developed the RSA transfer application that would enable seamless RSA transfer.
2) The timeframe for this transfer may differ, but the average time it takes to complete a pension transition is 16 days, according to research carried out by the Financial Conduct Authority.
3) You as an RSA holder are allowed to transfer your account from one Pension Fund Administrator (PFA) to another ONCE in a year, in line with section 13 of the Pension Reform Act 2014.
4) There are certain processes you need to make to enable your successful RSA transfer. You must perform a data recapture with your current PFA and submit the RSA Transfer Request to your intended PFA. This will involve providing some important details like your surname, RSA pin, email address, and current phone number. Thereafter, validation of your identity will take place and you will be issued a printed confirmation slip which should be signed by you as proof that your transfer request has been submitted.
5) The transfer of funds from your old RSA to your new RSA will occur at the end of the applicable transfer quarter and you will be notified. The process is also closely monitored by PENCOM for ease and speed.
You as an RSA holder are allowed to transfer your account from one Pension Fund Administrator (PFA) to another ONCE in a year.
Oak Pensions Limited is a company that is built on a culture of integrity, innovation, teamwork, and quality customer service. Our sound pedigree in investment and asset management coupled with a strong financial base has produced an enviable track record with interest rates towering the charts amongst other PFAs, even amid difficult economic times. Our mission is to ensure financial security for a better future for you by offering you sustained returns time after time and we will continue pushing till we achieve that goal.
Join the Oak Family today and secure your future.
ABOUT THE AUTHOR:
Emmanuel Olabode is a writer, actor, and filmmaker. He is the Founder/Creative Director of The OYA Company, a media and entertainment company that produces original content across digital, film, TV, radio, and social media. In 2017, he worked as a Digital Media Consultant to the Chief Press Secretary under Governor Godwin Obaseki, Governor of Edo State. Emmanuel's writing credits include several articles for Business Day, OYA Magazine, and YNaija.