Get answers to some of the frequently asked questions (FAQs) about the Pension Transfer Window
While there are numerous benefits to the recent Transfer Window move by the National Pension Commission (PenCom), most beneficiaries are yet to maximize the opportunities it presents. But as a PFA that is focused on adding value to our customers, here are precise answers to some of the frequently asked questions (FAQs) associated with the Pension Transfer Window to help guide you to understand better and take maximum advantage of this new development.
While there are numerous benefits to the recent Transfer Window move by the National Pension Commission (PenCom), most beneficiaries are yet to maximize the opportunities it presents.
What is a Retirement Savings Account (RSA) Transfer?
RSA Transfer is the transfer of your RSA from one Pension Fund Administrator (PFA) to another.
How much does it cost to transfer my RSA?
The process costs nothing. RSA Transfer comes at zero cost; it is free.
As an RSA holder, how often can I transfer my RSA?
You can only transfer your RSA once every 365 days (12 calendar months) as mandated in Section 13 of the Pension Reform Act 2014 (PRA 2014).
Will my RSA transfer affect my account balance?
No, it will not. Endeavour to follow up with your new PFA to ensure the accuracy of your RSA balance.
As an RSA holder, do I have to inform my current PFA before transferring my RSA?
No, you don't need to inform your current PFA before transferring your RSA. However, if you registered before 1 July 2019, you will have to recapture your biometrics and biodata with your current PFA. Otherwise, the transfer request cannot be initiated.
How long does it take for my RSA transfer request to be finalized?
Every RSA transfer request received is batched and processed at the end of every quarter, that is, four times a year (March, June, September, and December). But only those transfer requests received before the end of the second month of a transfer quarter (i.e. February, May, August, and November) are processed within that quarter.
All transfer requests received within the third month of a quarter will be processed in the next quarter.
Can I cancel an RSA transfer request after initiating the process?
No, the RSA transfer request cannot be cancelled after its initiation.
How can I transfer my RSA to Oak Pensions?
Ensure that you have completed the data recapture exercise with your current PFA, and then send us the following: Surname, RSA PIN, Current Telephone Number, Email address, and your fingerprint.
You can also send us an email at; email@example.com or call our Marketing Manager on 09087448661 for more enquiries.
ABOUT THE AUTHOR:
Ernest Ademola Ehigie is a Copywriter, Content Developer, Author, Brand Consultant, and Communications Manager with over 5 years in marketing communications. He has written several articles, policy documents, press releases, radio and TV adverts for businesses and organizations. He's the author of the book, "Why You Must Lead" and currently works as a content manager for Detail and Avedia, a leading retail and media consulting firm.