With the Transfer Window still open, more Retirement Savings Account (RSA) holders are moving their pension assets from one Pension Fund Administration (PFA) to another. This process of transferring usually involves updating documents and data recapture.
It’s important to know the steps to take after submitting your transfer request to the receiving PFA – especially because the procedure of transferring is just as important.
Validate your Identity
It’s essential to know this. You will have to tender your fingerprint to the receiving PFA. This is needed to authenticate your identity on the National Identity Management Commission’s (NIMC’s) database.
After this process, you will receive a printed confirmation slip from the receiving PFA. You’ll have to sign this slip as proof that your transfer has been submitted.
Transfer your Funds
It’s key to note that the transfer of the Retirement Savings Account (RSA) is not done immediately. It is done at the end of every quarter. If you submit your transfer request on the last month of the quarter, then your RSA transfer will be done at the end of the next quarter.
When your RSA transfer request has been submitted on the RSA Transfer System by your receiving PFA, the backend process will be initiated and your current PFA will transfer all the funds in your RSA to your new PFA at the end of the applicable transfer quarter. The RSA Transfer process is strictly supervised and must be authorised by PenCom.
Be Notified
You will be notified by PenCom when your RSA has been transferred to the receiving PFA at the end of your applicable quarter. You will be sent updates on the status of your RSA Transfer Request via email and SMS.
Notify your Employer
You have successfully changed your PFA. Now it is important that you inform your employer about your new PFA. Also, you need to receive the Pension Fund Custodian (PFC) details from the new PFA and share it with your employer. These PFC details will be used by your employer to send your pension contributions to the new PFA.
After you’ve made your RSA Transfer Request, inform your employer immediately. You don’t want your employer to send your pension contributions to the wrong PFA. For more information on how to transfer your RSA pension contributions to Oak Pensions, send an email to info@oakpensions.com or call the Marketing Manager on 09087448661.