Section 13 of the Pension Reform Act 2014 stipulates that, “subject to guidelines issued by the Commission, a holder of a Retirement Savings Account maintained under this Act may not, more than once in a year, transfer his account from one Pension Fund Administrator to another”. However, the law is yet to be implemented by the National Pension Commission (PenCom) as the Commission is working on modalities and regulations under which such transfers would be effected.
When the window is opened, a contributor will be allowed to transfer the funds in his or her Retirement Savings Account to a Pension Fund Administrator of his or her choice without providing any reason for such transfer.
The following are the objectives of the regulation;
- To allow for seamless transfer of RSAs from one PFA to another
- To facilitate transfer of pension assets within the industry
- To engender ethical competition among PFAs
- To improve service delivery to RSA holders
For further enquiries regarding the Transfer Window, do not hesitate to contact us via our live chat: www.fcmbpensions.com or phone lines: 08059580002, 08032752888 and 07080633004.