Workers, retirees free to change their PFAs

By Omobola Tolu-Kusimo

From today, workers and retirees who feel the need to move their pension account from their current Pension Fund Administrators (PFAs) can do so.

This is just as the Secretary to Government of the Federation (SFF), Boss Mustapha launched the Retirement Savings Account Transfer System (RTS) that will enable the movement.

Declaring the RTS open during a virtual program organized by the National Pension Commission (PenCom), the SGF said the transfer of Retirement Saving Account (RSA) holders is in line with the provision of Section 13 of Pension reform act of 2014 which allows pension contributor or retiree to move his or her RSA from one PFA to another provided that it is not more than once in a year.

He stated that the implementation of this provision will rather deepen the choices given to pension contributors and retirees over the management of their pension funds.

He noted that the new development shows the transparency of the Contributory Pension Scheme (CPS) which is line with the federal government’s policy under the leadership of President Muhammadu Buhari of entrenching accountability at all levels.

The Director General of PenCom, Mrs. Aisha Dahir-Umar on her part said the activation of the transfer system is a major milestone achieved by the commission considering that it has been on the drawing board from the inception of the pension reform in 2004.

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