The maiden right to access the Transfer System of the Retirement Savings Account (RSA) by RSA holders who were upbeat that the value for service by the previous Pension fund Administrators were unacceptable, has resulted to a total of 2,799 RSA holders (PFAs) moving a total value of N18.89 bn to new preferred PFAs.
National Pension Commission (PenCom) release said: “During the fourth RSA Transfer Quarter of 2020 (i.e. the maiden RSA Transfer Quarter), the total value of the RSA balances transferred stood at N18,898,848,438.79. All the 22 PFAs were involved in the transfer, as transferring and/or receiving PFAs,”
PenCom data was not limited to to the transfer system landmark record alone, a beacon for others to follow; but also recognised the industry net marginal growth of 0.72 per cent (66,704) in schemes membership during the fourth quarter of 2020, rising from 9.20 million contributors as at the end of the preceding quarter to 9.27 million as at Q4 2020.
The pension regulator stated that the growth in the industry membership was driven by the RSA Scheme, which registered an increase of 68,749 contributors. However, membership of the Closed Pension Fund Administrator (CPFA) schemes declined by 2,045 to 14,926 while the Approved Existing Schemes (AESs) membership remained unchanged at 40,951 as at Q4 2020.