The National Pension Commission, has with its fist up in the air launched the Retirement Savings Account Transfer System (RTS) in Abuja, with the overall interest to assiduously grow and protect the pension fund assets.
The Director-General, Mrs. Aisha Dahir-Umar, said the Commission had already in place a robust information technology platform for seamless transfers, with measures in place to protect all parties in the transaction.
She also unveiled split responsibilities cladding the transfer system, with a level of responsibility to pick. Thus, she said the choice to make transfer rests with the RSA holder who has a responsibility to make due diligence on the preferred new PFA. Nonetheless, she said the Commission’ interest to protect funds is intact.
The pioneer Director-General, Muhammad Kabir Ahmad, who was part of the virtual launch, said the new work room should spike competition to grow the pension industry and not seen as a chip for market share consolidation.
Ahmad said great efforts had been made with the here at last Retirement Savings Account Transfer System, and operators should operate with a clear vision, self regulation, abide by the regulations of Pension Fund Operators Association of Nigeria (PenOp) and adhere to the ethics as they deploy expertise on the contributory funds.
Commendations for the launch streamed from the Secretary to the government of the Federation, Boss Mustapha, and he voiced government support for PenCom initiatives. President, Nigeria Labour Congress NLC, Ayuba Wabba, not only commended the Commission, said the new system will improve service delivery. PenOp president, Wale Odutola, also shared the sentiments expressed and urged operators to trail the ethics of the industry as they embrace the new approach in pension service.