The mood of pension contributors to recognise and cling to Pension Fund Administrators that meet the the level of service they expect has been changing since the base year 2020, when the transfer window stated with 2799 and N18.90bn. Up and until Q3 2024, N1.26tr has been transferred and retiree savings account holders involved in the same period closed at 289,545.
The active transfer scene roller coaster system is enabled by the transfer window which cleared that an RSA holder is statutorily allowed to transfer RSA from one PFA to another once in a year. According to current Pension Industry Performance Dashboard published by PenCom, the RSA transfer system enabled greater flexibility for contributors.
A breakdown of annual transfers show that in 2021,48,593 RSA holders transferred N171.72bn in the process. In the following year 2022, the amount involved more than doubled. A total number of 92,413 RSA holders moved N361.47bn around the PFAs.
The steep rise that was witnessed in 2022 was not replicated but still scored a significant push up with N462.04bn transferred by 101,820 RSA holders. However, in 2024 there was a dip, 67,146 RSA holders were involved in N391,161bn transfers. However the amount transferred by lower number of 67,146 RSA holders in 2024 was higher than those involved in 2022 with 92,413 holders but lower amount of N361.47bn.
