The Nigeria Social Insurance Trust Fund, NSITF, has transferred N9.01 billion pension contributions to 124,871 members Retirement Savings Account (RSAs) managed by Trustfund Pension Plc as at the Second Quarter of 2015.
This was revealed in a report by the National Pension Commission (PenCom) obtained by The Nation.
The reports states that the Commission has continued the supervision of the transfer of the contributions into beneficiaries’ RSAs during the quarter under review.
The report read in part: “In this regard, 1,084 applications for the transfer of contributions amounting to N77.5 million were received. The Commission processed and granted ‘‘no objections’’ to Trustfund Pensions Plc to transfer an amount totaling N68.8 million to 995 contributors.
“On the other hand, 35 applications for N2.5 million were rejected due to incomplete documentations. This brought the total NSITF contributions transferred to Retirement Savings Account to N9.01 billion. The amount was transferred on behalf of 124,871 NSITF contributors.”
The report also showed that in the period under review, there were transfers from National Provident Fund (NPF) and NSITF contributions to members’ RSAs
During the first quarter, the Commission received a total of 1,330 applications for the transfer of NSITF contributions amounting to N91.68 million.
