A report by the National Pension Commission (PenCom) has shown that RSA holders have moved the sum of N18,898,848,438 billion transferred from one PFA to the other.
The report also noted that all 22 PFAs were involved in the transfer either as receiving PFAs or transferring PFAs.
It noted that a total of 2,799 RSA holders moved their RSAs from their initial PFA to other PFAs in the fourth quarter.
The report stated, “Following the launch of the RSA Transfer System on 16 November 2020, a total of 2,799 RSA holders initiated the transfer of their RSAs from their existing Pension PFAs to other PFAs 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.”
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Prior to the introduction of the Transfer Window by the Commission, RSA holders could not move their pension from one PFA to another.
Included in the report was the slight growth recorded in the pension industry in the country.
It recorded a marginal growth of 0.72 percent in membership schemes, an increase from 9.20 million contributors to 9.27 million contributors.
The increase was due to the addition of 68,749 registered contributors to the Contributory Pension Scheme (CPS) introduced by the Commission.
It said, “The pension industry recorded a net marginal growth of 0.72% (66,704) in schemes membership during the quarter under review, rising from 9.20 million contributors as at the end of the preceding quarter to 9.27 million as at Q4 2020.
“The growth in the industry membership was driven by the RSA Scheme, which had an increase of 68,749 registered contributors.”
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