By Chiamaka Ajeamo
Following the launch of the Retirement Savings Account (RSA) Transfer System in November 2020, a total of 2,799 RSA holders have initiated the transfer of their RSAs from their existing Pension Fund Administrators (PFAs) to other PFAs, moving a total sum of N18.89 billion.
The National Pension Commission (PenCom), 2020 fourth-quarter report disclosed this.
The report 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.”
Furthermore, the report stated that the pension industry recorded a net marginal growth of 0.72 per cent (66,704) in schemes membership during the period 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 PenCom noted that the growth in the industry membership was driven by the RSA Scheme, which had an increase of 68,749 registered contributors, adding that 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.