The National Pension Commission (PenCom) has resumed the process for the completion of the opening of Transfer Window which was initially scheduled to start in July 2020 but was suspended due to the Coronavirus pandemic. This was disclosed by PenCom Head of Corporate Communication, Mr. Peter Aghahowa, in a statement in Abuja on Thursday, August 13, 2020.
Mr. Aghahowa noted that “the Transfer Window will allow Retirement Savings Account (RSA) holders, who are not satisfied with the services of their Pension Fund Administrator (PFA) to move to another. PenCom has been working on the Transfer Window for a while, preparatory to the opening of the transfer window, PenCom developed and deployed the Enhanced Contributor Registration System (ECRS) in September 2019.”
He added that the opening of the transfer window would facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition amongst the PFAs and improve service delivery to RSA holders. Mr. Aghahowa further noted that the commission was optimistic that all necessary preparations would take place to enable opening of the RSA Transfer Window by the end of this year (2020).