RSA Transfer Window
By virtue of Section 13 of the Pension Reform Act, 2014, a Retirement Savings Account holder may transfer his/her account from one Pension Fund Administrator to another not more than once in a year unless or as otherwise prescribed by the National Pension Commission (PenCom).
The National Pension Commission (PenCom) formally launched the commencement of the transfer window on 16 November 2020. With the opening of the transfer window, eligible RSA holders are now at liberty to move their RSA from one PFA to another PFA of their choice without adducing any reason for the move.
RSA transfers shall only be effected on a quarterly basis each calendar year. The 1st Quarter of every calendar year shall be deemed to be the period between 1st January to 31st March, while the 2nd, 3rd and 4th Quarters shall be 1st April to 30th June, 1st July to 30th September and 1st October to 31st December respectively.
Kindly note that once a transfer has been approved for an RSA within any quarter of a calendar year, such RSA shall not be eligible for another transfer until twelve consecutive months from the date of the last approved transfer.
The transfer process is seamless and at zero cost to the RSA holder. RSA holders do not need to interact with their current PFA to initiate a switch. However, as a pre-condition, RSA holders are required to complete a data recapture process with their current PFA, which can be done online with most PFAs. Once the data recapture process is completed, the RSA transfer can then be processed in four easy steps, as follows:
- Visit any of our branches or service centres, or schedule an agent visit by calling 01-4485490.
- Submission of your RSA transfer request by providing your surname, RSA PIN, email address, and current phone number.
- Validation of your identity through fingerprint authentication with the National Identity Management Commission’s (NIMC’s) database.
- Transfer of your RSA balance from your current PFA to Tangerine Pensions at the end of the applicable quarter, following which you will receive notification once the transfer is completed.
Why you should consider a switch to Tangerine Pensions Limited?
Over the last few years, we have delivered excellent investment returns to our clients. By our estimates, based on publicly available information, we have consistently ranked among the leading PFAs in terms of investment returns achieved by our RSA funds. We have strived to ensure that our active RSA & Retiree customers enjoy returns above inflation while delivering impeccable customer service. The National Pension Commission (PenCom) has published more detailed information on the recent historical performance record of PFAs, which can be accessed via the following link: PFAs Performance Record
At Tangerine Pensions, we have your best interest at heart and, in addition to ensuring safety of, and optimizing returns on, your pension savings, a few other compelling reasons to switch to Tangerine Pensions include:
- Our experienced and proven management team.
- Our excellent customer engagement offering, including seamless digital service channels.
- Our efficient and timely benefits payout process.
- Access to competitively-priced ancillary services, such as, preparation of wills and trusts, through partner companies.
- Access to competitively-priced insurance products, through our affiliates.
No doubt, a switch to Tangerine Pensions Limited guarantees a better return on investment and a reassuring tomorrow.
Make a move today!