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PenCom to open transfer window

PenComIn a statement on Thursday 13th August 2020, PenCom said in line with Section 13 of the Pension Reform Act 2014, the transfer system, which is a robust electronic platform that would enable seamless RSA transfers and aid Pension Fund Administrators (PFAs) to submit RSA transfer requests, is underway and may go operational by the end of the year.

Before the covid-19 pandemic took centre-stage, the system was planned to go live in June 2020; it is now expected to take-off at the end of 2020, after extensive training of industry-wide stakeholders.

“The opening of the transfer window will facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition amongst the PFAs and improve service delivery to RSA holders”.

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