The pension transfer window is an important feature of the Nigerian pension system, allowing you to transfer your Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another. This initiative, introduced by the National Pension Commission (PenCom), encourages healthy competition among PFAs and gives you more control over your savings.
But what exactly is the transfer window, and how does it work? Let’s break it down.
What is the Transfer Window?
The pension transfer window is a period when you can move your RSA from one PFA to another. It is part of the reforms under the Contributory Pension Scheme (CPS), designed to increase transparency and efficiency. Opened in 2020, this window allows pension contributors to switch PFAs if they are dissatisfied with the performance of their current fund manager.
The Pros of Using the Transfer Window
1. Better Service: If you are not satisfied with the customer service from your current PFA, switching to Leadway Pensure PFA ensures you are in capable hands. We prioritize client satisfaction and provide personalized service tailored to your needs.
2. Improved Returns: Not all PFAs deliver the same investment returns. At Leadway Pensure PFA, we are committed to making your pension work harder for you, with a carefully curated portfolio and proactive investment strategy for better returns and significant growth on your retirement savings.
3. Access to More Features: Leadway Pensure PFA offers tools like the Pensure mobile app, Surecal lifestyle calculator, and Leadway Instant Service Assistant (LISA), designed to give you full control of your financial future.
4. Account Transparency: We believe in clear communication, providing regular updates and full visibility into how your funds are managed through monthly investment reports to your emails and digital access to your account.
The Cons of the Transfer Window
1. Limited Transfer Frequency: You can only transfer your RSA once every 12 months. If you are not satisfied with your current PFA, you will have to wait a year before making another move.
5 Quick & Easy Steps to Transfer Your Funds to Leadway Pensure PFA
Moving your RSA to Leadway Pensure PFA is simple. Follow these steps to get started:
1. Data Recapture: Ensure your personal details are updated on the Enhanced Contributor Registration System (ECRS) with your current PFA. This applies if you opened your RSA before July 1, 2019, and have not been recaptured.
2. Submit Your Transfer Request: Provide your surname, RSA PIN, email address, and current phone number to Leadway Pensure PFA.
3. Identity Validation: We will require your fingerprint to authenticate your identity through the National Identity Management Commission’s (NIMC) database. You will receive a confirmation slip to sign.
4. Transfer of RSA Funds: Your current PFA will transfer all the funds in your RSA to Leadway Pensure PFA at the end of the applicable quarter, under PenCom’s supervision.
5. Completion of Transfer: Once the transfer is complete, both Leadway Pensure PFA and PenCom will notify you.
Conclusion
The transfer window gives you the flexibility to choose the best PFA for your financial future. At Leadway Pensure PFA, we combine excellent service, competitive returns, and modern tools to help you maximize your pension. Ready to make the switch? Send us a DM via our social media channels or speak to our financial experts today.