25,645 workers dump PFAs, move N102.59bn to other operators - Punch Newspapers

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No fewer than 25,645 workers who were displeased with their Pension Fund Administrators have transferred N102.59bn in their Retirement Savings Accounts to other PFAs.

It stated that effective transfer of RSAs from one PFA to another required an accurate and reliable database as it was important to ensure that the pension assets transferred belonged to the bona-fide RSA holders initiating the transfers. The pension regulator stated that ECRS incorporated extensive validations, controls and data requirements that would deliver high data integrity standards for the pension industry.

To ensure that all RSA holders who needed to be recaptured were speedily recaptured, PenCom stated that it approved the appointment of two agents to carry out a nationwide recapture exercise, beginning August 2021.

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