The National Pension Commission (PenCom) said it has renewed its commitment towards taking the pension industry to greater heights by undertaking the in-house development of some computer applications that are required to enable the opening of the RSA transfer window.
The Director General of the Commission, Aisha Dahir-Umar, made the disclosure recently at the official virtual launch of the Retirement Savings Account (RSA) Transfer System (RTS).
She said the Commission has developed and deployed the Enhanced Contributor Registration System (ECRS) in June 2019 which enabled the unique identification of contributors registered on the Commission’s database, which is a critical requirement for smooth RSA transfers, followed by the development of the RSA Transfer Application.
“RTS…. is a unique and robust electronic platform that will enable seamless Retirement Savings Account transfers. The RTS platform is to be utilised for the submission, processing and monitoring of Retirement Savings Account transfer requests.
Another important feature of the RTS is that it enables the initiation of an RSA transfer request by an RSA holder in simple steps, while having the capability to conduct other processes in a timely and efficient manner,” she further explained.
The Commission, the DG noted, has also conducted training workshops for Pension fund Operators while an industry simulation exercise was carried out, in order to ensure that the RTS functions efficiently, as designed.
“….While the transfer of Retirement Savings Accounts from one Pension Fund Administrator to another by RSA holders is all about enhancing individual choices, it should be emphasised that some due diligence is required.
