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Chuks Udo Okonta
The National Pension Commission (PenCom) said internal processes within Pension Fund Administrators (PFAs) resulted to failure in transferring 2,120 Retirement Saving Accounts (RSAs) in the first quarter of year 2022.
PenCom stated this in its first quarter 2022 report, adding that a total of 7,663 RSAs holders initiated RSA transfers in the first RSA Transfer Quarter of 2022, which was concluded in the first week of April 2022.
It maintained that this covered RSA transfer requests submitted by PFAs between 1 January 2022 to 31 March 2022, which were eligible for RSA transfer in the first quarter of 2022, adding that out of the total RSA Transfers initiated, 5,543 RSAs were transferred to their new PFAs along with their associated pension assets, while 2,120 transfer requests failed.
The failed submissions by PFAs, it said could be attributed to their internal processes, as all the PFAs recorded some failed RSA transfer request submissions.
PenCom said the pension industry recorded a marginal growth of 0.96 per cent (92,618) in scheme memberships during the quarter under review, rising from 9.53 million members at the end of Q4:2021 to 9.68 million as at Q1:2022. The growth in the industry membership, it noted was driven mainly by the RSA Scheme, which had an increase of 92,852 registered contributors.
Membership of the Closed Pension Fund Administrator (CPFA) Schemes recorded a decrease of 234 or 1.44 per cent, while Approved Existing Schemes (AES) remained unchanged as at Q1:2022, it submitted.