Retirement Savings Account Transfer

Section 13 of the Pension Reform Act (2014) specifies that an employee may, not more than once in a year, transfer his Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another.

The Transfer concept seeks to enhance ethical competition amongst the various PFAs and improve service delivery to Retirement Service Account holders and facilitating full and equitable pension assets portability within the industry.

However, for the purpose of implementing these provisions, the National Pension Commission (PenCom) has released guidelines for a single transfer within a calendar year which would become operational in the pension industry once the transfer window is officially opened by the commission.

As we await the formal commencement of the Transfer window. Oak Pension has strategically position itself to be attractive by providing high Return on Investment and excellent customer service delivery.

The Transfer Process

The RSA Holder intending to transfer his/her RSA to another PFA shall obtain a transfer form, complete and submit the RSA transfer form to the Receiving PFA.

The RSA Holder shall submit the RSA transfer form with the following documents:

1) Formal Sector Employees

• Copy of certificate of registration or RSA statement of account issued by the Transferring PFA.
• Copy of Official ID (Staff ID with any one of the following; National ID or National Driver’s license or Permanent Voters Card or International Passport).

2) Informal Sector Employees

• Copy of certificate of registration or RSA statement of account issued by the Transferring PFA.
• Copy of Identification (Association ID or National ID or National Driver’s license or Permanent Voters Card or International Passport).

3) Retirees (Public and Private)

• Copy of Identification (Association ID or National ID or National Driver’s license or Permanent Voters Card or International Passport).
• Copy of Programmed Withdrawal Agreement with TPFA.