222,141 workers dump PFAs, transfer N908bn – PenCom

222,141 workers dump PFAs, transfer N908bn – PenCom

No fewer than 222,141 workers have changed their Pension Fund Administrators and moved N908.363bn from their Retirement Savings Accounts since the National Pension Commission opened the window of transfer.

PenCom disclosed this in its transfers report on ‘Quarterly summary of Retirement Savings Accounts transferred by Pension Fund Administrators’ from the fourth quarter of 2020 to the third quarter of 2023.

The transfer window allows a contributor under the CPS to move all his RSAs from his current PFA to another of his choice once in a year.

Contributors move their RSAs for various reasons including the desire for improved services and rate of return on investments paid on their savings by the PFAs.

In the third quarter of 2023, 19,014 RSA holders dumped their PFAs for new ones and moved N85.99bn, which was their savings balance to new PFAs.

According to PenCom, 34,359 workers moved N158.6bn in the second quarter of 2023, from 24,963 who moved N111.67bn in the first quarter of 2023.

The figures disclosed that 2,799 contributors moved N18.9bn in the fourth quarter of 2020; 12,681 contributors moved N47.78bn in the first quarter of 2021; 10,166 moved N35.89bn in the second quarter of 2021; 12,872 contributors moved N45.56bn in the third quarter of 2021; while 12,874 contributors moved N42.49bn  in the fourth quarter of 2021.

It added that 12,336 contributors moved N36.36bn in the first quarter of 2022; 14,821 moved N50.22bn in the second quarter of 2022; 30,973 moved N143.1bn in the third quarter of 2022; while 34,283 moved N131.76bn in the fourth quarter of 2022.

Workers continued to change PFAs after PenCom barred the PFAs from sending gifts to RSA holders in 2022.

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