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CPS: RSA Transfer System Revolutionises Nigerian Pension Industry

An essential advancement in Nigeria’s Contributory Pension Scheme (CPS) came with the introduction of the Retirement Savings Account (RSA) Transfer. This innovation allows RSA holders to seamlessly move their accounts from one Pension Fund Administrator (PFA) to another using the Retirement Savings Account Transfer System (RTS) deployed by the National Pension Commission (PenCom).


Section 13 of the Pension Reform Act 2014 (PRA 2024) allows RSA holders to transfer their accounts from one PFA to another not more than once a year. The commencement of the RSA transfers marks a significant achievement for PenCom in implementing the CPS.
PenCom undertook the in-house development and consequent deployment of the Enhanced Contributor Registration System (ECRS) in June 2019, which made it possible to commence the RSA transfers. The ECRS enabled the unique identification of contributors registered on the Commission’s database, a critical requirement for smooth RSA transfers.


The development of the RSA Transfer System (RTS) followed the ECRS. As the Application is tagged, the RTS is a unique and robust electronic platform that enables seamless RSA transfers. The Application is used for submitting, processing, and monitoring RSA transfer requests.


Meanwhile, to facilitate RSA holders’ ability to make informed choices on service delivery, the Commission has expanded its minimum disclosure requirements by providing more statistics on pension industry performance. A special section on the Commission’s website has been created, containing relevant information on the RSA transfer for the guidance of RSA holders.