222,141 Employees Dump PFAs, Transfer N908bn – PenCom
No fewer than 222,141 employees have modified their Pension Fund Directors and moved N908.363bn from their Retirement Financial savings Accounts because the Nationwide Pension Fee opened the window of switch.
PenCom disclosed this in its transfers report on ‘Quarterly abstract of Retirement Financial savings Accounts transferred by Pension Fund Directors’ from the fourth quarter of 2020 to the third quarter of 2023.
The switch window permits a contributor below the CPS to maneuver all his RSAs from his present PFA to a different of his alternative as soon as in a 12 months.
Contributors transfer their RSAs for numerous causes together with the need for improved providers and fee of return on investments paid on their financial savings by the PFAs.
Within the third quarter of 2023, 19,014 RSA holders dumped their PFAs for brand new ones and moved N85.99bn, which was their financial savings stability to new PFAs.
Based on PenCom, 34,359 employees moved N158.6bn within the second quarter of 2023, from 24,963 who moved N111.67bn within the first quarter of 2023.
The figures disclosed that 2,799 contributors moved N18.9bn within the fourth quarter of 2020; 12,681 contributors moved N47.78bn within the first quarter of 2021; 10,166 moved N35.89bn within the second quarter of 2021; 12,872 contributors moved N45.56bn within the third quarter of 2021; whereas 12,874 contributors moved N42.49bn within the fourth quarter of 2021.
It added that 12,336 contributors moved N36.36bn within the first quarter of 2022; 14,821 moved N50.22bn within the second quarter of 2022; 30,973 moved N143.1bn within the third quarter of 2022; whereas 34,283 moved N131.76bn within the fourth quarter of 2022.
Employees continued to alter PFAs after PenCom barred the PFAs from sending items to RSA holders in 2022.