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Assessing impact of Retirement Savings Account transfer system on Nigerians

For decades, pension and other social benefit matters have received significant attention in many countries.
A lot of reforms and decisions are being taken to address the challenges associated with the existing pensions leading to changes in the ways pension assets and benefits were managed and distributed to the target groups, especially retirees and ‘senior citizens’.
In Nigeria, it has been a staggered history of pension since 1951, through the public sector pension scheme, the establishment of National Provident Fund (NPF) of 1961, the Pension Decrees nos.102 and 103 of 1979 and the National Social Insurance Trust Fund (NSITF) Decree no.73 of 1993.
However, many retirees in Nigeria still go through unnecessary difficulties before accessing retirement benefits or their monthly entitlements due largely to the management or administration of the funds they have contributed over their years of service. ....

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Transfer Window: Over 2,100 change PFAs over poor services

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Home » Business » Insurance and You » Transfer Window: Over 2,100 change PFAs over poor services
Transfer Window: Over 2,100 change PFAs over poor services
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By Rosemary Onuoha
Following the launch of the pension transfer window by the National Pension Commission (PenCom) recently, over 2, 100 Retirement Savings Account (RSA) holders have applied to move their pension accounts from their current Pension Fund Administrators (PFAs) to a new one.
Head, ICT, PenCom, Mr. Polycarp Anyanwu, made the disclosure at the virtual 2020 Pension Fund Operators Association of Nigeria (PenOp) media retreat for pension correspondents.
Anyanwu said over 2,100 applications were submitted and received by the Commission between November 16 and 30. ....

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