2,100 aggrieved pension contributors change PFAs

No fewer than 2,100 contributors have applied to change their Pension Fund Administrators barely two weeks after the National Pension Commission opened the transfer window.

The transfer window, which was officially opened on November 16, allowed contributors in the Contributory Pension Scheme to change their pension companies at most, ones in a year.

The Head, ICT, PenCom, Mr Polycarp Anyanwu, disclosed this at the Pension Fund Operators Association of Nigeria’s media retreat held virtually on Thursday.

“Over 2,100 applications were submitted and received by the commission between 16th and 30th of November, 2020,” he said.

Polycarp noted that most of the contributors were not contented with the services of their PFAs.

The Head, Corporate Communications, PenCom, Mr Peter Aghahowa, said the transfer window would engender competition and improved service delivery in the pension industry.

According to him, the contributors has the right to determine the PFA that manage their Retirement Savings Accounts.

The new President, PenOp, Mr Wale Odutola, who is also the managing director/chief executive officer, ARM Pension PFA, said pension fund operators had done the necessary requirement by upgrading their IT systems to enhance seamless pension account transfer.