About 12,000 RSA contributors switched Pension Fund Administrators(PFA)s in Q1 2021 as assets gained N33.6 billion.
This is according to the quarterly RSAs transfer summary, released by the National Pension Commission, the number of RSA contributors that switched pension administrators in Nigeria hit 12,681 in the first quarter of 2021.
This is as against 2,799 recorded in the previous quarter (Q4 2020).
This figure represents a 353.1% increase compared to the previous quarter, which can be attributed to the dissatisfaction of pension contributors with the management of their contributions.
It will be recalled that in November 2020, Pension Commission (PENCOM) opened the transfer window for contributors to be able to move freely from one PFA to another, at least once a year. Immediately it was opened, 2,799 RSA holders applied for transfers.
Meanwhile, Nigeria’s total pension assets under management recorded an increase of N33.81 billion in Q1 2021.
It moved from N12.31 trillion recorded as of 31st December 2021 to N12.34 trillion at the end of March 2021.
RSA holders, who requested to switch Pension Administrators in Q1 2021, rose from 2,799 recorded in the previous quarter to 12,681.
RSA contributors also added 84,270 during the period to stand at 9.3 million holders as of 31st March 2021.
Nigeria’s total pension asset under management also increased from 12.31 trillion to N12.34 trillion in the first three months of the year.
As of March 2021, FBN Bonds stood at N7.67 trillion, representing 3.92% increase compared to N7.38 trillion recorded as of December 2020.
