Every pension account is flexible, allowing employees to maintain their Retirement Savings Account (RSA) even when they move to a new employer. For example, if an employee of "Company A" opened a Retirement Savings Account with Oak Pensions Limited two years ago and moved to "Company B" today, its pension account remains with Oak Pensions.
This flexibility is due to the industry's continuous development by the National Pension Commission (Pencom). The regulatory body has made it easier to maintain the same pension account when you move to a new employer.
The necessary steps to take in maintaining your pension account when you move to a new place of work are; submit your RSA PIN to your new employer, usually through your new HR or operations department, who then sends it to your Pension Fund Administrator (PFA) with your PFA account details. After this change is documented, your PFA will begin to credit your old RSA with your current employer's contributions.
However, according to Pencom's Enhanced Customers Registration System (ECRS), those who opened their account before July 2018 will need to have a data recapture with their existing PFA to enable them to transfer their account from one employer to the other seamlessly. While those who opened their RSA account after July 2018 do not need a data recapture process. They will only need to present their PIN to the new employer.
For data recapture, you'll need the following:
Employment letter
National ID card
1 passport photograph
Birth certificate/ age declaration.
Note that employers with more than three employees are expected to have a pension policy in their organisation, but in a case where your new employer is yet to have a pension policy in place, you can have such discussions with them or kindly inform your PFA about it. This action will prompt the compliance department of your PFA to ensure its implementation according to the Pension Reform Act (PRA) of 2004, reviewed in 2014.
Your employer usually pays your contribution into your pension account seven days after payment of your salary. This timeline helps to confirm your account is active when you move to a new employer.
Your employer usually pays your contribution into your pension account seven days after payment of your salary. This timeline helps to confirm your account is active when you move to a new employer.
Therefore, if you recently changed jobs and are thinking of transferring your pension to a new employer's scheme, you're in good company with Oak Pensions. For further clarification, feel free to talk to any of our expert advisors. We will be glad to answer your questions.
You can reach out to our Marketing Manager on 09087448661 or any of our customer service helpline.
ABOUT THE AUTHOR:
Ernest Ademola Ehigie is a Copywriter, Content Developer, Author, Brand Consultant, and Communications Manager with over 5 years in marketing communications. He has written several articles, policy documents, press releases, radio and TV adverts for businesses and organizations. He's the author of the book, "Why You Must Lead" and currently works as a content manager for Detail and Avedia, a leading retail and media consulting firm.