By Dayo Omoogun
The Secretary to the Government of the Federation, Boss Mustapha, has identified the Retirement Savings Account Transfer System (RTS)
as a major advantage of the Contributory Pension Scheme.
He was speaking while performing the launching of the scheme during the Virtual Launch which took place on Monday.
” The implementation of this provision, which further deepens the choices given to pension contributors and retirees over the management of their pension funds, is a clear advantage of the Contributory Pension Scheme over the Defined Benefit Scheme.
“It also signposts the transparency of the Contributory Pension Scheme, which is in line with the Federal Government’s policy, under the leadership of His Excellency, President Muhammadu Buhari, GCFR, of entrenching accountability at all levels.
He expressed joy that his office had been instrumental to the success story of the Commission while calling on RSA Holders to make informed choices that will secure their well-being during retirement.
“We are pleased to be associated with this momentous milestone in the implementation of the Contributory Pension Scheme. It is gratifying that my Office has been providing the necessary support to strengthen the National Pension Commission’s regulatory activities. Having reviewed and approved the Regulation on the Transfer of Retirement Savings Accounts, which would guide the process, we are confident that the RSA Transfer System will operate efficiently.
“Having said this, it is indeed a great honour for me to officially launch the Retirement Savings Account Transfer System. It is our hope that RSA holders will utilise this opportunity to make informed choices for their ultimate wellbeing during retirement.