To port from one Pension Fund Administrator (PFA) to another under the Contributory Pension Scheme (CPS) in Nigeria, you can follow the steps below:
1. Choose a new PFA: Research and select a PFA that suits your retirement goals, investment objectives, customer service, and track record. It is important to ensure that the new PFA is registered and licensed by the National Pension Commission (PenCom) to operate in Nigeria.
2. Inform your current PFA: Notify your current PFA about your intent to port to another PFA. This can typically be done by submitting a formal application provided by the target PFA. Your existing PFA will initiate the porting process on your behalf.
3. Obtain a Transfer Request Form (TRF): Obtain and complete the Transfer Request Form from your chosen new PFA. This form is necessary to initiate the transfer process.
4. Submit the TRF: Submit the completed TRF to your new PFA. Ensure all required information is accurately filled out to avoid any delays.
5. Verification and documentation process: Your new PFA will conduct verification checks to confirm the information provided in the TRF. This may involve verifying your identity, employment history, and pension contributions. They may also require additional documents such as identification documents, bank statements, and past pay slips.
6. Transfer of funds: Once the verification process is completed, your new PFA will request the transfer of your pension funds from your current PFA. The old PFA is legally required to transfer the funds within ten working days from the date of request.
7. Acknowledgment of transfer: The new PFA will notify you once they receive the transferred funds. They will then issue you a new Retirement Savings Account (RSA) number and provide you with the necessary documents and information regarding your account.
It is important to note that there might be administrative charges involved in the porting process, and these charges vary among PFAs. Therefore, it is advisable to inquire about the fees and compare them before making a decision. Additionally, keep in mind that porting can only be done once every two years, as per the regulations set by PenCom.
To ensure a seamless transfer and avoid any discrepancies, it is advisable to maintain open communication with both your current and new PFAs throughout the porting process.