Retirement Savings Account (RSA) holders have continued to take advantage of the Transfer System that enables them change their Pension Fund Administrators (PFAs) at will.

The RSAs, which comprises contributors and retirees, have moved over N277.19 billion from one PFA to another since the opportunity was granted by the National Pension Commission (PenCom) in 2020.

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Findings show that most RSA holders are moving their funds based on service delivery and this has been driving competition among the PFAs.

According to PenCom, in the fourth quarter of 2020, 2,799 RSA holders transferred N18.89 billion, noting that by first quarter 2021, 12,681 RSA holders moved N47.78 billion.

Continuing, the pension sector regulator said 10,166 RSA holders, moved N35.89 billion in second quarter 2021; 12,872 RSA holders, transferred N45.56 billion in third quarter 2021 and 12,874 RSA holders, moved N42.49 billion in fourth quarter 2021.

PenCom submitted that in first quarter of the year, 12,336 RSA holders moved N36.36 billion and in second quarter, 14,821 RSA holders transferred N50.22 billion.