PenOp advises RSA holders to check accounts frequently

The Pension Fund Operators Association of Nigeria have encouraged Retirement Savings Account holders to check their accounts as frequently as their regular savings accounts.

This piece of advice was given via their Instagram page recently to highlight the significance of the RSA to future financial well-being.

The RSA is a pension account maintained with a pension fund administrator into which monthly contributions of employer and employee are paid. The RSA is defined by a unique Personal Identification Number issued by the National Pension Commission.

PenOp stated, “How often should you check your RSA? As regularly as you check your everyday savings account. Your future finances matter too. Don’t leave your retirement finances to chance; take deliberate actions to ensure a blissful retirement.”

Elaborating in another post, PenOP added, “You know your retirement savings account is one of the most important things for retirement planning. Your RSA health is equal to your retirement financial life.”

These attempts are part of measures to continue to create awareness about pensions and encourage the active participation of the RSA holders.

Reiterating this call, PenOp noted that young RSA holders can take more risks and boost their investment earnings with the multi-fund structure of the Nigerian pension industry.

“You know you can take full control of your retirement savings account, right? Just like your regular savings account. You can also dictate your investment options on your RSA, thanks to the multi-fund structure of the Nigerian pension industry.

As a young person or an early-career professional, you know a little risk wouldn’t hurt, right? Speak to your account officer today to learn more about this.”

The multi-fund structure divides the retirement savings account and retiree fund into six funds known as I, II, III, IV, V and VI. The Funds recognise different demographic (age) profiles and risk appetites of registered contributors. It aims to give contributors greater participation in the management of their funds by aligning their funds with their return profile.

A new RSA holder is automatically placed in Fund II, but they can change it with advice from their account officers.

RSA membership as of January 2025 stood at 10,615,028.