The National Pension Commission (PenCom) is proposing to establish the Transfer Clearing System (TCS) which shall serve as a control where transfers of Retirement Savings Accounts (RSAs) are processed, reconciled and monitored. The operations of the TCS shall be based on electronically driven infrastructure and the TCS shall have an interface with all Pension Fund Administrator (PFAs) and Pension Fund Custodians (PFCs) to facilitate transfers between the PFAs.
This formed part of the proposed regulations for transfer of RSA from one PFA to the other in accordance with the provisions of the Pension Reform Act 2004.
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