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HOW TO TRANSFER YOUR RETIREMENT SAVINGS ACCOUNT (RSA)
~77.9 mins read
egg
to transfer your Retirement Savings Account (RSA)
PenCom has made available information that may help you if interested in transferring from one Pension Fund Administrator to another.
This is contained in a verified tweet by the commission, as seen by Nairametrics.
Recall that Nairametrics had earlier reportedthat PenCom had earlier fixed November 16, 2020 (tomorrow) as the date for the official launch of the RSA transfer system.
What you should know
The RSA transfer system involves five different steps which are succinctly explained below;
Note: This applies if you opened your RSA before July 01, 2019 and have not been recaptured.
Nigeria’s Micro Pension industry: A gold mine waiting to be tapped
The Nigerian government expanded the Pension Reform Act (PRA) of 2014 to include provisions for Micro pensions.
The National Pension Commission then followed that up with the design and publication of “frequently asked questions on Micro Pension fundâ€, a document that seeks to answer potential questions that people may have regarding micro pension scheme. The beauty of that document is that it is in English, Igbo, Yoruba and Hausa, so that those that are not literate in English language still have the opportunity to read, understand and take advantage of the benefits of micro pension funds.
Success Stories Elsewhere: Micro pension schemes have been known to be successful in places like India, and Kenya, but to what extent has it succeeded in Nigeria? There are indications that the scheme has not been as successful as hoped for, in Nigeria, either because of lack of interest by those for whom the scheme was created or due to lack of awareness and enlightenment campaigns.
Nigerians have always relied on their children for their comfort at retirement but that is fast changing with so many of such children unemployed many years after leaving or graduating from schools. It is therefore imperative that parents get into plan “Bâ€, by enlisting into micro pension plans so that if their children fail to provide for them at retirement, they have something to fall back on.
Fund Managers Have A Role to Play: With so much potential in the micro pension industry, fund managers stand to gain by way of the fees they charge, it is therefore of importance that they get into being more active in creating awareness for this laudable scheme. A visit to the various fund managers’ websites indicates that some of them have information about micro pensions on their website. It does not appear, however, that many of them are active in the scheme as lots of them do not have the pricing information of micro pension funds as part of their daily price releases. This copious absence may be an indication of lack of activity.
By Clever Advertising
Micro Pension Fund Performance: Only a few of the pension fund managers seem to have active participants of micro pension scheme and Quantitative Financial Analytics conducted a performance analysis of those few. The few are AIICO, ARM, Premium, AXA, PAL and NLPC. It is quite pathetic that out of about 20 pension fund managers, only 5 are active with Micro pension scheme. Most of the data we collected went back to July 2019 and it is on that basis that the performance analysis was conducted. Of the few active micro pension funds, PAL micro pension fund has the highest return of 5.46%, followed by ARM Micro pension with 5.15%. AIICO micro pensions took third place with a return of 2.95%.
Source: Quantitative Financial Analytics
Conclusion: Though the absence of pricing information on the fund managers’ web site may not necessarily indicate inactivity, fund managers are encouraged to include that information among the information provided for the other pension funds as all investors deserve to be equally served. In addition, the presence of such information can act to increase the awareness of prospective pension fund contributors and can as well act as marketing tools for the fund managers. Micro pension scheme is still new in Nigeria and we will continue to monitor and report on progress.
Best performing Mutual Funds in October
Nairametrics reviews the best Mutual Funds in October, judging by their performance.
Mutual Funds are entities that pool cash from a variety of investors for the sole purpose of investing the cash in shares, bonds, treasury bills etc. (all together called a portfolio of investments). The profit derived from the diversified pool of investments are shared to investors in the funds annually or semi-annually or as stipulated in the fund prospectus.
According to data from the Security and Exchange Commission (SEC), as at 30th October 2020, Nigeria has about 112 Mutual Funds with over N1.48 trillion net asset value cutting across several fund types. Here is a breakdown of the fund types available for investors according to SEC.
To determine the best performing Funds, we looked at the Fund Prices as of 2nd October and compared to the fund prices as of the last trading day of October 2020 (30th October). These are the top 5 mutual funds in October. We also included profiles of the Funds as described on their websites.
Vetiva S & P Nig. Sovereign Bond ETF – Vetiva Fund Managers Limited (ETF)
The Vetiva S&P Nigerian Sovereign Bond ETF is an optimized Bond ETF issued by Vetiva Fund Managers Limited (“VFM†or “Fund Managerâ€). This ETF seeks to track the S&P Nigerian Sovereign Bond Index, indicating that the unit price of the ETF on the Exchange should track the movement of the Index.
An investor that owns this ETF obtains market exposure to the most liquid and actively traded FGN Bond Securities. The ETF seeks to replicate, to the extent possible, the price and yield performance of the FGN Bond securities constituting the S&P Nigerian Sovereign Bond Index, net of expenses.
October 2nd
Fund Price – N214.00
October 30th
Fund Price –N275.46
Return – 28.72%
Ranking – First
Commentary: The Vetiva S&P Nigerian Sovereign Bond ETF by Vetiva Fund Managers Limited is an exchange traded fund. It is the best performing fund in the month of October; growing by 28.72%. The net asset value stood at N969.72 million as at 30th October 2020.
Nigeria Int’l Debt Fund – Afrinvest Asset Mgt. Limited (Bond Funds)
The Nigeria International Debt Fund is a distinct investment product, originally created as a closed-ended fund in 1997. It was restructured to an open-ended fund in 2010.
The Nigeria International Debt Fund invests in Federal and State government bonds. The emergence of State bonds is currently gaining popularity as various states aim to fund large projects with targeted issuances. The objectives of the fund include to reduce risk and offer investment safety, to provide steady returns and investment diversification and to preserve investors’ capital.
October 2nd
Fund Price – N365.58
October 30th
Fund Price – N449.35
Return – 22.91%
Ranking – Second
Commentary: This is a Bond Fund byAfrinvest Asset Management Limited. For a fund that is predominantly focused on bonds, this a pretty much impressive performance by all standards. It grew by 22.91% in the month of October. The net asset value stood at N2.34 billion as at 30th October 2020.
AIICO Balanced Fund – AIICO Capital Limited (Mixed Funds)
AIICO Balanced Fund is an actively managed open-ended Fund. The Fund invests primarily in equities, government securities, fixed deposit, fixed income securities.
October 2nd
Fund Price – N3.24
October 30th
Fund Price – N3.88
Return – 19.57%
Ranking – Third
Commentary: This is a Mixed Funds by AIICO Capital Limited. The Fund grew by 19.57% in the month of October. The performance is impressive considering that it is focused on Mixed Funds. The net asset value stood at N169.55 million as at 30th October 2020.
VETBANK ETF – Vetiva Fund Managers Limited (ETF)
The Vetiva Banking ETF “VETBANK ETF†is an open-ended Exchange Traded Fund managed by Vetiva Fund Managers Limited. The VETBANK ETF is designed to track the performance of the constituent companies of the NSE BANKING Index and to replicate the price and yield performance of the Index.
The NSE BANKING Index comprises of the top 10 banks listed on the Nigerian Stock Exchange (“NSEâ€) in terms of market capitalization and liquidity and is a price index weighted by adjusted market capitalization.
October 2nd
Fund Price – N3.10
October 30th
Fund Price – N3.70
Return – 19.35%
Ranking – Fourth
Commentary: The VETBANK ETF by Vetiva Fund Management is an Exchange Traded Fund. This is the second exchange traded fund on the list of best performing mutual funds as it grew by 19.35% in the month of October. The net asset value stood at N315.26 million as at 30th October 2020.
VCG ETF – Vetiva Fund Managers (ETF)
The Vetiva Consumer ETF “VETGOODS ETF†(launched in 2015) is an open-ended Exchange Traded Fund managed by Vetiva Fund Managers Limited. The VETGOODS ETF is designed to track the performance of the constituent companies of the NSE Consumer Goods Index and to replicate the price and yield performance of the Index.
The NSE Consumer Goods comprises the top 15 companies in the Food/Beverages and Tobacco sector listed on the Nigerian Stock Exchange (NSE), in terms of market capitalization and liquidity, and is a price Index weighted by adjusted market capitalization.
October 2nd
Fund Price – N4.57
October 30th
Fund Price – N5.45
Return – 19.26%
Ranking – Fifth
Commentary: This is another of Vetiva’s products, and it is one of the one of the best Exchange traded fund, growing by 19.26%. VCG EFT Funds are a great source of investments and it is not surprising to see another it in the top 5. The net asset value stood at N139.96 million as at 30th October 2020.
Bubbling Under: The following Funds make up the rest of the top 10 on our list; in descending order.
6. Afrinvest Dollar Fund – Afrinvest Asset Management Limited (Bond Funds)
Return – 18.94%.
7. Vantage Dollar Fund – Investment One Funds Management Limited (Fixed Income Funds)
Return – 18.59%.
8. PACAM Equity Fund – PAC Asset Management Limited (Equity Based Funds)
Return – 18.09%.
9. Afrinvest Equity Fund – Afrinvest Asset Management Limited (Equity Based Fund)
Return – 18.03%.
10. Stanbic IBTC Aggressive Fund (Sub-Fund) – Stanbic IBTC Asset Management Limited (Equity Based Funds)
Return – 17.49%.
PENCOM fix Nov. 16 for launch of RSA Transfer System
November 16, 2020, has been set as the official date for the launching of the Retirement Savings Account transfer system.
This is according to a verified tweet by the organization, as seen by Nairametrics.
PENCOM also affirmed that prior to this launch, the commission had successfully developed the RSA Transfer Application, a robust electronic platform that would enable seamless RSA transfer. In addition, the commission had conducted extensive workshops for licensed Pension Operators and State Pension Bureaus in preparation of the epoch-making event.
What they are saying
A part of the recent press release by the organization read thus, “The National Pension Commission (the commission) wishes to inform all stakeholders and the general public, especially Retirement Savings Account (RSA) holders under the contributory pension scheme, that the commission has concluded arrangements for the take-off of RSA transfers.
“Accordingly, RSA holders may transfer their accounts from one Pension Fund Administrator (PFA) to another once in a year, in line with section 13 of the Pension Reform Act 2014. The launch date for the RSA Transfer System is scheduled for Monday 16 November, 2020. This will signify the official opening of the RSA Transfer Window.â€
Why it matters
The latest development is in line with the commission’s desire to ensure that all RSAs holders are able to exercise their rights of transferring their RSAs from one PFA to another.
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Biden Begins Transition As Trump Refuses To Concede Defeat.
~6.1 mins read
Biden Begins Transition As Trump Refuses To Concede Defeat.
US President-elect Joe Biden gestures in celebration after delivering remarks in Wilmington, Delaware, on November 7, 2020, after being declared the winners of the presidential election. ANGELA WEISS / AFP
US President-elect Joe Biden took the first steps Sunday towards moving into the White House in 73 days, as Donald Trump again refused to admit defeat and tried to sow doubt about the election results.
With congratulations pouring in from world leaders and supporters nursing hangovers after a night of celebrations, Biden and Vice President-elect Kamala Harris announced they would receive a joint briefing Monday in Wilmington, Delaware from their transition Covid-19 advisory team.
Biden would then deliver remarks on coronavirus and economic recovery.
They also launched a transition website, BuildBackBetter.com, and a Twitter feed, @Transition46.
Meanwhile, Trump played golf at his course near Washington, the same place where he was Saturday when news broke that Biden had secured enough Electoral College votes for victory.
“Since when does the Lamestream Media call who our next president will be?†Trump complained in a tweet on Sunday.
Trump, who has no public events scheduled for Monday, plans to file a string of lawsuits in the coming week, according to his lawyer Rudy Giuliani, who said he had “a lot of evidence†of fraud.
But former president George W. Bush said the “outcome is clear†and added that he had called “President-elect†Biden and Harris to extend his congratulations.
Bush said in a statement that “the American people can have confidence that this election was fundamentally fair… We must come together for the sake of our families and neighbors, and for our nation and its future.â€
Biden’s transition website lists four priorities: Covid-19, economic recovery, racial equity and climate change.
“The team being assembled will meet these challenges on Day One,†it said in a reference to January 20, 2021, when Biden will be sworn in as the 46th president of the United States.
Biden, who turns 78 on November 20, is the oldest person ever elected to the White House. Harris, 56, a senator from California, is the first woman, first Black person and first South Asian person to be elected vice president.
Biden plans to name a task force on Monday to tackle the coronavirus pandemic, which has left more than 237,000 people dead in the United States and is surging across the country.
He has also announced plans to rejoin the Paris climate accord and will reportedly issue an executive order on his first day in office reversing Trump’s travel ban on mostly Muslim countries.
Biden has vowed to name a cabinet that reflects the diversity of the country, although he may have trouble gaining approval for more progressive appointees if Republicans retain control of the Senate — an outcome that will depend on two runoff races in Georgia in January.
– ‘Accept the inevitable’ –
Biden, who after John F. Kennedy is just the second Catholic to be elected US president, attended church Sunday morning in his hometown of Wilmington, Delaware.
He also visited the graves of his son, Beau Biden, who died of brain cancer in 2015, and his first wife and daughter, who died in a 1972 car accident.
The Trump campaign has mounted legal challenges to the results in several states, but no evidence has emerged of any widespread irregularities that would affect the results.
Giuliani told the Fox News show “Sunday Morning Futures†that Trump’s team would file a lawsuit in Pennsylvania on Monday against officials “for violating civil rights, for conducting an unfair election (and) for violating the law of the state.â€
“The first lawsuit will be Pennsylvania. The second will either be Michigan or Georgia. And over the course of the week, we should get it all pulled together,†Giuliani said.
First Lady Melania Trump also chipped in Sunday, tweeting: “The American people deserve fair elections. Every legal — not illegal — vote should be counted.â€
Speaking on CNN’s “State of the Union†Sunday, senior Biden advisor Symone Sanders dismissed the court challenges as “baseless legal strategies.â€
Biden received nearly 74.6 million votes to Trump’s 70.4 million nationwide and has a 279-214 lead in the Electoral College that determines the presidency.
Biden also leads in Arizona, which has 11 electoral votes, and Georgia, which has 16. If he wins both, he would finish with 306 electoral votes — the same total won by Trump in 2016 when he upset Hillary Clinton.
Only two Republican senators, Mitt Romney and Lisa Murkowski, have congratulated Biden.
Democratic Representative James Clyburn of South Carolina said the Republican Party has a “responsibility†to help convince Trump it is time to give up.
Romney, who voted to convict Trump at his impeachment trial, said the president will eventually “accept the inevitable.â€
The Utah senator added that he “would prefer to see the world watching a more graceful departure, but that’s just not in the nature of the man.â€
– ‘Do not concede, Mr. President’ –
Trump ally Senator Lindsey Graham of South Carolina said the 74-year-old president should keep fighting.
“We will work with Biden if he wins, but Trump has not lost,†Graham said on Fox News. “Do not concede, Mr. President. Fight hard.â€
In a victory speech on Saturday, Biden promised to unify the bitterly divided nation and reached out to Trump supporters, saying, “They’re not our enemies, they’re Americans.â€
“Let’s give each other a chance,†he said. “Let this grim era of demonization in America begin to end, here and now.â€
Financial markets welcomed Biden’s victory, with shares up in Tokyo and Hong Kong, and US futures up on Wall Street on Sunday evening.
The leaders of Britain, France, Germany, Italy, Spain and other European countries sent congratulations to Biden, along with Australia, Canada, India, Indonesia, Israel, Japan and South Korea.
Mexican President Andres Manuel Lopez Obrador said he would wait until all legal challenges are resolved, while Trump ally President Jair Bolsonaro of Brazil has yet to make any official comment.
-AFP
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