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The short answer
Yes, you can move your Retirement Savings Account to another Pension Fund Administrator while living in Australia. Section 13 of the Pension Reform Act 2014 lets an RSA holder transfer "not more than once in a year", under PenCom's guidelines, and the choice of PFA is yours, not your employer's. PenCom runs the RSA Transfer System and publishes PFA performance and fees to help you compare.
Many Nigerians who moved to Australia left an RSA behind with whichever PFA their employer's HR team suggested years ago. If that PFA's returns, fees or service no longer suit you, you can move. This guide covers the rules, how to compare, and how to handle the transfer when you cannot walk into a branch.
The rules in plain terms
- How often
- Section 13 of the Pension Reform Act 2014 allows a transfer "not more than once in a year", subject to PenCom guidelines (as summarised by AllAfrica, July 2025).
- Whose choice
- Section 11(1) says the RSA is with a PFA of the employee's choice. A 2020 PenCom circular says employers must not influence that choice.
- Inducements
- A June 2025 PenCom circular said PFAs found inducing transfers would be barred from the transfer window as a receiving PFA.
- What moves
- Your RSA balance moves between PFAs; you remain in the same Contributory Pension Scheme.
PenCom's website carries a page of FAQs on the RSA Transfer System and a quarterly summary of RSAs transferred. When we checked in October 2026 the FAQ page did not display its answers, so confirm the current process and any timelines with PenCom or the PFA you are moving to.
How to compare PFAs before you move
PenCom publishes PFAs' monthly performance and fees. Look at more than last month's figure:
- Returns on the fund you would be in, over several years, not one good quarter.
- Fees, which reduce every year's return.
- Service from abroad: online portal, statements by email, ability to update details without a branch visit, response times.
- Whether the PFA can reach you: Australian phone numbers, email and time-zone friendly contact.
Worked example: why a small gap matters
Example only, with made-up returns. An RSA of ₦10,000,000 growing at 12% a year for ten years becomes about ₦31.06m. At 13% a year it becomes about ₦33.95m. A one-point difference in net return is worth about ₦2.89m over the decade, before any further contributions.
Doing it from Australia
- Find your RSA PIN and your current PFA's name on an old statement or the PFA portal.
- Check that your phone number and email on the RSA are current; PFAs use them to verify you.
- Contact the PFA you want to join and ask how it handles transfer requests from RSA holders abroad, including any video or online identity check.
- Ask what documents it needs, how it confirms your identity remotely, when the window opens, and how long the move usually takes.
- Ask whether your RSA PIN stays the same and how you will be notified when the balance arrives.
- Keep copies of everything you submit and the confirmation you receive.
What to have ready
- Your RSA PIN and the name on the account exactly as the PFA holds it.
- A valid means of identification the receiving PFA accepts, and your BVN or NIN if it asks for them.
- Your latest RSA statement showing the balance and fund.
- Current contact details: an Australian mobile number and an email you check.
- If your name or details have changed since you opened the RSA, the documents showing the change.
When a move may not be worth it
A transfer is not free of effort, and you can only make one a year. It may not be worth it if the difference in returns between PFAs over several years is small, if your current PFA already serves you well from abroad, or if you are close to drawing benefits and a pending transfer could slow that down. Compare at least three years of figures on PenCom's performance page before you decide, and remember that past returns do not promise future ones.
If something goes wrong
If your current PFA delays or blocks a transfer you are entitled to, or an employer pressures you, you can complain to the PFA and then to PenCom. The Nigeria library's guide on complaining to PenCom about a PFA or employer sets out the steps. For what happens to your RSA after a move abroad generally, see your Nigerian RSA after moving to Australia, and on withdrawals, whether you can withdraw because you relocated.
A new option to watch
In October 2026 PenCom's Director-General referred to a guideline on RSAs in foreign currency, aimed at letting Nigerians abroad take part in the scheme. Reports did not give currencies, opening steps or how benefits would be paid, so ask PFAs whether they offer it before choosing on that basis.
Where Pryme fits
Pryme is not a pension provider and does not move RSAs. If you make voluntary naira contributions, a Pryme Personal account opened from Australia lets you send naira to your PFA's collection account and keep the receipt. See how Pryme works.
Questions people ask
How many times can I change my PFA in Nigeria?
The Pension Reform Act 2014 allows a transfer not more than once a year, subject to PenCom guidelines.
Can I transfer my RSA while living abroad?
Yes. The law does not require you to be in Nigeria. Ask the receiving PFA how it verifies RSA holders abroad.
Can my employer choose my PFA?
No. The RSA is with a PFA of your choice, and PenCom has told employers not to influence it.
Where can I compare PFA performance?
PenCom publishes PFAs' monthly performance and fees on its website.
Sources
- AllAfrica: PenCom on RSA holders' right to choose and transfer PFA (22 Jul 2025) · accessed Oct 2026
- PenCom: FAQs on RSA Transfer System (page and menu, 2026) · accessed Oct 2026
- ThisDay: Oloworaran says foreign currency RSA offers opportunity for diaspora participation (8 Oct 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.