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The short answer
You move to a different RSA fund by sending a written fund-transfer request to your own PFA, not to PenCom or your employer. PenCom's investment rules decide which fund each holder may be in, largely by age and status, so a move is allowed only into a fund you are eligible for, and your PFA confirms the effective date and new unit holdings once it is processed.
Fund and PFA are not the same thing
People often confuse two separate moves. Changing PFA means leaving one administrator for another, which is covered in the PFA transfer window. Changing fund means staying with your PFA but having your RSA invested in a different portfolio. Each PFA runs several numbered funds under PenCom's multi-fund structure; PenCom's 2023 FAQ, for example, places micro pension contributors in Fund V. What each fund invests in and who may hold it is set out in RSA Funds I to VI explained.
Why you might want to move
- Risk and age: as a general pattern, funds meant for younger contributors are allowed to hold more equities, which can rise and fall more; funds for people nearer retirement hold more fixed income. A 30-year-old and a 58-year-old have different needs.
- Your own view of risk: some people sleep better with a steadier balance even if it grows more slowly; others accept swings for the chance of higher long-term growth.
- A default you never chose: many people were placed in a fund by default when their RSA opened and have never looked at it.
- Retiring soon: the closer you are to retirement, the more a sharp fall just before your benefit is computed can hurt.
What limits the move
Whether you can move, and how often, is decided by PenCom's rules on pension fund investment, which PFAs must apply. The rules link funds to age bands and to whether you are a contributor or a retiree, and they set conditions on voluntary moves. Because these rules have been revised more than once, this article does not quote age limits or a frequency; your PFA must tell you, in writing, which funds you are eligible for today and whether any limit on the number of moves applies.
Steps to request a fund move
- Complete data recapture. PenCom's 2023 FAQ says holders who have not recaptured cannot update their record, and some PFAs will not process changes until it is done; see data recapture.
- Ask your PFA which funds you may hold. Do this through its app, email or branch, quoting your PIN.
- Compare the funds on net returns over several years, the kind of assets held and the fees.
- Submit the fund-transfer request on your PFA's form, signed, with a valid ID if asked.
- Get confirmation of the date the move took effect, the unit price used and your new units.
- Check your next RSA statement to confirm your balance moved in full and future contributions go to the new fund.
How a move affects your balance
Each fund is priced in units. When you move, your units in the old fund are valued at that day's price and the money buys units in the new fund at its price. The naira value does not change on the day of the move, but from then on your balance rises and falls with the new fund.
Worked example
Example only. Tolu, 52, has ₦18,000,000 in a fund with a high equity share. She moves to a lower-risk fund. Suppose that in the next year the old fund falls 6% and the new one gains 4%. Had she stayed, her balance would have fallen by ₦1,080,000 to ₦16,920,000; after moving, it rises by ₦720,000 to ₦18,720,000, a difference of ₦1,800,000. The opposite can also happen: in a strong year for shares, moving to a lower-risk fund means giving up gains. A move manages risk; it does not guarantee better returns.
What to check first
- Which funds your PFA says you are eligible for, in writing.
- The fund's returns over at least three to five years, net of fees.
- Whether any move limit applies this year.
- The effective date, so you know which unit price will be used.
- That your employer's remittances will follow the change without any action from HR.
Why a request can be delayed
- Your name, date of birth or NIN on the request does not match the PFA's record.
- Your data recapture is incomplete, so the record cannot be changed.
- You asked for a fund you are not eligible for, and the PFA is waiting for you to choose another.
- The signature on the form does not match the specimen on file; a branch visit with ID usually resolves this.
Keep a copy of the signed request and the date you sent it. If weeks pass with no answer, write to the PFA's customer service quoting that date, and escalate to PenCom if you still get no response.
To compare performance across administrators, see comparing PFA returns; the wider rules are in how the RSA system works.
Where Pryme fits
Fund choice inside your RSA is between you and your PFA. Outside it, Pryme's Naira Savings Boxes, including the Investment Box, whose return depends on Solid Allianze MFB's lending, give you a separate place to build savings with terms shown in the app before you commit.
Questions people ask
Can I change my RSA fund type?
Yes, if PenCom's rules make you eligible for the fund you want. Send a written request to your PFA, which confirms the move and the effective date.
How do I switch from RSA Fund II to Fund III?
Ask your PFA whether your age and status make you eligible, then submit its fund-transfer form. Some moves happen by age under PenCom's rules; your PFA can confirm.
Does changing RSA fund change my PFA?
No. A fund move stays within your PFA. Changing administrator is a separate transfer.
Will I lose money if I move RSA fund?
Your naira balance is the same on the day of the move, but future returns depend on the new fund, which may do better or worse.
Sources
- PenCom, Frequently Asked Questions (2023 edition) · accessed Oct 2026
- National Pension Commission (PenCom) website: operators by category and complaints · 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.