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The short answer
Yes. Moving to South Africa does not close your Retirement Savings Account; PenCom's September 2025 foreign currency guidelines say a holder who relocates can keep the RSA once their records are updated. From South Africa you can add voluntary contributions in naira or, under those guidelines, in foreign currency through your PFA, and you fund them yourself because your SA employer will not remit to a Nigerian PFA.
Your RSA stays open when you move
If you worked for a Nigerian employer before relocating, you probably have an RSA with a Pension Fund Administrator (PFA), identified by an RSA PIN. PenCom's 2023 FAQ says that someone relocating abroad can keep contributing or access the account at retirement or at 50. The Guidelines on Foreign Currency Pension Contributions, issued in September 2025, go further: section 5.1(k) says a Nigerian RSA holder relocating abroad can retain the RSA, subject to updating it with the documents in section 3.0, which are your NIN, a valid international passport, and next-of-kin and beneficiary details.
If you are not sure which PFA holds your account, or whether your old employer ever remitted, start with recovering a lost RSA PIN from abroad.
Two ways to contribute from South Africa
| Naira voluntary contribution | Foreign currency contribution | |
|---|---|---|
| Who it suits | You already hold naira, or want a naira pot for retirement in Nigeria | You earn rand and want savings held in a hard currency |
| How you pay | To the account your PFA designates for voluntary contributions, quoting your PIN | From a Non-Resident Nigerian Ordinary Account (NRNOA) to the PFA's foreign currency collection account at its custodian, quoting your PIN (s.5.1(e), (h)) |
| Split | 50% of each contribution can be withdrawn one year after it is paid, under the June 2024 circular | 60% contingent and 40% retirement (s.5.1(c)); at least six months before any withdrawal (s.5.1(d)) |
| Access to contingent part | As the circular allows | Temporary access at most twice a year with two working days' notice (s.10.5) |
| Retirement benefit | In naira | At 50 or on health grounds, in US dollars en bloc or by programmed withdrawal, naira on request (s.10.4) |
The guidelines name the NRNOA as the funding account. That is a CBN account category for Nigerians abroad; Lexworth's summary on Mondaq says it is for remitting foreign earnings and managing foreign currency and naira for personal needs, with inflows through approved channels. Ask your PFA whether it will accept payments from any other type of account before you send money.
Steps to start
- Contact your PFA through its website or app and confirm your PIN, account status and the contact details on file.
- Update your record with your NIN, passport, South African address and next-of-kin and beneficiary details.
- Ask for written payment instructions for naira or foreign currency voluntary contributions, including the reference format.
- Make a small first payment and ask the PFA to confirm in writing when it is credited and how it was split.
- Check statements each quarter; our guide to getting an RSA statement from abroad shows how.
Worked example
Example only. You send ₦150,000 a month in naira voluntary contributions for a year: ₦1,800,000 in total. Under the 2024 circular, 50% of each payment, ₦75,000, becomes withdrawable one year after it was paid, so up to ₦900,000 across the following year. KPMG's summary of the circular notes that under section 10(4) of the Pension Reform Act, income on voluntary contributions withdrawn within five years is taxable in Nigeria. For foreign currency contributions, section 11.2 of the guidelines makes withdrawals tax-free after five years.
Choosing naira or foreign currency
The choice is mostly about currency risk and where the money will be spent. Rand earnings converted to naira take on the naira's exchange-rate movements from the day you convert, so a naira RSA suits money you expect to spend in Nigeria. A foreign currency contribution keeps the savings in dollars, but you pay a conversion from rand to dollars first and you need the NRNOA set up before the first payment. Some members do both: a small monthly naira contribution and occasional larger dollar sums. Whichever you pick, note that the two follow different withdrawal and tax rules, so keep the records separate and ask the PFA for a statement showing each type.
Stopping is also allowed. Voluntary contributions are not a commitment to a monthly amount, so you can pause when money is tight and restart later without penalty under the sources we checked; the balance keeps being invested by the PFA.
Weighing it against South African options
Whether to fund an RSA at all depends on where you expect to retire. If you plan to return to Nigeria, a pot already held by a regulated PFA avoids moving a large sum later, and beneficiaries are paid through Nigerian channels: PenCom's FAQ says a deceased member's balance goes to the executors of a will or an administrator appointed by the Probate Registry. If you expect to stay in South Africa, an SA retirement fund may come with employer contributions and SA tax treatment that an RSA does not. Do not assume SARS gives any deduction for RSA contributions; ask a registered tax practitioner, and see SA retirement annuity vs a Nigerian RSA. This is information, not advice.
Our Nigeria library explains PFAs and custodians in how the RSA system works.
Where Pryme fits
For naira contributions, a Pryme Personal Account holds naira alongside USD, GBP and EUR. You can convert with Swap when you choose and send to your PFA's collection account, seeing the rate and the fee before you approve. Eva, the Personal Assistant, can set a monthly reminder; nothing moves without your approval (assistant).
Questions people ask
Can I still pay into my RSA after moving to South Africa?
Yes. PenCom's 2025 foreign currency guidelines say a holder who relocates can keep the RSA once NIN, passport and next-of-kin details are updated, and voluntary contributions can continue.
Can I contribute to my RSA in dollars from abroad?
Under PenCom's September 2025 guidelines, Nigerians abroad can contribute in foreign currency from an NRNOA into the PFA's foreign currency collection account.
When can I withdraw voluntary RSA contributions?
For naira contributions, 50% of each contribution after one year under the 2024 circular. For foreign currency contributions, the contingent 60% after at least six months, up to twice a year.
Will my South African employer pay into my RSA?
No. Contributions from South Africa are voluntary and you make them yourself through your PFA.
Sources
- PenCom: Guidelines on Foreign Currency Pension Contributions (Sep 2025) · accessed Oct 2026
- PenCom: Frequently asked questions (2023 edition) · accessed Oct 2026
- KPMG via Mondaq: PenCom circular on voluntary contributions (24 Jul 2024) · accessed Oct 2026
- Lexworth via Mondaq: CBN framework for Non-Resident Nigerian Ordinary and Investment Accounts (22 May 2025) · 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.