Switching jobs is often an exciting season filled with fresh opportunities, new challenges, and growth. However, in the middle of onboarding paperwork, meeting colleagues, and learning the ropes at your new workplace, there is one important detail you must not overlook: your pension.
Your pension Retirement Savings Account (RSA) is a lifelong account that holds your contributions toward retirement. It belongs to you, and not your employer. Whether you change jobs multiple times, your RSA remains the same, ensuring your pension contributions stay intact and continue to grow.
Here is how to manage your pension when you change jobs:
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Share Your RSA Details with Your New Employer: Provide your Pension PIN to your HR or payroll team. This ensures your contributions continue to flow into your existing RSA without disruption. Tip: Save your Pension PIN securely. If misplaced, you can retrieve it easily via the CrusaderSterling Pensions Chatbot.
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Monitor Employer Remittances: Once your employer confirms that pension contributions have been sent, log in to the CrusaderSterling Pensions mobile app or online portal to verify. If there are delays or incomplete payments, flag them early. If contributions are not showing, politely notify your HR or reach out to our support team at info@crusaderpensions.com for assistance.
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Keep Your Records Up-to-Date: Job transitions often come with changes in contact details. Please ensure that you update your phone number, email address, residential address, and employer details with us so that you continue to receive timely statements, alerts, and updates. You can easily update your records through the CrusaderSterling Pensions mobile app.
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Avoid Opening Multiple RSAs: Starting a new job does not require opening a new RSA. By law, every worker is entitled to only one RSA throughout their working life. If you ever want to change your Pension Fund Administrator (PFA), you can do so through the Pension Transfer Window managed by the National Pension Commission (PenCom). This keeps all your funds consolidated in one place, giving you a clearer picture of your retirement savings.
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Take Stock of Your Retirement Goals: Changing jobs is a perfect moment to pause and reflect on your retirement plan. Ask yourself: Am I saving enough to meet my future goals? How much has accumulated in my RSA so far? Do I need Additional Voluntary Contributions (AVCs) to boost my retirement savings? If you need to take advantage of the AVC plan, kindly send us an email via info@crusaderpensions.com for guidance.
Your RSA belongs to you, no matter how many times you change jobs; it is your financial anchor throughout your career. By keeping your details updated, monitoring contributions, and staying focused on your long-term goals, you are securing a stable retirement.
At CrusaderSterling Pensions, our mission remains clear: Creating Wealth for Retirement. Wherever your career takes you, we are here to ensure your pension works for you.
