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Is it only employees that join an organisation after the commencement of the pension reform act that can elect to opt out of a closed PFA?

April 26, 2017ACT closed commencement employees join opt organisation Pension reform

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Is it only employees that join an organisation after the commencement of the pension reform act that can elect to opt out of a closed PFA?

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Every employee may decide to join the contributory pension scheme or move his RSA from a closed PFA to a PFA of his choice subject to such rules and regulations as may be issued by the National Pension Commission.