Opening of a Retirement Savings Account (RSA) is completely done free of charge by the PFA during the employee registration/onboarding process. However, PFAs are paid for their services through fees that had been clearly defined in the Regulation on Fees Structure issued by PenCom, which are Administration Fees and Asset/Income Based Fees. These are fees (maximum of N100.00) charged to individual RSAs by PFAs on monthly basis to cover expenses incurred for providing services such as printing and distribution of RSA statements, monthly collection, and reconciliation of pension contributions.