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The Commission operates under a Board of Directors (Board) headed by a part-time Chairman with the Director General as the Chief Executive Officer. The day – to – day running of the Commission is handled by the Executive Committee, which comprises of the Director General and four Executive Commissioners who are also members of the Board. Each Commissioner heads a Division that is made up of Departments and Units that are headed by Heads of Departments and Units respectively.
The Commission had established institutional and legal frameworks to facilitate the successful implementation of the provisions of the PRA 2014. In this regard, 21 Pension Fund Administrators (PFAs), 4 Pension Fund Custodians (PFCs) and 7 Closed Pension Fund Administrators (CPFAs) were licensed and currently operate in the industry. The total Pension Fund Assets had grown to N5.2 trillion ($26.4 billion) as at December 2015 with total membership count of 6.8 million as at the same period.
The payment of retirement benefits under the CPS by FGN to retirees as well as death claims to beneficiaries of its deceased employees is now regular and timely. Unless for the delays being experienced in the settlement of accrued benefits whenever there are delays in the funding of the Retirement Benefits Bond Redemption Fund by the FGN.
In the exercise of its statutory responsibilities, the Commission had conducted series of enlightenment and sensitization campaigns through the media and at various seminars, roundtable discussions and conferences. Some of these conferences were conducted in collaboration with other institutions including multilateral agencies such as the World Bank/IFC and the Commonwealth Secretariat. In this vein, the Commission has been collaborating with the Nigeria Labour Congress (NLC) and Nigeria Employers Consultative Association (NECA) to conduct annual seminars to promote compliance by employers.
There are currently 25 State Governments that passed Pension Reform Laws while others are at Bills stage. The PRA 2014 has made the implementation of CPS compulsory for the States and Local Governments and PenCom has been providing all necessary support to these important tiers of Government to ensure their successful adoption of the Scheme. The Scheme had facilitated increased transparency and accountability in determining budgetary estimates for payments of pensions by the Federal Government and all the State Governments that adopted it.
Indeed, in achieving the above milestones, Commission had collaborated with some government agencies notably Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), National Insurance Commission (NAICOM), Nigeria Stock Exchange (NSE), Financial Reporting Council of Nigeria, and National Bureau for Statistics (NBS). The Commission is also being supported by the Bureau for Public Procurement (BPP) in its efforts to ensure compliance by eligible employers. The BPP Act 2007 has provided that any company soliciting for contracts with any of the agencies of the Federal Government must produce evidence of compliance with the PRA 2004 before it can bid for the contract.
The PRA 2014 provided that PenCom reports to Mr. President and Commander-in-Chief of the Nigerian Armed Forces. Also, the Senate and the House of Representatives have oversight functions on the Commission through the Senate Committee on Establishment and Public Service and the House Committee on Pensions respectively.
Pension Reform Program in Nigeria
Implementation of Life Insurance Policy under the Pension Reform Act (PRA) 2004 -Role and Responsibilities of MDAs. Download in (PowerPoint 2007) or (Acrobat Reader)
A Test for the Fainthearted Building a Services FirmBuilding a Venture Capital FirmYale University Investments Office
Alternative Assets Seminar Held at Transcorp Hilton Hotel, Abuja in 2008
Setting the Tone Mexican Housing History Securitization: Lesson from SA and Implications for Nigeria Fundamentals of Pension ReformMortgage Market in Mexico Alternative Asset Classes for Pension Funds Other Modes of Corporate Bond Market Development Private Equity Financing of High Growth Companies Impediments to Corporate Bond Development in Nigeria Transferring Need into Opportunities: Financing Infrastructure Through Capital Market Development of a Successful Private Equity Program 1 Development of a Successful Private Equity Program 2 Dynamic Wealth Management
National Conference on Implementation of Pension Reform Act 2004 Held at Transcorp Hilton Hotel, Abuja in 2010
The Contributory Pension Scheme: The Chilean Experience and Lessons for Nigeria The Inevitability of the Contributory Pension System: Opportunities and Challenges1 The Inevitability of the Contributory Pension System: Opportunities and Challenges2 Analytical Review of the Pension System in Nigeria Analytical Review of the Pension System in Nigeria: Discussion Pension Fund Investment in Nigeria: Alternatives, Impact and Growth Managing Risks Under the Contributory Pension Scheme1 Managing Risks Under the Contributory Pension Scheme2 Pension Reform Act 2004: An Assessment of the Adequacy of the Legal Framework Securing Informal Sector Participation1 Securing Informal Sector Participation 2 Conference Highlights
Private Equity Round Table, Held at Radisson Blu Hotel, Victoria Island, Lagos, September 2011
What is Private Equity?The Case for Private Equity as Part of a Diversified PortfolioRegulatory Perspective - Retirement Benefits Authority of KenyaPE in Africa - Risks and Risk Management StrategiesPE in Africa - An Investor's Perspective Nigerian PE RoundtablePE in Emerging Markets and Africa Building and Optimum PE Portfolio The Case for Emerging Markets Private Equity Building Mid-Market Businessess Investing in Nigerian PE - Regulatory Perspective A Case Study on Deli Foods Nigeria Alitheia Capital - Private Equity
Presentation On Investment Of Pension Funds
Regulatory And Supervisory Philosophy Presentation
Presentation to Pension Desk Officers
Sensitisation Seminar For Public Service
Outlook of the Nigerian Pension Sector
Challenges of Pension Funds Investments
Contractual Relations between Pension Fund Administrators and Pension Fund Custodians
Retiring Under the New Pension Scheme
An Overview of Contributory Pension Scheme
Bridging the Nigeria Infrastructure Gap
Pension Fund Reforms and Liberalisation of the Domestic Economy
Contributory Pension Scheme as Instrument for Liability Controls
Implementation of Life Insurance Policy Under the PRA 2004