Why Choose Us

Why Choose Us

Historical Background

Prior to the enactment of the Pension Reform Act 2004, pension schemes in Nigeria had been bedevilled by many problems. The Public Service operated an unfunded Defined Benefits Scheme and the payment of retirement benefits were budgeted annually. The annual budgetary allocation for pension was often one of the most vulnerable items in budget implementation […]

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Signing Into Law Of The pension Reform Act 2014

After 10 years of implementing the pension reforms in Nigeria, the Pension Reform Act 2014 was signed into law to address the challenges faced in the implementation processes. In addition, new provisions were made to particularly strengthen the powers of the Commission to resolve conflicts in addition to providing stiffer penalties for infractions. The PRA […]

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Power Of The Commission

The Commission shall have the power to: Formulate, direct and oversee the overall policy on pension matters in Nigeria. Fix the terms and conditions of service including remuneration of the employees of the Commission. Request or call for information from any employer or pension fund administrator or custodian or any other person or institution on […]

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Functions Of The Commission

The Pension Reform Act 2004 established the National Pension Commission (PenCom) as the body to regulate, supervise and ensure the effective administration of pension matters in Nigeria.   The functions of the Commission include: Regulation and supervision of the Scheme established under the Act. Issuance of guidelines for the investment of pension funds. Approving, licensing, […]

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Objectives

The main objectives and features of the Pension Reform Act 2004 are: To ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due; To assist individuals by ensuring that they save to cater for their livelihood during […]

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