Circulars

CIRCULAR ON RECLASSIFICATION AND VALUATION OF PENSION FUND ASSETS UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS 9)

As a follow up to the Commission’s letter of 5 November, 2020 on the above subject matter, we write to clarify and direct as follows:

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Circular on Fund Accounting

This Fund Accounting Circular is for reporting the Accounting Entries for the transfer of RSA from one PFA to another and the purchase of RLA by Retirees with their RSA balances. The provisions of this Circular are consistent with the PRA, 2014.

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Circular on Reprogramming RSA Balance

Procedure for reprogramming RSA balances of Retirees already on programmed withdrawal exercising their rights to transfer to Retiree Life Annuity…

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Revised Circular on Management of the Statutory Reserve Fund

Further to the Commission’s Circular Referenced PENCOM.INSP/CIR/SURV/15/15 of 22 October, 2015 on management of the Statutory Reserved Fund,  the Commission has observed the need to revise the Investment Limits in Section VI of the Circular.

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DIRECTIVE TO LICENSED PENSION FUND OPERATORS ON SHARING AND TREATMENT OF BROKERAGE COMMISSION ON ALL BOND TRANSACTIONS

The Securities and Exchange Commission (SEC) has through a Circular dated 27 July 2019 directed that only Capital Market Operators duly registered by SEC are eligible to be paid brokerage fee/receiving agents’ commission and such Operators shall not pay or offer a percentage of the commission earned from services provided in transaction as an incentive […]

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Circular on the Implementation of the Requirement for the Provision of the Fidelity Insurance Cover for Employees of PFAs/PFCs

Section 69 (f) of the Pension Reform Act (PRA 2014) mandates Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to provide annual Fidelity Insurance Cover for all staff to the full value of the pension funds and assets managed or held by them or as may be determined by the Commission

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Issues on the Transition from the Contributor Registration System (CRS) to the Enhanced Contributor Registration System (ECRS)

PFAs would recall the various engagements of the Commission during the process of the development of the Enhanced Contributor Registration System (ECRS), and their subsequent participation in the pilot test of the application, preparatory to the deployment of same.

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Re: Circular on Forwarding of Requests for Refund of Pension Contributions to Employees of States and Local Governments By Pension Fund Administrators

It has come to the Commission’s attention that following the Circular referenced INSP/CIR/SOD/18/01 of 31 August 2018, some Pension Fund Administrators have been refusing to execute the approvals granted by the Benefits and Insurance Department of the Commission for refund of pension contributions of State and Local Government employees.

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Re: Review of Programmed Withdrawal Template

Further to the Circular Ref. PENCOM/INSP/CIR/Surv/18/21 dated 8 August 2018, suspending the use of the Revised Programmed Withdrawal Templates (PWT), you are by this circular requested to revert to the old PWT for the computation of retirement benefits under the CPS.

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Addendum To The Framework On Pension Enhancement For Existing Retirees On Programmed Withdrawal Under The Contributory Pension Scheme (CPS)

Following the implementation of  the Framework on Pension Enhancement for existing retirees on Programmed Withdrawal under the Contributory Pension Scheme

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