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.
DownloadProcedure for reprogramming RSA balances of Retirees already on programmed withdrawal exercising their rights to transfer to Retiree Life Annuity…
DownloadFurther 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.
DownloadThe Financial Reporting Council (FRC) of Nigeria had in 2018, developed and issued the Nigerian Code of Corporate Governance (The Code). The Code becomes effective from 2 January 2020. Following the issuance of the Code, each sector regulator/supervisor is expected to issue industry specific guidelines.
DownloadThe 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 […]
DownloadSection 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
DownloadPFAs 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.
DownloadIt 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.
DownloadFurther 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.
DownloadFollowing the implementation of the Framework on Pension Enhancement for existing retirees on Programmed Withdrawal under the Contributory Pension Scheme
DownloadThe Commission has received series of complaints from retirees, who alleged that their PFAs have wrongfully paid their death benefits to their Next-of-Kin or legal beneficiaries while they are still alive and in active service without their consent.
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