Circulars

CIRCULAR ON DISCLOSURE OF FUNDS UNDER CUSTODY

It has been observed from the review of �company� audited accounts so far submitted by PFCs, that funds under custody are usually not disclosed on the financials.

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CIRCULAR ON AUDITED ACCOUNTS

Posting of audited accounts on Operators’ website

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CIRCULAR ON RISK MANAGEMENT

The following regulations are hereby issued: Guidelines for Risk Management Framework for Licensed Pension Operators.

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PROCEDURE FOR PROCESSING DEATH BENEFITS

This is to bring to the attention of all Ministries, Departments and Agencies (MDAs) that Section 9(3) of the Pension Reform Act (PRA) 2004 requires all employers to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument (ATE) of the employee.

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PROCEDURE AND DOCUMENTATIONS FOR ACESSING RETIREMENT BENEFITS

Further to the various workshops held by the Commission for employees of the Federal Government under the Contributory Pension Scheme and advertisement placed in the media, the Commission would like to again, draw the attention of employees to the procedure and the necessary documents required for accessing retirement benefits under the Contributory Pension Scheme.

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GENERAL NOTICE ON RETIREMENT BENEFITS

General notice on the procedure and documentation for accessing retirement benefits by private sector employees under the contributory pension scheme.

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CIRCULAR ON ONLINE REGISTRATION BY EMPLOYEES

All employees in the Federal Ministries, Departments, Agencies, Military, Para-Military, Security Establishments and the Federal Capital Territory(FCT) who have opened their Retirement Savings Accounts (RSAs) with their chosen Pension Fund Administrators (PFAs) are required to visit the website: <a href=”http://www.pencom.gov.ng”>www.pencom.gov.ng</a> and submit their current and up-to-date information.

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CIRCULAR ON APPOINTMENT OF PFC BY PFA

This Circular is for guidance in terms of the selection and appointment of PFCs. The appointment of PFCs shall be in line with the following guidelines:

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CIRCULAR ON OPENING RSA WITH PFAs No.3

Opening of Retirement Savings Accounts with Licensed Pension Fund Administrators (PFAs).

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CIRCULAR ON OPENING RSA WITH PFAs No.2

Opening of Retirement Savings Accounts with Licensed Pension Fund Administrators (PFAs) for the implementation of the contributory pension scheme.

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CIRCULAR ON OPENING RSA WITH PFAs No.1

Opening of Retirement Savings Account with Licensed Pension Fund Administrators(PFAs) for the implementation of the contributory pension scheme.

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CIRCULAR ON REQUIREMENTS FOR PFAS WITH FUNDS UNDER MANAGEMENT OF N100 BILLION & ABOVE

The significant growth in the size of pension assets and the changing dynamics of pension business has necessitated the need for the Commission to issue another circular in respect of appointment to Board and Top Management Positions as well as new requirements for PFAs with funds under management of N100 billion and above. In addition, […]

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CIRCULAR ON MINIMUM SHARE CAPITAL REQUIREMENT FOR LICENSED PENSION FUND ADMINISTRATORS (PFA)

The Commission has through its oversight function observed that the minimum paid up share capital of N150 million was no longer adequate to meet the operational expenses of a PFA business given its intensive IT nature and an average gestation period of 5 years. The Commission had consulted with the pension industry for its input […]

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CIRCULAR ON PROCEDURE FOR REGISTRATION OF STATE AND LOCAL GOVERNMENT EMPLOYEES(REVISED)

Please recall the commission’s earlier circular referenced PENCOM/INSP/CIR/PSP/11/01, which grants concessions to state to adopt a structured arrangement in the registration of States’ and Local Governments’ employees by assigning Pension Fund Administrators(PFAs) to specific Ministries, Departments and Agencies (MDAs). This concession was given to allow the states jump start the registration of their employees under […]

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