Circulars

CIRCULAR ON REVIEW OF PENSION RATES

Review of Pension rates in accordance with Section 173(3) of the constitution of the Federal Republic of Nigeria, 1999 as amended.

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CIRCULAR ON FCTA RETIREES

Payment of entitlements to retirees of the Federal Capital Territory Authority.

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CIRCULAR ON PAYMENT OF DIVIDEND BY LICENSED OPERATORS

The Commission has observed from the review of Company audited accounts that Operators do not seek the prior approval of the Commission before payment of dividends to shareholders. In view of this, all licensed Operators are required to seek the prior approval of the Commission before payment of both interim and final dividend to shareholders.

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CIRCULAR FOR BRANCH OPERATION

Minimum requirements for opening of branches by Pension Fund Administration.

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CIRCULAR FOR DETAILS OF AUTHORISED OFFICERS TO ENDORSE LETTER OF INTRODUCTION

Request for details for authorized officers to endorse letter of introduction for retiring employees under the contributory pension scheme.

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CIRCULAR ON ENROLLMENT OF FEDERAL GOVERNMENT EMPLOYEES

We write to inform you that in line with the provisions of Section 12 of the Pension Reform Act 2004 and as part of the implementation process of the issuance of Federal Government Retirement Bond, the Commission is organizing an enrollment exercise for employees in the service of the Federal Government that are due to […]

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CIRCULAR ON REVIEW OF MODALITIES FOR SUBMISSION OF DEATH CLAIMS OF DECEASED FEDERAL GOVERNMENT EMPLOYEES

Please recall our circular ref:PenCom/DG/09/016/2 dated 30th April,2009 directing all MDAs to liaise with PFAs of deceased Federal Government employees for processing and remittance of terminal benefits under the Contributory Pension Scheme. Also recall that for deceased employees who did not open RSA before their demise, the circular required their Next of Kin (NOK) to […]

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CIRCULAR ON INCLUSION OF OSUN STATE BOND AS AN INVESTIBLE INSTRUMENT IN THE PENSION INDUSTRY

We write to inform you that the Commission has issued a letter of no objection for the inclusion of Osun Development Bond 2012 as an investible instrument in the Pension Industry.

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CIRCULAR ON REGULATION FOR TRANSFER OF RSAs

Management has approved the Amended Regulation for Transfer of Retirement Savings Accounts. The final Regulation is hereby exposed for operators to adopt.

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CHANGE OF OPERATING SOFTWARE BY LICENSED PENSION FUND OPERATORS WITHOUT THE PRIOR APPROVAL OF THE COMMISSION

The Commission has observed that some Operators change their operating Software without notifying the Commission. Consequently, all licensed Operators are henceforth required to inform the Commission when changing their operating software. Any Operator infringing this requirement will from now on be penalized appropriately.

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CIRCULAR ON MINIMUM REQUIREMENT FOR INVESTMENT IN STATE BONDS

Minimum requirement for the inclusion of state bonds as investible instruments in the pension industry.

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CIRCULAR ON SERVICE DELIVERY BY PENSION FUND ADMINISTRATORS

The Commission has realized through its oversight functions as well as information obtained from stakeholders in the pension industry that Pension Fund Administrators (PFAs) were failing in one of their core mandate which is to render good services to their clients.

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CIRCULAR ON LATE RESPONSE TO CORRESPONDENCE FROM THE COMMISSION BY OPERATORS

It has been observed that Operators have formed the habit of not responding to correspondence from the Commission within the stipulated time frame. Consequently, Management is by this circular informing all Operators that effective from today, any Operator that fails to respond to any correspondence from the Commission within the prescribed period will be sanctioned […]

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CIRCULAR ON MINIMUM INFORMATION TO BE DISPLAYED ON PFA’s WEBSITE

In keeping with the spirit of transparency and to ensure that all stakeholders, particularly RSA holders, have access to vital, basic information, this circular is issued to notify all PFAs of minimum information to be posted on their websites.

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