Circulars

CIRCULAR FOR BRANCH OPERATION

Minimum requirements for opening of branches by Pension Fund Administration.

Download

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.

Download

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 […]

Download

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 […]

Download

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.

Download

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.

Download

CIRCULAR ON MINIMUM REQUIREMENT FOR INVESTMENT IN STATE BONDS

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

Download

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.

Download

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 […]

Download

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.

Download

CIRCULAR ON IMPORTANCE OF TRAINING FOR OPERATORS

The Commission has observed that Operators generally do not treat the issue of staff training with paramount importance.

Download

CIRCULAR ON EXECUTION OF TECHNICAL AGREEMENT WITH THIRD PARTIES

The Commission has observed that some Licensed Pension Fund Operators execute Technical Agreements with third parties without obtaining the prior approval of the Commission. This is of concern to the Commission especially as it has been observed that some clauses in these agreements are not in line with global best practice.

Download

CIRCULAR ON THE USE OF OUTSOURCED STAFF BY OPERATORS

Using outsourced staff to perform pension administration, management, and custodial functions by Pension Fund Operators.

Download

CIRCULAR ON PENSION FUND INVESTMENT IN STATE BONDS

Investment of Pension funds in State and Local Government bond instruments.

Download
Maybeach Technologies Limited