Circulars

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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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.

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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.

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CIRCULAR ON THE USE OF OUTSOURCED STAFF BY OPERATORS

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

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CIRCULAR ON PENSION FUND INVESTMENT IN STATE BONDS

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

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Joint Circular on Strengthening Life Annuity

Joint Circular on Strengthening Life Annuity

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EXEMPTION UNDER THE CONTRIBUTORY PENSION SCHEME

We write to inform you that the Commission has received several enquiries concerning exemption of employees under the Contributory Pension Scheme in the Public Service of the Federation. Some of these include officers that had three years(3) or less to retire as at the commencement of Pension Reform Act 2004 or those who retire before […]

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CIRCULAR FOR CHANGE OF DATE OF BIRTH

CIRCULAR FOR CHANGE OF DATE OF BIRTH

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