Payment of entitlements to retirees of the Federal Capital Territory Authority.
DownloadThe 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.
DownloadWe 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.
DownloadThe 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.
DownloadMinimum requirement for the inclusion of state bonds as investible instruments in the pension industry.
DownloadThe 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.
DownloadIt 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 […]
DownloadIn 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.
DownloadThe Commission has observed that Operators generally do not treat the issue of staff training with paramount importance.
DownloadThe 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.
DownloadUsing outsourced staff to perform pension administration, management, and custodial functions by Pension Fund Operators.
DownloadFurther to our Circular Ref: PENCOM/INSP/P&R/CIR/05.2006/01 of May 23, 2006 the Commission has observed that as a result of Mergers and Acquisitions that took place outside the Pension Industry, some shareholders own equity holding of 5% and above in more than one (1) Licensed Pension Fund Administrator.
DownloadInvestment of Pension funds in State and Local Government bond instruments.
DownloadWe 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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